Cheapest Pet Insurance Companies: Get Affordable Coverage for Your Pet Today

Figo offers the most affordable pet insurance for dogs at $43 per month on average. If you want the cheapest pet insurance policy for your cat, Embrace provides coverage for an average monthly premium of $20.

MoneyGeek gathered premiums for cats and dogs from multiple insurers to compare rates. All policies in our analysis had a $10,000 coverage limit with a $250 deductible and 80% reimbursement.

When comparing pet insurance rates, we see a big variance based on buyer location. Pet insurance rates vary from state to state, often due to differences in veterinary costs between urban and rural areas.

Figo offers the cheapest dog insurance rates in most states, leading in 28 states with premiums as low as $27 in Arkansas. Embrace follows with the cheapest rates in 18 states.

For cats, Embrace provides the most affordable coverage in 27 states, with premiums starting at $15 in Alabama. Figo offers the lowest cat insurance rates in the other 23 states.

In 41 states, you can find the cheapest insurance for both dogs and cats from the same company, making it convenient and cost-effective to insure multiple pets.

The cost of pet insurance doesn't just vary between states — it’s also different between cities.  While urban areas often have higher vet costs, these don't always translate to higher insurance premiums.

In our study of 267 cities, Figo offers the most affordable dog insurance in 45% (120 cities), with rates starting at $34. Embrace provides the cheapest coverage in 94 cities. For cat owners, Embrace is the most affordable option in 49% of cities studied, with premiums as low as $13, while Figo offers the lowest rates in 41% (102 cities).

When searching for the cheapest pet insurance in your city, comparing quotes from both Figo and Embrace is a good starting point, as these two companies consistently offer the most affordable rates nationwide.

Pet insurance costs rise as your pet ages and can double or triple between ages 6 and 12 as health risks increase. We recommend getting affordable pet insurance when your pet is as young as possible to lock in lower rates and avoid exclusions for pre-existing conditions.

For 6-year-old dogs, Healthy Paws offers the cheapest pet insurance at $40 per month. For 9-year-old dogs, Embrace provides the most affordable coverage at $58 monthly. Embrace remains the cheapest pet insurance for 12-year-old dogs at $94 per month.

Healthy Paws has the cheapest cat insurance for both 6-year-olds at $22 monthly and 9-year-olds at $34 per month. For 12-year-old cats, Embrace provides the most affordable coverage at $45 per month.

The table below compares the features of the most affordable pet insurance companies.

Pet insurance policies offer different levels of coverage across companies. Understanding these options helps you find the most affordable pet insurance that still meets your needs:

Accident-Only Coverage: The most basic and cheapest pet insurance option, covering injuries from accidents but not illnesses. Monthly premiums typically start around $10-$15 for cats and $15-$25 for dogs.

Accident and Illness Coverage: The most common type, covering both injuries and illnesses including cancer, infections, and digestive problems. This comprehensive coverage usually costs $20-$45 for cats and $30-$70 for dogs monthly.

Wellness Coverage: Often available as an add-on to other plans, covering routine care like vaccinations, annual exams, and preventative treatments. This typically adds $10-$30 monthly to your premium.

Coverage Limits: Companies offer different annual limits:

• Per-incident limits (capping payouts for each condition)
• Annual limits (ranging from $2,500 to unlimited)
• Lifetime limits (maximum the policy will pay over your pet's life)

Covered Treatments: Basic plans typically cover surgery, hospitalization, and prescription medications. More comprehensive plans might include:

• Dental illness coverage
• Behavioral therapy
• Alternative treatments (acupuncture, hydrotherapy)
• Prescription food (for specific conditions)

When comparing affordable pet insurance options, check what's actually covered rather than just looking at the price. Some companies include more services in their standard plans, while others require add-ons for additional coverage.

Deductibles: This is the amount you pay before your insurance starts covering costs. Pet insurance deductibles typically work in one of two ways:

• Annual deductibles: You pay this amount once per policy year, regardless of how many claims you make. Most affordable plans offer options between $100-$1,000.
• Per-incident deductibles: You pay the deductible for each new condition or incident. This might save money if your pet has just one major issue but costs more with multiple smaller problems.

Reimbursement Percentages: After meeting your deductible, the insurance company pays a percentage of covered costs, typically 70%, 80%, or 90%. Higher reimbursement percentages mean higher pet insurance cost but lower out-of-pocket costs when your pet needs care.

How Payments Work: Unlike human health insurance, most pet insurance works on a reimbursement model:

1. You pay the full vet bill upfront
2. You submit a claim to your insurance company
3. The company reviews your claim and applies your deductible and reimbursement rate
4. You receive reimbursement for the covered portion

Reimbursement Calculation Example:

• Your vet bill: $1,000
• Your annual deductible: $250
• Your reimbursement rate: 80%

Calculation: ($1,000 - $250) × 0.8 = $600 reimbursement

Certain pet insurance companies like Pets Best offer direct vet payment options, reducing your out-of-pocket expenses at the time of treatment. Additionally, policies with a "diminishing deductible" feature (like Embrace offers) reduce your deductible by $50 for each year you don't file a claim, potentially saving you money over time.

