Pet insurance can feel like an unnecessary expense, especially when there are so many other costs to consider. However, it can save you from enormous vet bills if your pet is injured or becomes ill.
For as little as $10 a month, you can purchase an accident-only plan, or for under $30 a month, many accident-and-illness policies are available.
To help pet owners find the best affordable options, we’ve rounded up the top pet insurance providers of 2024 based on cost, coverage, waiting periods, and other key factors.
Why Consider Pet Insurance?
Vet bills can add up quickly, especially if your pet needs emergency treatment or surgery. Even if your pet is generally healthy, unexpected accidents can happen, and that’s when having pet insurance can be beneficial for you. Whether it’s a broken bone, an illness, or a more serious condition, pet insurance can help cover these costs and give you peace of mind. Choosing an affordable plan can make pet insurance more accessible while still offering the necessary protection.
Factors to Consider
When choosing a pet insurance plan, consider the following factors:
- Cost: Look for plans that fit your budget without sacrificing necessary coverage.
- Coverage: Make sure the plan covers the conditions and treatments that are most relevant to your pet’s health.
- Waiting Periods: Some plans have longer waiting periods for certain conditions, so check these before committing.
- Pre-existing Conditions: If your pet has any pre-existing conditions, ensure the insurance provider has clear policies regarding these.
- Deductibles and Reimbursement Percentages: Lower deductibles and higher reimbursement percentages will cost more in premiums, but may save you more in the long run if your pet requires expensive care.
Most Affordable Pet Insurance Providers
1. Lemonade Pet Insurance – Most Affordable and Best for Dogs
Annual Deductible Options: $100 – $750
Reimbursement Percentage: 60% – 90%
Claim Turnaround Time: 12 – 18 days
Minimum Enrollment Age: 8 weeks
Lemonade Pet Insurance is the most affordable option for dog owners. Their plans start at just $10 per month, and you can lower premiums by bundling your pet insurance with other policies, like renters or home insurance. While the basic policy may not be as extensive as some competitors, it offers essential coverage at a low price. However, note that Lemonade has a six-month waiting period for cruciate ligament injuries and doesn’t cover bilateral conditions if they occur before the policy starts.
2. ASPCA Pet Insurance – Most Comprehensive Pet Insurance
Annual Deductible Options: $100 – $500
Reimbursement Percentage: 70% – 90%
Claim Turnaround Time: 14 – 30 days
Minimum Enrollment Age: 8 weeks
ASPCA offers one of the most comprehensive policies at a reasonable price. It covers a wide range of conditions, including accidents, illnesses, congenital issues, and even behavioral problems. Additionally, ASPCA covers many pre-existing conditions if your pet has been symptom-free for six months. This makes it a great choice for pet owners looking for robust coverage. However, the plans tend to be a little more expensive than other providers due to the extensive coverage offered.
3. Odie Pet Insurance – Best for Cats
Annual Deductible Options: $50 – $1,000
Reimbursement Percentage: 70% – 90%
Claim Turnaround Time: 12 – 17 days
Odie Pet Insurance is an excellent option for cat owners, offering flexible deductible options and quick claims processing. While the basic policy might not be as comprehensive as some, you can customize it with add-ons such as dental coverage, hereditary conditions, and even acupuncture. Odie’s premiums for cats are some of the lowest on the market, but it’s essential to avoid plans with the highest deductible or lowest reimbursement options, as they may not provide good value when your pet needs care.
4. Pets Best – Most Affordable Accident-Only Plan
Annual Deductible Options: $50 – $1,000
Reimbursement Percentage: 70% – 90%
Claim Turnaround Time: 20 – 25 days
Pets Best offers the cheapest accident-only plan, starting at just $6 per month for cats and $9 per month for dogs. This is ideal for pet owners looking for basic accident coverage without the added cost of illness coverage. The plan includes up to $10,000 in annual benefits, 90% reimbursement, and a $250 deductible. However, it doesn’t cover alternative or holistic treatments, and there’s a three-day waiting period for accidents.
5. Figo Pet Insurance – Best Value Pet Insurance
Annual Deductible Options: $100 – $1,500
Reimbursement Percentage: 70% – 100%
Claim Turnaround Time: 9 – 12 days
Figo offers a balance between affordability and extensive coverage, making it a top choice for value. With Figo, you can get up to 100% reimbursement, and it also covers many exclusions that other companies don’t, such as chiropractic and acupuncture services. Figo’s plans also come with access to 24/7 live vet chat and cloud storage for your pet’s health records. Additionally, claims are processed quickly, averaging just 2.6 business days. However, Figo doesn’t offer an accident-only plan, which may be a drawback for some pet owners.
Conclusion
If you’re primarily looking for the lowest premiums, Lemonade and Odie offer some of the cheapest options for you. For accident-only coverage, Pets Best is your go-to provider. However, if comprehensive coverage is more important to you, ASPCA and Figo offer the best balance of affordability and extensive protection.
When selecting a pet insurance plan, always compare multiple providers to ensure you’re getting the best deal for your specific needs. Be mindful of the waiting periods, deductible options, and the conditions that each policy covers to make an informed decision.
So that was all about this article. If you have any further questions feel free to comment down below. We are always here to help you!
FAQs
Is Pet Insurance Worth It?
Yes, pet insurance can save you significant money in the event of a major accident or illness. However, it’s essential to choose a plan that meets your budget and provides the right coverage for your pet’s needs.
What is the Cheapest Pet Insurance?
According to our research, Lemonade offers the most affordable pet insurance for dogs, while Odie is often the cheapest for cats. Pets Best is the best option for an affordable accident-only plan.
What Are the Downsides of Pet Insurance?
Pet insurance typically doesn’t cover pre-existing conditions and often excludes preventative care. Also, if your pet remains healthy, you may end up paying more in premiums than you would have for routine care.
How Much Does Good Pet Insurance Cost?
In 2024, accident-and-illness plans averaged $49 per month for dogs and $29 for cats. However, by shopping around, you can find plans for as low as $10 per month. Premiums will vary based on coverage, deductibles, and reimbursement percentages.
By evaluating these key factors, you can find the right pet insurance plan that fits both your pet’s needs and your budget.
