The Cheapest Pet Insurance Companies for Dogs & Cats in 2023

Several factors affect pet insurance rates, such as your pet’s breed, gender and age. Even cheap pet insurance for dogs can be roughly twice as expensive as similar coverage for cats because dogs are generally larger, and their veterinary services cost more.

There are several companies offering health insurance for pets across the country. Figo offers the cheapest pet insurance for dogs at $41.28 per month on average. If you want the most affordable pet insurance policy for your cat, you can purchase it from Embrace for an average monthly premium of $19.81.

MoneyGeek gathered premiums for cats and dogs from many insurers to get these rates. All policies considered had a $10,000 coverage limit with a $250 deductible and 80% reimbursement.

MoneyGeek's analysis shows Figo to be the best pet insurance company for both dogs and cats. It’s also the cheapest pet insurance company for dogs, but not for cats.

Insurers consider several factors when setting premiums. Rates change based on your unique circumstances, such as location or your pet’s age, breed and gender.

There’s nothing wrong with choosing the cheapest option available. But sometimes, a higher premium is worth it if it means increased coverage for your pet.

When comparing pet insurance rates, you’ll notice that they vary between states. For instance, veterinary care may be more expensive in urban areas, causing premiums to be higher in states with more urban areas.

MoneyGeek compared pet insurance companies and found Figo offering the lowest rates most frequently. Out of all states and the District of Columbia, it’s the cheapest pet insurance option for dogs in 28 jurisdictions. Embrace follows, having the lowest rates in 18 states.

When it comes to cheap pet insurance for cats, Embrace has the lowest rate in 27 states. You can purchase the most affordable policy for cats from Figo for the other 23 states.

These two insurers provide low-cost cat insurance to all states.

It’s ideal if you can purchase cheap pet insurance for both your dog and cat from a single company. Based on MoneyGeek’s study, it’s possible for most states.

You can find the cheapest pet insurance for dogs and cats from the same company in the following states:

If your state isn’t on this list, you may have to find multiple providers or compromise a little when choosing the best insurance policies for your pets.

The cost of pet insurance doesn't just vary between states — it’s also different between cities. Although the relationship between population density and insurance cost isn’t strong, premiums are still usually higher in more populated cities. Your pet is more likely to get into an accident in an area with more people.

MoneyGeek looked at 267 cities and found that in 45% of these (120 cities), you can find the cheapest health insurance for your pet dog from Figo. Next is Embrace, which offers the lowest rates in 94 cities.

In comparison, we found 24 Pet Watch offering the most affordable pet insurance for dogs in only 12 cities.

Embrace is the cheapest insurer for cats in about 49% of the cities included in this study. Next is Figo, which offers the lowest insurance rates in 41% or 102 cities.

Our data also show ties between Embrace and GEICO in many cities, which means they offer the same monthly premiums.

Age is a factor that could significantly affect pet insurance rates. The older your pet becomes, the more likely it is that they’ll get sick or injured. As a result, policy prices for aging pets tend to be higher.

For example, if you have a six-year-old dog, you can purchase a policy for $40.19 per month on average, with Healthy Paws having the lowest rate. You’ll have to pay more monthly for pet insurance as your dog ages.

Pet insurance for a nine-year-old dog costs an average of $57.67 per month, while a policy for a 12-year-old has an average monthly premium of $93.67. Embrace offers the cheapest rates for pet insurance for older dogs.

You’ll spend an average of $22.07 per month on a six-year-old cat. It increases by more than $11 per month when your cat turns nine. You can purchase the cheapest cat pet insurance from Healthy Paws if you have pets within this age range.

When your cat turns 12, premiums increase by roughly $12 again — a policy has an average monthly premium of $45.43. At this point, Embrace becomes your best option for low-cost cat insurance.

The younger your pets are when you insure them, the less expensive premiums are. If you find an insurer that offers a deductible that lessens each year you don’t file a claim, it can lead to a lot of savings.

In addition to age, insurers also look at your pet’s breed. Mixed breeds are less expensive to insure because they’re less susceptible to genetic or hereditary disorders. They’ll be less likely to need costlier veterinary care in the long term.

A pet is as much a part of your family as a sibling or a spouse, but how financially prepared are we when they need medical attention? Although it’s another item on our list of expenses, there are several ways to ensure that you find the best cheap pet insurance that fits your needs. It’s best to compare quotes from multiple pet insurance companies to ensure you get the best deal possible.

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.