According to a survey conducted by the American Pet Products Association (APPA), over a third (35%) of pet owners have reported an increase in their pet-related expenses, which includes veterinary costs. To tackle the rising expenses and potential financial burdens of pet healthcare, many pet parents are turning to pet insurance as a solution.
To aid pet owners in their search for the most cost-effective pet insurance plans, our team of insurance experts undertook an in-depth analysis of 19 leading pet insurance companies. The objective was to identify the best options for affordable pet insurance coverage. From this analysis, it was found that ManyPets and Pets Best emerged as the top contenders for offering the best cheap pet insurance plans.
| ManyPets | 5.0 | $36 | $0-$500 | Unlimited | 70%-90% | Yes |
| Pets Best | 5.0 | $50 | $50-$1,000 | $5,000-unlimited | 70%-90% | Yes |
| MetLife | 4.0 | $51 | $50-$500 | $2,000-$10,000 | 70%-90% | Yes |
| Lemonade | 4.0 | $55 | $100-$500 | $5,000-$100,000 | 70%-90% | Yes |
| Figo | 4.0 | $55 | $100-$750 | $5,000-unlimited | 70%-100% | Available as a rider |
How to find the best cheap pet insurance
In a recent study by MetLife on pet owners, it was found that 54% of respondents expressed concerns about being able to afford their pet’s care, especially due to economic uncertainty. The rising cost of pet ownership has become a significant factor in their worries.
To address these concerns and help pet owners manage the expenses, there are several ways to find affordable pet insurance coverage. By exploring different options and comparing plans, owners can make informed decisions that fit their budget and provide adequate coverage for their pets’ health needs.
- Ask your veterinarian
You can start your search for an affordable pet insurance plan by consulting your current veterinarian. Dr. Chyrle Bonk, a veterinarian with Pet Keen, suggests talking to your vet as they might have a recommendation or experience with certain pet insurance companies.
Another helpful step is to reach out to friends, family, and other pet owners. Ask them about their experiences with different insurance companies, focusing on aspects like customer service, the claims process, and reimbursement. This firsthand information can be valuable in narrowing down your choices for the right pet insurance plan that fits your needs and budget.
- Look for discounts
Just like auto insurance or home insurance, pet insurance can also offer more affordable options through various discounts. These discounts cater to different situations and individuals. For instance, pet carers, including shelter workers, may receive special discounts as a token of appreciation for their dedication to animal care. Additionally, there are discounts for those who prefer to pay their pet insurance premiums annually instead of monthly.
If you are fortunate enough to have pet insurance as part of your employee benefits package, you may be eligible for an employee discount. This benefit can provide financial relief when ensuring the well-being of your beloved pet. Furthermore, purchasing pet insurance online may open the door to exclusive internet discounts, making it a convenient and cost-effective option.
- Buy coverage sooner than later
When it comes to pet insurance, timing matters. The best time to purchase a policy is when your pet is young and healthy. By insuring your pet before they develop any symptoms or get injured, you can avoid pre-existing condition exclusions and maximize your coverage.
- Adjust coverage to meet your budget
Customizing your pet insurance coverage is a great way to manage costs effectively. You can tailor your plan to fit your budget by adjusting factors like deductible and reimbursement percentage. However, be mindful that reducing premiums might mean higher out-of-pocket expenses for vet visits.
- Compare pet insurance quotes
Pet insurance costs can vary significantly among different providers. Factors like your pet’s age, breed, and location, as well as the coverage options you choose, influence the price. To find the most affordable plan, make sure you compare quotes for similar coverage from various companies.
- Consider accident-only coverage
For those on a budget, accident-only plans can be an attractive option. While they won’t cover illnesses, they provide protection for unexpected accidents like broken bones or lacerations. Keep in mind that sickness coverage is not included in accident-only plans.
Is pet insurance worth it?
Considering your financial situation is crucial when deciding whether pet insurance is worth it. If you anticipate struggling to pay for unexpected vet expenses, having pet insurance could provide peace of mind and financial security.
A study by MetLife on pet parents revealed that 84% of them are facing increasing costs in pet care, including veterinary visits, food, treats, and accessories. This points to a growing concern among pet owners about the rising expenses associated with pet care.
The economic uncertainties have raised worries among more than half of pet parents about their ability to care for their pets in the future. Additionally, about 50% of those surveyed expressed fear that escalating costs might prevent them from owning a pet in the future. These concerns highlight the need for measures to mitigate the financial burden of pet ownership.
For cat owners, the average yearly cost of care is approximately $1,150, while dog owners face an average cost of around $1,400 per year. These expenses can quickly add up, making pet insurance policies an essential tool to manage costs and ensure the well-being of our furry friends.
To find affordable pet insurance options, it is advisable to gather quotes from various companies. This way, you can identify low-cost coverage that will help offset your pet’s veterinary care expenses and provide the best possible care for your beloved companion.
How to get pet insurance
Once you have made a decision regarding your preferred pet insurance plan and company, the next step is to proceed with the purchase of the insurance.
There are two main ways to do this:
- By phone: You can simply call your selected pet insurance company or insurance agent to discuss the available plans and make the purchase.
- Online: The internet offers a convenient option for obtaining free pet insurance quotes and even buying the insurance directly online. This allows for a hassle-free and efficient process.
