What is the cheapest pet insurance that is still worth buying?

By Louise Smith 3 insurers analysed NAIC regulator verified Updated July 23, 2026

Cheap pet insurance is real, and it is never free. A low premium comes from one of four levers: a lower annual limit, a higher deductible, a lower reimbursement rate, or accident-only cover with no illness at all. Accident-only starts at 6 dollars a month for cats and 9 for dogs at Pets Best. Lemonade advertises accident and illness policies from 10 dollars a month. Below we name the lever each cheap plan pulls, so you know exactly what you are giving up.

The pet insurance comparison

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#1

Lemonade

3.2

Reimbursement 80-90 %
Annual limit $20,000
Deductible 100-$250
Illness waiting 14 days

Digital-first insurer with the market's lowest entry prices and AI claims paid in minutes.

Entry prices from $10 per month
AI claims, some paid in minutes
Dental illness and physical therapy excluded

Our full take Full review →

5 things to know about Lemonade

Is Lemonade trustworthy?

Lemonade is an established player. The risk carrier is Lemonade Insurance Company. As always, read the policy wording and exclusions before signing.

Why choose Lemonade?

Digital-first insurer with the market's lowest entry prices and AI claims paid in minutes.. Reimbursement reaches 80 to 90 %, up to $20,000 a year.

What are the waiting periods at Lemonade?

Accidents are covered after 0 days. Illness carries a 14 days waiting period. Also check condition-specific waiting periods before committing.

How much does Lemonade cost?

Pricing depends on species, breed and age, via a personalised quote. The annual deductible ranges from $100 to $250 depending on the plan. Compare the total cost, not just the monthly premium.

Who is Lemonade for?

Dog and cat owners whose pet profile matches this plan. Our review shows when a competitor does better.

Our full take →

#2

Costco

3.1

Reimbursement 70-100 %
Annual limit $14,000
Deductible 100-$250
Illness waiting 14 days

Figo's full product at a 15 percent discount as a Costco member benefit.

Figo's product with a 15% member discount
Executive members get 24PetWatch included
New policies suspended in Washington state

Our full take Full review →

5 things to know about Costco

Is Costco trustworthy?

Costco is an established player. The risk carrier is Independence American Insurance Company. As always, read the policy wording and exclusions before signing.

Why choose Costco?

Figo's full product at a 15 percent discount as a Costco member benefit.. Reimbursement reaches 70 to 100 %, up to $14,000 a year. The everyday plus: Figo Pet Cloud app (pet management).

What are the waiting periods at Costco?

Accidents are covered after 1 days. Illness carries a 14 days waiting period. Also check condition-specific waiting periods before committing.

How much does Costco cost?

Pricing depends on species, breed and age, via a personalised quote. The annual deductible ranges from $100 to $250 depending on the plan. Compare the total cost, not just the monthly premium.

Who is Costco for?

Dog and cat owners whose pet profile matches this plan. Our review shows when a competitor does better.

Our full take →

#3

Pets Best

3.1

Reimbursement 80 %
Annual limit $10,000
Deductible $200
Illness waiting 14 days

Vet-founded budget insurer with an unlimited option and rare direct payment to clinics via Direct Vet Pay.

Founded by a veterinarian in 2005
Unlimited option and Direct Vet Pay
Claims currently slower than the market

Our full take Full review →

5 things to know about Pets Best

Is Pets Best trustworthy?

Pets Best is an established player. The risk carrier is American Pet Insurance Company. As always, read the policy wording and exclusions before signing.

Why choose Pets Best?

Vet-founded budget insurer with an unlimited option and rare direct payment to clinics via Direct Vet Pay.. Reimbursement reaches 80 %, up to $10,000 a year.

What are the waiting periods at Pets Best?

Accidents are covered after 3 days. Illness carries a 14 days waiting period. Also check condition-specific waiting periods before committing.

How much does Pets Best cost?

Pricing depends on species, breed and age, via a personalised quote. The annual deductible ranges from $200 depending on the plan. Compare the total cost, not just the monthly premium.

Who is Pets Best for?

Dog and cat owners whose pet profile matches this plan. Our review shows when a competitor does better.

