CHEAPEST PET INSURANCE COMPANIES FOR 2023

Pet lovers can’t possibly do without their furry friends around; however, it’s not enough to have pets; are they well protected? You have to prioritize your pet’s well-being and one of the ways to do this is through insurance coverage. Insurance will always protect your pets and ensure they are healthy and covered in the case of sickness and accidents. So whether you have existing coverage or wish to buy a new one, this list of the cheapest pet insurance companies will be quite handy.

Does Pet Insurance Cover a Lot?

Yes, it does. Generally, pet insurance will usually cover a fairly high percentage of veterinary bills. For some, it’s like 70%, 80%, or 90% of the total cost.

What Age is Best to Get Pet Insurance?

Getting pet insurance when your furry friend is young is ideal. Given that the health of pets will worsen with age, making coverage premiums quite high, it’s better to buy while they’re young.

Does Pet Insurance Cover Medication?

Yes, most pet insurance companies will cover medication as long as a licensed veterinarian prescribes it for a covered condition. Regrettably, this does not apply to prescription foods or supplements

Cheapest Pet Insurance Companies

The following are some of the cheapest pet insurance companies in the states:

#1. Trupanion

First on our list of the cheapest pet insurance companies is Trupanion. Trupanion stands out because it offers limitless annual coverage, no deductible, and various repayment choices that will work within your budget. Its insurance plan can directly compensate the veterinarian (provided that the veterinarian uses Trupanion’s software). We all know that paying the vet is one of the issues with acquiring pet insurance. Several pet insurance companies only reimburse the pet owner after he or she makes payment to the vet. I prefer pet insurance companies that pay the vet directly, that’s why Trupanion stands out.

Also for individuals who own pets and wish to avoid a deductible, Trupanion is the most favorable option. Trupanion pet insurance offers several notable advantages, including unrestricted annual coverage and adaptable reimbursement choices that accommodate various budgetary constraints.

#2. Embrace

Next on our list of the best pet insurance companies is Embrace. I love the fact that it provides a streamlined and adaptable pet healthcare plan. These plans allow owners to select the desired level of coverage and its corresponding cost. The provided plan includes coverage for veterinary examination fees as well as access to a pet health line that operates 24/7. The mandatory 6-month waiting time for orthopedic diseases might be exempted if a veterinary professional conducts an orthopedic examination after the acquisition of the insurance policy.

The Embrace insurance policy includes coverage for the veterinary office visit charge in cases of illness and accidents. Additionally, the policy has a “diminishing deductible” feature, whereby the deductible amount is reduced by $50 for each consecutive year without a claimed claim. The waiting period for accident coverage is limited to two days, and an optional wellness plan is also offered.

#3. Figo’s Pet Insurance

This list of the best pet insurance companies will not be complete without Figo Pet Insurance. One of the reasons why I love Figo’s pet insurance is that it’s available across 50 states. Moreover, this insurance company stands out as one of the limited options that offer plans that include both accidents and illnesses. There are two levels of discretionary wellness insurance available to pet owners seeking preventive coverage.

The waiting period for injuries resulting from accidents is one day, while the waiting period for diseases is 14 days. In addition to accidents and diseases, Figo’s policy provides coverage for a range of medical expenses, such as treatments for cancer, inherited problems, prosthetics, and prescription medications, among others. The policy provides the choice of additional coverage for veterinary examination fees. Figo offers policyholders the option to select deductible amounts ranging from $100 to $750, as well as yearly restrictions that vary from $5,000 for certain plans to unlimited for others. Additional reimbursement rates of 70%, 80%, 90%, and 100% are also accessible. In addition to supplementary wellness and examination fees, the organization provides an Extra Care Pack that encompasses other expenses, such as boarding fees, as well as costs associated with cremation and burial.

