The 8 best cheap pet insurance companies for December 2024

Written by
Lezanne Winshaw
Edited by
Aylea Wilkins
Edited by
Aylea Wilkins
Updated December 20, 2024
On This Page

When it comes to caring for your furry family members, having pet insurance can be a lifesaver—literally. Pet insurance helps cover unexpected veterinary costs, from routine check-ups to emergency surgeries, ensuring your pet gets the care it needs without breaking the bank. 

Finding an affordable plan that offers comprehensive coverage is the challenge. Bankrate's pet insurance team looked into the best cheap pet insurance companies, highlighting options that provide solid protection without putting you over budget. Whether you're a new pet owner or a seasoned pro, these affordable plans can help you give your pet the best care possible.

Best cheap pet insurance companies

Lemonade

Best for digital experience

4.6
Bankrate Score

Overview

Lemonade operates primarily through an app and leverages AI to process claims quickly, which reduces administrative costs. These savings are passed on to customers in the form of lower premiums. Lemonade offers significant customizations and allows you to tailor your coverage by adjusting your deductible, reimbursement rate and annual limit. This flexibility helps you find a plan that fits your budget. Lemonade's claims processing time means you get cash back quickly, which can be a big relief when money is tight.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000–$100,000
Read Bankrate's Expert Lemonade Review

Nationwide

Best for insuring exotic pets

4.4
Bankrate Score

Overview

Nationwide Pet Insurance has several features that make it a cost-effective option. It offers accident-only plans, a more affordable choice for budget-conscious pet owners. Nationwide’s multi-pet discount can help to lower the overall insurance cost for households with more than one pet. In addition, Nationwide is one of the only companies offering coverage for exotic pets such as birds, reptiles and bunnies, making it an attractive choice for pet parents who struggle to find affordable insurance for non-traditional pets.

  • Annual deductible options: $100–$250
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $7,500–$10,000
Read Bankrate's Expert Nationwide Review

Liberty Mutual

Best for current Liberty Mutual customers

4.4
Bankrate Score

Overview

Liberty Mutual’s stackable discounts can significantly reduce the overall cost of your premiums. If you’re already a Liberty Mutual customer with other types of insurance (like home or auto), you can receive a discount by bundling your pet insurance with your existing policies.

  • Annual deductible options: $250–$1,000
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000-$15,000
Read Bankrate's Expert Liberty Mutual Review

ASPCA

Best for horse insurance plans

4.5
Bankrate Score

Overview

ASPCA Pet Insurance is affordable and comprehensive, offering significant value for the coverage. Its accident and illness policy covers alternative therapies, congenital disorders, behavioral therapy and accident and illness exam fees. ASPCA also has a shorter waiting period for cruciate ligament injuries, which can be expensive to diagnose and treat. This makes it a financially smart choice for pets at risk for these injuries.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000–unlimited
Read Bankrate's Expert ASPCA Review

Spot Pet

Best for no upper age limits

4.2
Bankrate Score

Overview

Spot Pet Insurance is an affordable and adaptable choice for pet owners looking to manage their insurance costs effectively. Spot allows you to customize your policy extensively by adjusting the deductible, reimbursement rate and annual limit. This flexibility helps you tailor a plan that fits your budget and coverage needs.

  • Annual deductible options: $100–$1,000
  • Reimbursement percentage: Up to 90 percent of eligible expenses 
  • Annual maximum coverage: $2,500–unlimited payouts
Read Bankrate's Expert Spot Review

Figo

Best for pre-existing condition coverage

4.6
Bankrate Score

Overview

Figo stands offers coverage for some pre-existing conditions that have been cured and are free of symptoms for a certain period, providing added financial protection that many other insurers don’t offer. Figo’s efficient claim processing allows for faster reimbursements, reducing the financial strain on pet owners. It also offers plans with up to 100% reimbursement, meaning you can get back every dollar you spend on covered vet bills.

  • Annual deductible options: $100–$1,500
  • Reimbursement percentage: Up to 100 percent of eligible expenses 
  • Annual maximum coverage: $5,000–unlimited payouts
Read Bankrate's Expert Figo Review

Hartville

Best for customer service

4.6
Bankrate Score

Overview

Hartville is a cost-effective option for pet owners prioritizing robust coverage and excellent customer care. It offers comprehensive and reliable coverage, including accidents, illnesses and hereditary conditions, ensuring your pet is well protected without breaking the bank. Known for its responsive and caring customer service, Hartville provides personalized support, helping pet owners navigate their policies and claims easily, enhancing overall value and satisfaction.

  • Annual deductible options: $100–$500
  • Reimbursement percentage: Up to 90 percent of eligible expenses
  • Annual maximum coverage: $5,000-unlimited payouts
Read Bankrate's Expert Hartville Review

MetLife

Best for shortest waiting period for accident coverage

4.4
Bankrate Score

Overview

MetLife Pet Insurance is a strong choice for pet owners looking for affordable, comprehensive and flexible coverage with various discounts to reduce premiums. MetLife’s short waiting period provides quick access to coverage when you need it most. The company offers coverage for certain pre-existing conditions that have been symptom-free for a specific period. In addition, MetLife rewards policyholders with decreasing deductibles for each year they remain claim free, lowering out-of-pocket costs over time.

  • Annual deductible options: $0–$2,500
  • Reimbursement percentage: Up to 90 percent of eligible expenses 
  • Annual maximum coverage: $500–$25,000 (subject to availability)
Read Bankrate's Expert MetLife Review

What is the average cost of pet insurance?