Our full take →

How to choose your pet insurance

Criterion	What we check
Know which of the four levers you are pulling	Every low premium comes from a lower annual limit, a higher deductible, a lower reimbursement rate, or accident-only cover. Three of the four still pay on illness. The fourth pays nothing on cancer, diabetes or kidney disease. Ask which lever your quote used before comparing two prices.
Accident-only is the cheapest and the narrowest	Pets Best accident-only starts at 6 dollars a month for cats and 9 for dogs. It covers a broken leg or a swallowed object. It covers no illness at all, so cancer at 5,000 dollars typical and diabetes at 2,000 stay on you. Buy it knowingly, never by default.
A 2,500 dollar cap is not enough for a dog	Pets Best sells annual limits at 2,500, 5,000 and 10,000 dollars, or unlimited. Bloat surgery typically costs 8,000 dollars and reaches 25,000 in our US cost data, and hip dysplasia typically costs 5,500. The cheapest cap is the one most likely to run out mid-treatment.
Raise the deductible instead of cutting the limit	A high deductible costs you a fixed amount once a year. A low annual cap costs you everything above it, on the exact bill you bought insurance for. Pets Best deductibles run 50 to 1,000 dollars and Progressive goes to 2,000. Trading deductible against limit is the better cheap plan.
Count the add-ons back into the price	A cheap base plan often excludes what you will actually claim. At Pets Best, exam fees, prescriptions, dental illness and rehab are all paid add-ons. The Figo contract sold at Costco excludes dental illness. Compare the price of the plan you would really need, not the entry quote.
Use the discounts you already qualify for	Pets Best gives 5 percent for insuring several pets, plus a military discount. Costco members get 15 percent off the Figo contract where available. Lemonade discounts bundling, multiple pets and annual payment. Paying Lemonade monthly instead adds a 1 dollar installment fee every month.
Price the third year, not the first	Cheap entry prices do not stay cheap. Pets Best policyholders report steps from 60 to over 90 dollars a month by a dog's fifth year, and from 150 to 250 dollars. Fetch complaint files document 40 percent then 50 percent increases. A discount today is not a low premium in 2029.

01

Lemonade: the lowest advertised entry price in US pet insurance

Lemonade advertises policies from 10 dollars a month, and its own policy example insures a three-year-old dog for 168 dollars a year at 80 percent reimbursement, a 20,000 dollar annual limit and a 250 dollar deductible. Claims run through an app and can pay in minutes. Here is the trade-off: all dental illness, all physical therapy, all behavioral care and all alternative treatment are excluded, at any age, on any configuration. Orthopedic conditions wait 30 days. Monthly payment adds a 1 dollar installment fee. Lemonade Insurance Company is its own carrier, which is rare in this market. Trustpilot: 4.2 out of 5 across 6,242 reviews.

02

Pets Best: the widest cheap ladder, from accident-only upward

Pets Best is the most flexible way to go cheap. Accident-only starts at 6 dollars a month for cats and 9 for dogs. On accident and illness, annual limits are 2,500, 5,000, 10,000 dollars or unlimited, reimbursement is 70, 80 or 90 percent, and deductibles run 50 to 1,000 dollars. Documented quotes: 32 dollars a month for a 2-year-old mixed dog and 20 for a cat of the same age, both in Katy, Texas. The trade-off is the add-on list, since exam fees, prescriptions, dental illness and rehab all cost extra. Renewal steps are steep, with reports from 60 to over 90 dollars a month by year five. Trustpilot: 3.6 out of 5 across 6,282 reviews.

03

Costco: the Figo contract at 15 percent off, if you are a member

Costco underwrites nothing. Members buy the Figo contract at a 15 percent discount through the Costco Insurance Agency, underwritten by Independence American Insurance Company, and the coverage is Figo's line for line. Essential pays 70 percent up to 10,000 dollars with a 250 dollar deductible, Preferred 80 percent up to 14,000 with a 200 dollar deductible, Ultimate 100 percent with no annual limit and a 100 dollar deductible. Sample quotes with the member discount run 25 to 122 dollars a month for dogs and 12 to 35 for cats. Three limits: on one sample the discount saved 3.31 dollars a month, about 40 dollars a year, dental illness is excluded, and membership is mandatory. The Costco channel writes no new policies in Washington state.

Frequently asked questions

What is the cheapest pet insurance in the US?

Accident-only is the cheapest category, starting at 6 dollars a month for cats and 9 for dogs at Pets Best. On accident and illness, Lemonade advertises from 10 dollars a month and Costco sample quotes for cats start at 12. All those prices assume a young pet, a modest limit and a real deductible.

Is cheap pet insurance worth it?

It depends which lever made it cheap. A higher deductible with a high annual limit is a sound cheap plan. A 2,500 dollar annual cap is not, since bloat surgery typically costs 8,000 dollars. Accident-only is worth it only if you accept paying for every illness yourself.

What do you give up with cheap pet insurance?

One of four things: annual limit, deductible level, reimbursement rate, or illness cover entirely. Cheap base plans also push exam fees, prescriptions and dental onto paid add-ons, as Pets Best does. The exclusion list is where the discount is really taken, not the premium line.

Can I get pet insurance for under 20 dollars a month?

Yes, for a young pet. Lemonade advertises from 10 dollars a month, Pets Best documents 20 dollars for a 2-year-old cat, and Costco sample quotes start at 12 dollars for cats with the member discount. Expect that figure to rise every year as the pet ages.

Does a higher deductible really lower the premium?

Yes, and it is the safest way to cut the cost. Pets Best offers deductibles from 50 to 1,000 dollars and Progressive goes up to 2,000. You pay that amount once a year, then the plan pays its share with your full annual limit still intact for the big bill.

Do multi-pet and member discounts make a difference?

A modest one. Pets Best gives 5 percent for several pets, plus a military discount. Costco members get 15 percent off Figo, worth 3.31 dollars a month on one sample quote, about 40 dollars a year. Lemonade discounts bundling, multiple pets and annual payment.

Will my cheap premium stay cheap?

No. Every US insurer reprices on pet age and veterinary inflation. Pets Best openly ties yearly revaluations to both, and policyholders report going from 60 to over 90 dollars a month by year five without a major claim. Compare quotes on what year three will cost.

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