Owning a pet brings immense joy and companionship, but it also comes with the responsibility of ensuring their health and well-being. Pet insurance offers a safety net for unexpected veterinary expenses, but finding affordable coverage is essential for many pet owners.
Key Takeaways:
- You can easily lower the cost of your pet insurance plan by choosing one or all of the following options: reducing coverage limits, opting for lower reimbursement rates, and selecting a higher deductible.
- Additionally, some insurance providers offer discounts for individuals with multiple pets or for military members, which can make your plan more affordable.
- Although it may be tempting to choose an accident-only plan to save money, we strongly advise opting for Accident & Illness coverage, as this will likely be a more cost-effective choice in the long term.
The Best Cheap Pet Insurance Companies
We have crafted this guide to ensure you are well-prepared in finding the most affordable and high-quality pet insurance options available, while still enjoying all the valuable benefits it offers.
Healthy Paws
Healthy Paws provides a range of coverage levels and deductibles, giving customers the flexibility to tailor a plan that fits their budget. Their accident & illness plan offers unlimited coverage, but they do not offer any wellness options. However, cat owners will find this company particularly affordable, with some plans costing as low as $10 per month.
A unique feature of Healthy Paws is their ability to directly pay the vet for you, as long as you obtain prior authorization before treatment. This provides customers with peace of mind, knowing that all vet bills for covered illnesses will be reimbursed, regardless of the cost.
Figo
Figo is well-regarded for its speedy claim processing, which is a significant advantage compared to other providers that require upfront payment and reimbursement. They are also one of the few providers to offer 100% reimbursement on plans with deductibles of $500 or more.
Figo offers a variety of plan options to accommodate different budgets. They have pre-set accident & illness plans available, and also allow customers to customize their plan by adjusting coverage limits, deductible, and reimbursement level.
Additionally, customers have the option to add on continued wellness coverage and reimbursement for vet exam fees. All plans include 24/7 vet assistance text-chat, and for those who opt for the wellness add-on, video/phone telehealth consultations are also available.
Paw Perfect
Paw Perfect is a recently established pet insurance provider that offers a range of impressive benefits. One of the standout features of Paw Perfect is the provision of a $2,000 interest-free charge card for customers to use at the vet. This means you won’t have to pay anything out of pocket for charges under $2,000, unlike most other providers that require upfront payment and then reimburse you later.
Paw Perfect provides both accident and illness coverage, and also offers an optional Wellness plan that can be added on. Similar to other providers, they offer 24/7 telemedicine coverage, allowing you to seek advice from a vet in emergency situations where you’re unsure whether a visit to the clinic is necessary. Additionally, Paw Perfect offers generous discounts of 10% for multiple pets and 5% for military members.
We highly recommend choosing the unlimited plan with 90% reimbursement. However, if that doesn’t fit your budget, you have the flexibility to adjust your plan limits, whether that be $5,000, $10,000, or unlimited coverage.
Embrace
Embrace Pet Insurance is a favorite among pet owners due to its great level of customization and the variety of discounts it offers. It provides an accident and illness plan, with the option of adding on wellness coverage. Embrace even extends coverage to include exam fees and prescription drugs, giving you comprehensive protection.
What we love about Embrace is their diminishing deductible feature. For each year you don’t file a claim, your deductible decreases by $50. This can accumulate over time and result in significant savings.
Embrace allows for plans tailored to unlimited coverage, which we highly recommend for the best overall protection. With the unlimited option and 90% reimbursement, you can save thousands of dollars over your pet’s lifetime or in the case of a serious illness. However, if you’re looking for a more affordable plan, you can adjust your plan limits until it aligns with your budget.
In the event of an emergency, Embrace provides 24/7 virtual assistance through telemedicine calls. This benefit can help you determine whether immediate action is needed or if a visit to an emergency vet is necessary. This feature alone can potentially save you hundreds of dollars on vet bills, making Embrace an excellent choice.