#4. Pets Best

Like Figo, Pets Best is also one of the pet insurance companies that covers accidents and diseases alongside a separate plan that caters to accidents only. Pets Best offers a variety of accident-and-illness plans. The accident-and-illness plan provides coverage for a range of medical issues, including cancer and inherited diseases.

The waiting periods for this service are comparatively shorter than those of certain competitors, with a duration of 3 days for accidents and 14 days for diseases. Pets Best excludes coverage for prior conditions.

#5. Lemonade

Lemonade is also one of the best insurance companies in the United States. Unfortunately, its policies are only available in 37 states. Its insurance policy entails a waiting period of 48 hours for accidents and 14 days for diseases. On the other hand, it excludes coverage for prior ailments. According to the company’s official statement, its objective is to ensure prompt payment for straightforward claims, while certain claims necessitate assessment and hence demand a longer duration for resolution.

Lemonade provides a singular accident-and-illness plan that includes a range of medical issues, including injuries, illnesses such as cancer and diabetes, as well as other ailments like arthritis and allergies. Coverage includes a range of components, such as diagnostic tests, certain operations, and drugs. This insurance provider provides an elective wellness coverage option. In addition to its competitors, the insurance provides a wider range of supplemental coverage options, including additional provisions for expenses related to veterinary visits, physical therapy, and dental ailments, among other offerings.

Types of Pet Insurance Plans

The best pet insurance companies offer policies that cover a wide variety of problems. Generally, there are just three of them, but various companies keep bringing up new categories. The three types of pet insurance policies are:

#1. Accident and illness plan

The accident and illness plan is widely recognized as the most prevalent variant. This insurance policy provides coverage for veterinarian expenses incurred due to accidents, such as fractures, as well as illnesses, including ear infections and cancer.

#3. Accident-only plan

An accident-only plan refers to a type of insurance coverage that exclusively provides financial protection in the event of an accident. This policy exclusively pertains to veterinary expenditures associated with accidental incidents, such as bite injuries or the ingestion of foreign items. An accident-only insurance plan does not provide coverage for veterinarian bills that are related to illnesses.

#3. Wellness plan

A wellness plan is a comprehensive strategy designed to promote and enhance pets’ overall well-being and health. It includes various components such as immunizations, measures to avoid flea and tick infestations, and yearly wellness assessments. Wellness plans are often not separate policies and some pet insurers sell them as add-ons to an accident and illness plan.

How to Find Affordable Pet Insurance

The primary reason why pet owners don’t want to buy insurance is because it appears like an added expense to the cost of living. But compared to the cost of paying the bill should your furry friend develop serious health complications, buying pet insurance is better. Besides, there are affordable pet insurance companies and the following steps will help you find the cheapest pet insurance that’s right for you.

#1. Review the Pet Insurance Coverage With Your Veterinarian

A good number of veterinary clinics partner with reputable pet insurance firms. So we can also say they possess the necessary expertise to assist you in obtaining optimal insurance coverage tailored to your specific pet requirements.

#2. Compare Pet Insurance Plans

The cost of pet insurance might exhibit significant variation between different insurance providers. Therefore, it’s advisable to do a thorough comparison of pet insurance quotes offered by multiple insurers to procure cost-effective pet insurance.

#3. Consider Buying an Accident-Only Policy

Some pet owners express a desire to avoid purchasing an accident-only policy due to its perceived high cost. Pet insurance policies that provide coverage for accidents and illnesses tend to be quite costly due to their comprehensive nature, including a diverse range of issues such as fractures, ligament tears, hereditary ailments, cancer, emergency room visits, hospitalization, and prescription medications. However, individuals who are willing to assume higher levels of financial risk may have the opportunity to achieve cost savings by selecting a pet medical insurance policy that offers reduced coverage.

#4. Adjust Deductible, Reimbursement, and Coverage Levels

The specific provisions and conditions outlined in your policy have a direct influence on the premium amount you are required to pay for insurance coverage. In every policy, owners are generally allowed to make a selection from a range of the options below:

Deductible
Reimbursement level
Coverage caps

Adjusting any of these will give you more affordable pet insurance policy coverage.

