5 Best Cheap Pet Insurance Companies of 2022 – MarketWatch

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The overall cost of veterinary bills may increase with the growing need for pet health care. This means you could be expected to fork out hundreds or even thousands of dollars if your furry companion ever gets sick or injured unexpectedly. Pet insurance can help cover the cost of expensive vet bills while giving you peace of mind that your cat or dog will receive the care it needs during an emergency.
To help you find the cheapest pet insurance on the market and keep your premiums within your budget, we at the Home Media reviews team examined some of the best pet health insurance companies available. Keep reading to compare the coverage, pricing and plans of top companies to protect your four-legged friend.
 
Here are the top 5 providers of cheap pet insurance on the market today:
 
Out of all the pet insurance picks we reviewed, Lemonade consistently offered the most affordable plans for dogs and cats. The provider scored the highest in our review for its performance on customization options, customer care and covered treatments. Pet owners can also get 10% off their Lemonade policy by bundling with a homeowners insurance or renters insurance policy offered by the insurer.
Lemonade may not be the right choice for pet parents living in Alaska, Delaware, Florida, Hawaii, Idaho, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, South Dakota, Vermont, West Virginia or Wyoming, since it currently excludes coverage in those states.
Though the company is facing a class-action lawsuit regarding its alleged practice of biometric data collection, we still view Lemonade as a reputable and reasonable choice of provider because of its competitive coverage, rates and user-friendly mobile app. You can learn more in our full company review linked below.
Coverage & Cost: Lemonade offers one standard plan that covers the cost of items such as diagnostic tests, urinalysis, outpatient procedures, emergency care, hospitalization, surgery and prescription medications when your pet suffers from an accident or illness, such as a broken bone, sprain, infection, cancer, heart disease or hip dysplasia. Lemonade’s policies don’t cover pre-existing conditions, elective procedures and issues related to pregnancy. Read a sample policy from Lemonade to review its full list of coverage and excluded items.
Add-Ons: Lemonade offers three add-ons for optional coverage. One for coverage on vet visit fees, one for coverage on physical therapy treatments and one for preventative care at two different monthly premiums and coverage levels. The preventative care add-on covers your dog or cat’s routine care and includes a wellness checkup, fecal test, three vaccines, blood test and heartworm or feline leukemia virus (FeLV) test.
Customizations: You can customize your Lemonade policy’s coverage and pricing by selecting from the following options when getting a quote:
To Learn More: Lemonade Pet Insurance Review
Get a Quote: Use Lemonade’s easy online quote tool to get an instant quote on your pet’s policy.
 
Spot is an affordable pet insurance provider that offers the most customizable plans of the companies we reviewed. With options for accident-only or accident and illness coverage, as well as seven different annual coverage limits ranging from $2,500 to unlimited, you can customize your premium to fit your exact budget based on your four-legged family member’s coverage needs.
Coverage & Cost: Spot offers two plans: one for accident-only coverage that covers vet bills related to injuries, swallowed objects, toxic ingestions and other unexpected accidents and one for accident and illness coverage, which extends coverage to illnesses and conditions like gingivitis, behavioral issues, hip dysplasia, heart disease, cancer, respiratory infection, diabetes and more. Read a Spot sample policy, on their website, to review the company’s full list of coverage and exclusions.
Add-Ons: You can also add preventative care coverage to your policy for items such as dental cleanings, a wellness exam, a fecal test and deworming at two per-item coverage levels with total annual amounts of $250 per year or $450 per year.
Customizations: You can customize your policy’s coverage options and pricing by selecting from the following options when getting a quote:
Note: Spot’s Accident-Only Plan’s premiums don’t change based on your pet’s age or breed.
To Learn More: Spot Pet Insurance Review
Get a Quote: Customize a policy for your dog or cat when getting a quote from Spot by filling out this simple online form.
 
As another cheap pet insurance company, Embrace stands out for the savings opportunities it makes available to pet parents. For example, military members can get 5% off their policies, employees of companies enrolled in Embrace’s benefits program can receive 10% off and people with multiple pets can get 10% off of additional policies for multiple pets.
Embrace also offers the Healthy Pet Deductible, which credits your annual deductible with $50 for each year you don’t file a claim, lowering it to as little as $0. This could save you substantial money out of pocket when filing a claim.
Coverage & Cost: Embrace pet insurance offers an accident and illness plan for coverage on treatments, procedures and other costs related to conditions like dental trauma, chronic conditions, congenital conditions, injuries and more. It doesn’t cover pre-existing conditions, organ transplants, breeding or pregnancy issues and elective procedures. Read a sample policy from Embrace to review its full list of coverage and exclusions.
Add-Ons: For preventative care coverage from Embrace, you can purchase the Wellness Rewards Plan, which covers 100% reimbursement up to your choice of a $250, $450 or $650 annual coverage limit. It covers typical wellness plan costs for spaying or neutering, microchipping, routine vaccines, cremation, acupuncture, grooming, teeth cleanings and more.
Customizations: You can customize your Embrace policy with the following options:
To Learn More: Embrace Pet Insurance Review
Get a Quote: Visit Embrace’s website to get a free quote on your pet’s policy.
 