Most affordable pet insurance plans don't provide immediate coverage after enrollment. Waiting periods are the time between when you purchase a policy and when your coverage actually begins. These periods vary by company and condition type:

• Accident coverage: Typically 1-3 days (Figo offers just a 1-day waiting period for accidents)
• Illness coverage: Usually 14-30 days (most companies require at least two weeks)
• Orthopedic conditions: Often 6 months for issues like hip dysplasia or cruciate ligament problems (Embrace offers an option to reduce this with a vet exam)

These waiting periods prevent people from signing up only after their pet shows symptoms or gets injured. When comparing cheap pet insurance options, consider these timeframes, especially if you have a breed prone to specific conditions. Some companies offer shorter waiting periods as a competitive advantage, which can be valuable for active pets at higher risk of accidents.

While affordable pet insurance helps with many veterinary costs, most policies won't cover:

• Pre-existing conditions: Any illness or injury that occurred before enrollment or during waiting periods
• Routine or preventive care: Annual checkups, vaccinations, and flea/tick prevention (unless you purchase a wellness add-on)
• Cosmetic procedures: Tail docking, ear cropping, declawing, or other non-medically necessary surgeries
• Breeding or pregnancy costs: Expenses related to breeding, whelping, or pregnancy complications
• Behavioral training: Most basic policies exclude non-medical behavioral training or therapy
• Experimental treatments: Procedures or therapies considered experimental or not approved by veterinary standards

Some companies like Embrace may cover "curable" pre-existing conditions after a certain period without symptoms (typically 12 months). Always read the policy details carefully before purchasing to understand exactly what's covered and what's excluded. Even the most affordable pet insurance won't help with expenses for conditions specifically listed as exclusions in your policy.

While finding affordable pet insurance is important, the lowest-priced policy isn't always the best choice for every pet owner. Here are situations when you might want to consider paying a bit more:

For Breeds With Known Health Issues
If your pet is a breed prone to specific health conditions (like hip dysplasia in German Shepherds or heart issues in Cavalier King Charles Spaniels), you may benefit from a more comprehensive policy that specifically covers these conditions without exclusions. A slightly more expensive policy from Embrace or Nationwide that includes better coverage for breed-specific issues could save you thousands in the long run.

For Older Pets Needing More Coverage
As pets age, they typically need more veterinary care. While Embrace offers the cheapest rates for older pets, you might consider a slightly more expensive policy with higher coverage limits or lower deductibles if your senior pet has begun developing health issues. The additional premium might be offset by greater reimbursements for ongoing care.

When Special Features Matter More Than Price
Some pet owners value specific features over lowest cost:

• If you travel frequently with your pet, Figo's coverage in Canada and Puerto Rico may be worth a slightly higher premium
• If you want alternative treatments covered (acupuncture, hydrotherapy, etc.), Healthy Paws includes these in their standard policy
• If you prefer not paying vet bills upfront, Nationwide's direct payment option might justify a higher monthly cost

When Customer Service Is a Priority
In emergency situations, responsive customer service and quick claims processing can be invaluable. Companies like Embrace and Figo consistently receive high marks for customer service and claims handling, which might make them worth a few extra dollars per month compared to a cheaper but less responsive provider.

Remember that the true value of pet insurance comes when you need to make significant claims. At that point, comprehensive coverage and reliable service often outweigh small differences in monthly premiums.

Sophie's Emergency Surgery: A Pet Parent's Story
When Mike Thompson's three-year-old Labrador Sophie suddenly became lethargic and started whimpering in pain late on a Friday night, he knew something was seriously wrong. At the emergency vet clinic, an ultrasound revealed Sophie had swallowed a small rubber toy that was causing an intestinal blockage, requiring immediate surgery.

"The estimate was $4,800 for the emergency surgery, overnight monitoring, and follow-up care," Mike recalls. "I remember feeling panicked about the cost, but so grateful I had enrolled Sophie in Embrace pet insurance when she was a puppy."

After paying the vet bill upfront, Mike submitted his claim through Embrace's app. With his $500 annual deductible already met earlier that year and 80% reimbursement level, he received $3,840 back within a week.

"Without insurance, I would have had to put that entire amount on credit cards or dip into emergency savings," Mike says. "My monthly premium of $45 has more than paid for itself with just this one incident."

Sophie made a full recovery, and Mike continues to maintain his pet insurance policy, knowing that young, active dogs like Sophie are prone to accidents and unexpected illnesses. His story illustrates why many pet parents consider affordable pet insurance an essential part of responsible pet ownership, particularly for accident-prone breeds.

The Numbers Behind Pet Emergencies
According to veterinary statistics, one in three pets will experience an emergency situation each year. Average costs for common emergencies include:

• Intestinal blockage surgery: $3,000-$7,000
• Cruciate ligament tear repair: $3,500-$5,500
• Treatment for ingested toxins: $1,000-$4,000
• Emergency treatment for bloat (GDV): $2,500-$5,000

With the most affordable pet insurance starting at around $20 per month for cats and $40 for dogs, many pet owners find the peace of mind worth the investment.

Pet insurance doesn't necessarily have to be expensive. To help you understand your options, take a look at the answers to some common questions about insurance for cats and dogs.

To obtain cost data, MoneyGeek collected quotes from 13 companies across all 50 states and Washington, D.C., average pet insurance premiums were calculated based on rates for $10,000 coverage with a $250 deductible and 80% reimbursement. Cost data for cats was obtained through extrapolation.