Lemonade
Lemonade is well-known for its affordable accident and illness coverage as well as its customizable plans. They stand out from other pet insurance providers by offering dental coverage and a convenient phone app for managing policies online. You have the flexibility to customize coverage limits, with options ranging from $5,000 to $100,000.
Lemonade also offers additional coverage options for preventative care, vet visit fees, dental illness, physical therapy, behavioral conditions, and end-of-life care. We recommend the comprehensive $100,000 limit with a 90% reimbursement rate and the dental and vet fee add-on. However, you have the freedom to adjust coverage limits, reimbursement rate, and add-ons to fit your budget.
Spot provides a wide range of annual coverage and deductible options to suit different budgets. They offer a discount of 10% for owners with multiple pets and cover advanced care and alternative therapies, which sets them apart from other providers.
Spot offers various plan options, including accident-only and accident & illness plans, as well as Gold and Platinum tiers of wellness add-ons that can cover teeth cleaning. They also include euthanasia and exam fees for covered conditions with their accident & illness plan.
Fetch
Fetch by The Dodo offers straightforward and comprehensive plans with unique coverage options. There is no age limit for enrollment, and Fetch covers expenses that many other providers don’t, such as lost pet ads and rewards for finding lost pets.
They also cover boarding and kennel costs during trips and reimburse non-refundable pet expenses for canceled vacations. Military members receive a 10% discount. Fetch only offers a standard accident and illness plan, which includes TeleVet services and dental coverage at no extra cost. However, they do not offer a preventative or wellness plan option like some other providers.
Tips to Get Cheap Pet Insurance
Here are my suggestions on how to find cheap but quality pet insurance for your furry friend.
Coverage Options: Assess your pet’s needs and consider the level of coverage required. Some plans may cover accidents and illnesses, while others might offer more comprehensive coverage including wellness care or routine check-ups.
Deductibles and Reimbursement Rates: Look into plans with higher deductibles or lower reimbursement rates. While this may mean more out-of-pocket expenses initially, it can lower your monthly premium.
Related. Can You Get Pet Financing with Bad Credit?
Early Enrollment: Insure your pet when they’re young and healthy. Premiums are often lower for younger pets as they have fewer pre-existing conditions, making it an ideal time to secure affordable coverage.
Compare Plans. Get quotes from multiple insurance providers. Online comparison tools or reaching out to different companies directly can help in understanding the range of options available.
Exclusions: Be aware of any breed-specific exclusions or pre-existing condition clauses in policies. Some insurers may not cover certain breeds or pre-existing health issues, which could affect the cost.
Basic Plans: Consider starting with a basic plan that covers essential accidents and illnesses. While it may not cover every possible scenario, it provides a foundation of protection at a lower cost.
Group Discounts: Some insurers offer discounts for group policies or insuring multiple pets under the same plan. Inquire about these discounts as they can significantly reduce overall costs.
Preventive Care: Regular exercise, a balanced diet, and routine veterinary check-ups can help maintain your pet’s health, potentially reducing the likelihood of costly medical issues.
Setting Aside Funds: Instead of opting for insurance, set aside a designated fund for your pet’s medical expenses. While it might require more discipline, it could be a cost-effective option for some pet owners.
Annual Review: Review your pet’s insurance coverage annually. As your pet ages or if their health needs change, you might need to adjust your coverage to align with their requirements.
Word-of-Mouth: Seek recommendations from other pet owners or online communities. Reading reviews and personal experiences can provide insights into different insurance providers.
Conclusion
Affordable pet insurance is achievable with careful research, comparison, and understanding your pet’s specific needs. Finding the right balance between cost and coverage is crucial. By evaluating various options, considering your pet’s health status, and being mindful of the policy details, you can secure affordable pet insurance that provides essential coverage for your beloved furry companion.
By investing in pet insurance, pet owners can navigate unforeseen medical expenses without compromising the quality of care for their pets, providing peace of mind and financial security.