If you’re looking for a cheap pet insurance company that offers unlimited annual, per-incident and lifetime coverage, we recommend Healthy Paws. Although its policies can be more expensive for older pets, we still found that it consistently offers lower premiums than other providers’ unlimited coverage plans. However, it might not be the right fit for pet parents looking for preventative care coverage, since it doesn’t offer that option.
Coverage & Cost: Healthy Paws offers one plan that covers costs for medically necessary veterinary treatments related to covered accidents and illnesses, such as congenital conditions, hip dysplasia (after 12 months), chronic conditions, cancer, injuries and more. It doesn’t cover any preventative or routine care, elective procedures, pre-existing conditions, exam fees and spay or neuter surgery. Read a sample policy from Healthy Paws to review its full list of coverage and exclusions.
Customizations: Pets over 6 years old come with either a $500 or $1,000 annual deductible and a 50% or 70% reimbursement rate. If your pet is younger than 6 years old, you’ll be able to choose from the following options to customize your policy:
*Policies that cover pets over 6 years old come with lower reimbursement rates (50%–70%) and higher annual deductibles ($500–$1,000).
To Learn More: Healthy Paws Pet Insurance Review
Get a Quote: Get an online quote from Healthy Paws by filling out this quick form.
 
Pawp is not a pet insurance provider, instead, it is an affordable alternative that offers a subscription-based membership for only $24 per month. What distinguishes Pawp from pet insurance providers is that one membership protects up to six pets within a household at no extra cost, regardless of your pets’ age, breed, location, and pre-existing conditions. A membership includes unlimited, 24/7 access to online vets via video call or text (no wait times nor appointment needed) and a $3,000 emergency fund to use once per year on one of your pets.
Coverage: If you’re looking for affordable coverage on emergency vet bills related to life-threatening accidents and illnesses, consider a membership with Pawp. Its emergency fund covers toxic ingestions, choking, blockages, severe injuries and more as long as they are considered life-threatening when evaluated by an licensed Pawp vet within four hours of the incident. Pawp covers emergencies even if they relate to the pet’s pre-existing conditions. It doesn’t cover preventative care, scheduled surgeries or vet visits, pregnancy-related issues and any non-life-threatening conditions. Read Pawp’s rules and regulations to review its full list of coverage and exclusions.
Cost: A Pawp membership costs only $24 per month, regardless of your dog or cat’s age, breed and location, and each membership covers up to six pets within a household. Pawp pays your vet bills directly, rather than reimbursing you after you make the payment like traditional pet insurance companies.
Get a Quote: Sign up for a Pawp membership by entering your information on the company’s website.
 
We recommend these pet insurance picks for pet owners on a budget looking to spend less on their policies monthly premiums. Although we found Lemonade to consistently offer lower prices than many competitors, it’s not available in every state.
If Lemonade doesn’t serve your area or you’re looking to compare prices across a few companies, we recommend getting quotes from other affordable pet insurance companies, such as Healthy Paws or Embrace.
 
Pet insurance is a policy you can purchase for your pet that covers the cost of veterinary care related to emergencies, accidents and illnesses, preventing you from paying for expensive treatments out of pocket. For eligible expenses, you’ll pay at the vet’s office and your provider will reimburse you up to the percentage you selected during enrollment.
Most pet insurance policies cover major accidents and injuries, including general sicknesses, infections, injuries, wounds, cancer, genetic conditions and hereditary conditions, that require treatments, procedures or vet visits. Costs from hospitalizations, surgeries, medications and diagnostic tests are typically covered and qualify for a claim on your policy’s coverage up to your selected annual limit, which is the total amount your provider agrees to pay throughout the year.
 
Before purchasing a pet insurance policy, it’s important to understand the different types of plans that are available. While most companies offer accident and illness plans, some offer more affordable accident-only plans. Additionally, many top pet insurers offer preventative care coverage as an optional add-on.
Here’s a breakdown of each type of plan, what it includes and who it’s good for:
 
Although pet insurance is similar to your own health insurance, it works a bit differently. Rather than paying the vet’s office directly after a visit, your pet insurance provider reimburses you for a percentage of the amount you spend on the bill after you file a claim. Additionally, you have to pay your deductible before coverage kicks in, just like you would with your own health insurance or car insurance.
The providers on this list offer high-quality pet insurance at affordable prices, making it easy to find an excellent policy in your price range. We found Lemonade consistently offers low prices across multiple states, but Pawp may be a good choice for pet parents who want minimal coverage through an emergency fund rather than an insurance policy.
According to the Insurance Information Institute, the average annual premiums for dog insurance in 2020 were $218 for accident-only insurance plans and $594 for an accident and illness plan.
 
Pet insurance costs can range anywhere from $20 to $150 per month, depending on the following factors:
 
Provider
Monthly Cost*
Waiting Period for Accidents
Waiting Period for Illnesses
Multi-Pet Discount
Mobile App
Lemonade
$21.33
2 days
14 days
5%
✔
Spot
$39.05
14 days
14 days
10%
✔
Healthy Paws
$37.95
15 days
15 days
None
✔
Embrace
$33.75
2 days
14 days
10%
✔
Pawp
$24.00
14 days
14 days
None
✘
*The monthly cost is based on sample quotes for accident-and-illness plans for a four-year-old mixed dog in Columbia, S.C.
 
Our review of pet insurance companies is based on in-depth industry research that includes reading hundreds of customer reviews, simulating the quote and purchasing process, speaking to representatives on the phone to assess the customer service experience and surveying 1,000 dog and cat owners nationwide to determine the most important elements of pet insurance coverage. We have scored each provider on a 100-point scale based on those elements.
Here are more details about each factor and how they’re weighted:
We use our rating system to compare and contrast each company against key factors to help us determine the best pet insurance companies in the industry. Additionally, we keep our research up to date and revisit our reviews on a regular basis.
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