#5. Ask for Pet Insurance Discounts

Pet insurance discounts are a good way to save on your premiums. But then, these perks come in various forms and this is because pet insurance companies use various styles to attract their clients. The following are some of the discounts pet insurance companies offer their clients:

Multipet pet discount
Spay/neuter discount
Annual pay discount
Employee discount
Military discounts

#6. Don’t Wait to Buy Coverage

Don’t wait to buy coverage simply means that it’s advisable to buy your pet insurance as soon as possible. The best time to buy coverage is while your furry friend is still young and healthy. This is because, as they advance in age, they are more likely to become sick and thus you risk a higher premium. Additionally, you’ll have to pay more for pets with health conditions as opposed to when they’re young and healthy.

Cheapest Pet Insurance for Cats and Dogs

The following are some of the best and cheapest pet insurance options for cats and dogs:

#1. Fetch by the Dodo

The pet insurance policies offered by Fetch, a company associated with The Dodo, provide comprehensive coverage for accidents and illnesses involving both dogs and cats. The company’s comprehensive plan includes a variety of diagnostic tests, medical procedures, and pharmaceutical treatments, in addition to emergency consultations and hospital admissions. Dodo’s streaming service, Fetch, is accessible in all states within the United States as well as the District of Columbia. XL Specialty Insurance Company, Axis Insurance Company in the United States, and Axis Reinsurance Company in Canada are the companies that underwrite the insurer’s insurance policies.

#2. Nationwide

Nationwide is a pet insurance provider that offers coverage not only for cats and dogs but also for avian species and exotic animals such as reptiles, guinea pigs, ferrets, sugar gliders, and goats. If you possess an affinity for reptiles and other fauna, then you may find great interest in engaging with Nationwide. Policyholders are eligible for a 5% discount on their insurance premiums for a second and third pet and a 10% discount for any additional pet beyond that. Insurance coverage is provided for both accidents and diseases, with the additional option of wellness coverage. The organization offers plans that come with a $250 deductible and entail a waiting period of 14 days. The duration of recovery for cruciate ligament injuries might stretch up to one year. According to the company, claim processing occurs within a maximum period of 30 days from the date of receipt.

If a claim is submitted, Nationwide may seek to get the medical records of your pet to construct a comprehensive medical history and effectively evaluate the claim. Typically, upon submission, a claim is processed within 30 days.

Others include

Lemonade Pet insurance
HealthyPaws
ASPCA
Embrace

Is it Worth it to Get Pet Insurance?

Of course, it is. It’s certainly worth it when you consider the fact that pet insurance helps cover the cost of medical care for your best buddy. If your pet needs immediate, costly veterinary care, pet insurance can help you afford the cost in the long term

How Can I Pay Less for Pet Insurance?

If you can increase your deductible, you will have a lower reimbursement. Numerous pet insurance policies reimburse a proportion of your claim, such as 90%, 80%, or 70%. Comparing a policy with a low deductible and a 90% reimbursement rate to one with a high deductible and a 70% reimbursement rate can result in reduced premiums.

Can you Negotiate with Pet Insurance?

Sure, you can negotiate in line with your add-ons and deductibles or, simply put, the exact coverage you wish to get.

How Much Should You Spend on Pet Insurance for a Dog?

As of the time of this write-up, the average cost of pet insurance for a dog is $56 per month with unlimited annual coverage. However, you can get as little as $28 per month, depending on the insurance company.

Do You Want a High Deductible for Pet Insurance?

This is a personal decision, but the truth is that a smaller deductible demands a lower monthly premium, and a bigger deductible requires a higher monthly premium.

How Do I Ask My Vet for a Discount?

Speaking with your veterinarian is the best approach to requesting a discount. There may be benefits that reduce the total cost of your bills. Again, your insurance agent will inform you of the numerous discounts available on your plan.