In 2023, the average cost of accident and illness insurance for dogs was $56.30 monthly or $675.61 annually. For accident-only coverage, the monthly average was $17.01, and the annual average was $204.16.

The average cost of insurance for a cat with accident and illness coverage was $31.94 monthly or $383 annually. For accident-only coverage, insurance cost an average of $9.68 monthly and $116.11 annually.

The cost of your pet insurance premiums will depend on your location, policy selections, chosen insurance company and your pet's age, breed and health. 

To demonstrate how policy costs can vary across companies and pets, Bankrate collected sample quotes.

For this example, sample policies were for a five-year-old female dog in excellent health in Arizona with the ZIP code 85251. The customization choices selected were for an accident and illness plan with a $250 deductible, 90% reimbursement limit and $5,000 annual benefit limit. Prices shown are for monthly costs.

Company Average French bulldog Lab retriever Golden retriever German shepherd Poodle Dachshund
ASPCA $97 $145 $100 $101 $85 $106 $47
Figo $112 $173 $121 $109 $119 $91 $61
Hartville $104 $154 $106 $106 $90 $106 $61
Lemonade $65 $102 $67 $65 $65 $50 $43
Liberty Mutual $94 $102 $91 $94 $97 $94 $88
MetLife $80 $110 $83 $90 $71 $60 $63
Nationwide $113 $170 $108 $107 $103 $101 $91
Spot $110 $161 $112 $112 $96 $112 $66
Average  $97 $140 $99 $98 $91 $90 $65

We also gathered sample quotes for cats. Sample policies were for a male cat with excellent health in Arizona with the ZIP code 85251. The choices for customization selected were for an accident and illness plan with a $250 deductible, 90% reimbursement limit and $5,000 annual benefit limit. Again, prices shown are for monthly costs.

Company Average Ragdoll Maine coon Persian Exotic shorthair Devon rex British shorthair
ASPCA $47 $33 $52 $52 $61 $33 $52
Figo $46 $45 $45 $45 $47 $47 $47
Hartville $51 $35 $56 $56 $65 $35 $56
Lemonade $27 $35 $28 $22 $26 $31 $22
Liberty Mutual $45 $45 $45 $45 $45 $45 $45
MetLife $37 $43 $43 $43 $28 $31 $31
Nationwide $59 $38 $63 $63 $69 $58 $63
Spot $55 $39 $60 $60 $70 $39 $60
Average  $46 $39 $49 $48 $51 $40 $47

As these charts demonstrate, you'll need to compare plans and get quotes from a few companies you're interested in to find the cheapest pet insurance for you.

How to find the best cheap pet insurance company

Finding the best cheap pet insurance company involves balancing affordability with the level of coverage and service quality. Here are a few ways to find the most affordable option without compromising care:

  • Ask for discounts: Some companies offer discounts for insuring multiple pets, being part of an organization, or microchipping your pet.
  • Check ratings: See how providers are rated by customers and organizations like TrustPilot and Bankrate.
  • Compare coverage options: Accident-only plans are cheaper but don't cover illnesses.
  • Consider lifetime costs: Find out how the premium might increase as your pet ages.
  • Evaluate the claims process: Check how easy it is to file a claim and the average time for reimbursement.
  • Get quotes: Most pet insurance companies offer instant quotes online. Input your pet's details and compare prices.
  • Read reviews: Look for customer reviews on sites like Trustpilot or Consumer Affairs to gauge customer satisfaction.
  • Read the policy: Before finalizing, read the entire policy document to ensure there are no hidden costs or exclusions.
  • Research and compare providers: Compare multiple providers based on price and coverage.
  • Review cancellation policies: Understand the terms of canceling your policy if you find a better deal later.
  • Start with a basic plan: If budget is your primary concern, you can choose a lower-tier plan and upgrade later if needed.

How to save money on pet insurance

When choosing a pet insurance plan, several factors can influence your monthly premiums: 

  • Discounts, such as those for insuring multiple pets or opting for annual payments, can reduce your costs. 
  • The annual deductible—the amount you pay out-of-pocket before insurance kicks in—also plays a role; higher deductibles typically lower your premiums. 
  • Maximum coverage amounts, which cap how much the insurer will pay out annually, and reimbursement rates, which determine the percentage of vet bills you get back, can also impact premiums.

How to decide if pet insurance is worth the cost

Deciding whether pet insurance is worth it comes down to a few key factors. 

Start by assessing your pet’s age, breed, overall health and risk factors. Insurance may not cover treatment costs if your pet has pre-existing conditions or is likely to develop breed-specific health issues. However, if you can afford the monthly premium and your pet's needs will largely be covered, pet insurance might provide valuable financial protection and help you plan for routine care expenses.

Understanding the different types of coverage is crucial. Policies often have exclusions and limitations, and some plans limit payouts per condition, per year, or over the pet's lifetime. It is also important to understand how much you will be reimbursed and how long the process will take. 

Compare the insurance cost with potential vet bills and long-term care expenses, considering alternatives like a pet savings account if you have a robust emergency fund.

Finally, your decision should reflect your risk tolerance and your pet's specific health concerns. Consulting with your veterinarian can provide insight into whether insurance is a smart choice for your pet. Many insurers offer trial periods, allowing you to test the coverage before making a long-term commitment.