When it comes to protecting your furry companions, pet insurance is a smart investment to cover the unexpected. Whether it’s for accidents, illnesses, or routine checkups, the right plan can ease the financial burden of caring for your pet. The cost of your pet insurance will depend on several factors, including the type of pet, breed, age, and the plan you select.
Let’s take a closer look at the best pet insurance companies and plans for 2024, so you can choose the right one for your budget and pet’s health needs.
Key Insights on Pet Insurance
- On average, pet owners pay $640 per year for dogs and $387 for cats in accident and illness coverage.
- Pets Best offers some of the lowest monthly premiums, with prices starting as low as $9 for dogs and $6 for cats.
- Common pet insurance plans include accident and illness, accident-only, and wellness coverage.
Factors to Consider When Choosing Pet Insurance
Before diving into the best pet insurance options, it’s essential to understand the key factors that can impact the cost of your coverage and the level of protection your pet receives:
Breed and Age: Older pets or purebreds often come with higher premiums due to their higher risk of health conditions.
Deductible Options: The deductible is what you pay out of pocket before the insurance kicks in. Higher deductibles lower your monthly premium but increase your initial costs when filing a claim.
Reimbursement Rates: This is the percentage the insurance company will reimburse after you meet your deductible. Most plans offer 70%, 80%, or 90% reimbursement options.
Annual Limits: Some policies have annual limits on how much the insurer will pay. It’s important to check whether there’s an unlimited payout option available.
Best Pet Insurance Providers for 2024
To help you make the best decision, we’ve compiled a list of some of the top pet insurance providers and what makes them stand out in terms of cost and coverage options.
| Insurance Company | Monthly Cost for Dogs | Monthly Cost for Cats | Deductible Options | Annual Limit | Reimbursement Options |
| Pets Best | $20 | $12 | $50–$1,000 | $5,000–Unlimited | 70%, 80%, 90% |
| Figo | $26 | $14 | $250, $500 | Up to $10,000 | 70%, 80%, 90% |
| Spot | $28 | $14 | $100–$1,000 | $2,500–Unlimited | 70%, 80%, 90% |
| ASPCA | $33 | $17 | $100, $200, $500 | $5,000–$20,000 | 70%, 80%, 90% |
| Healthy Paws | $37 | $18 | $100–$1,000 | Unlimited | 50%–80% |
| Embrace | $58 | $33 | Diminishing | Varies by pet | 100% |
ASPCA: Best for Flexible Deductibles
ASPCA’s pet insurance offers a variety of coverage options, from accidents and illnesses to behavioral issues and hereditary conditions. With flexible deductible options, pet owners can choose plans that fit their budget, making it a versatile choice.
- Average Monthly Cost: $33 for dogs, $17 for cats
- Key Features: Multi-pet discount, options for accident-only or wellness coverage
- Cons: Reimbursement is capped at 90%, and there’s no coverage for exotic pets.
Embrace: Best for Comprehensive Coverage
Embrace is ideal for pet owners seeking extensive coverage. Its single policy covers accidents, illnesses, breed-specific conditions, and chronic conditions. Embrace also offers a diminishing deductible, which decreases annually if no claims are filed.
- Average Monthly Cost: $58 for dogs, $33 for cats
- Key Features: 10% multi-pet discount, 24/7 telehealth line, wellness care add-ons
- Cons: Upper age limits may apply for older pets.
Figo: Best for Fast Claims and Nervous Pet Parents
Figo is known for its fast claims processing, often settling claims in as little as three days. The 24/7 vet hotline is perfect for pet owners who want peace of mind and access to professional advice anytime.
- Average Monthly Cost: $26 for dogs, $14 for cats
- Key Features: Customizable plans, coverage for hereditary and chronic conditions
- Cons: Waiting periods for certain conditions and possible enrollment fees.
Healthy Paws: Best for Unlimited Coverage
Healthy Paws offers no annual limits on claims, making it an excellent choice for pet owners who want full coverage without worrying about hitting a maximum payout. The company processes claims quickly, typically within two days.
- Average Monthly Cost: $37 for dogs, $18 for cats
- Key Features: Unlimited annual payouts, quick claims processing
- Cons: No wellness plan or preventive care add-ons.
Spot: Best for Flexible Coverage Options
Spot pet insurance provides flexible plan options, including accident-only, illness, and wellness coverage. Its 24/7 telehealth support through VetAccess is a standout feature that ensures help is always available.
- Average Monthly Cost: $28 for dogs, $14 for cats
- Key Features: 10% multi-pet discount, wellness and accident coverage options
- Cons: No direct payment option for vet visits
Pets Best: Best for Affordable Premiums
Pets Best is a great option for those on a budget, offering affordable premiums without compromising on essential coverage. With the option to choose deductibles as low as $50, Pets Best ensures flexibility for various financial situations.
- Average Monthly Cost: $20 for dogs, $12 for cats
- Key Features: 24/7 helpline, low deductible options, unlimited coverage
- Cons: Doesn’t cover pre-existing conditions, no transparency on waiting periods
How to Find the Best Pet Insurance for Your Needs
When looking for pet insurance, follow these steps to ensure you’re making the right decision for your pet:
1. Assess Your Pet’s Specific Needs
Consider your pet’s age, breed, and health history. If your pet is prone to certain conditions, an accident and illness plan may be more suitable than an accident-only plan.
2. Compare Multiple Providers
Get quotes from several companies to compare coverage options, deductibles, and premiums. Make sure to also review customer experiences, including claim processing and customer service quality.
3. Look for Discounts and Add-ons
Many insurers offer discounts for insuring multiple pets or paying your premium annually. You can also add wellness coverage to help with routine exams and vaccinations.
4. Read the Fine Print
Understand what is and isn’t covered, especially exclusions for pre-existing conditions or certain hereditary issues. Make sure the policy fits your pet’s needs.
Conclusion
Finding the best pet insurance for your furry friend involves more than just looking for the cheapest premium. It’s essential to consider the coverage limits, deductible options, and reimbursement rates to ensure your pet gets the care they need when emergencies arise. By comparing various pet insurance providers, you can make an informed choice that works for both your pet and your budget.