How to afford pet insurance in 2022: The 5 best, cheap plans

PARIS, FRANCE - NOVEMBER 12: A guest with her dog attend the "Live The Life You Love" Norman Reedus Press Preview on November 12, 2022 in Paris, France. (Photo by Foc Kan/WireImage)
PARIS, FRANCE - NOVEMBER 12: A guest with her dog attend the "Live The Life You Love" Norman Reedus Press Preview on November 12, 2022 in Paris, France. (Photo by Foc Kan/WireImage) /

There are many reasons to purchase pet insurance. Health insurance for your furry friend covers not just regular physical exams and medications but also emergency cases. These bills can cost thousands of dollars to correct without the right insurance policy.

There’s a lot to consider when choosing the right insurance plan for your pet.

Things to Consider When Choosing Your Pet Insurance

Wait Time
One thing to consider is the wait time. Many insurance companies require owners to purchase their insurance before they need coverage. When you do purchase their insurance, you normally have to wait a couple of weeks or months until you are able to use it.

For some owners, waiting is an acceptable risk, as their pet is young and healthy. Others who have elderly and sick pets may want a plan with a short or no wait time.

Species Requirements
Some insurance providers only cover certain species and breeds of animals.

Domestic animals, like cats and dogs, maybe the only category covered by a specific insurance company. Others may cover farm animals, birds, rodents and reptiles.

Age of Your Pet
Your pet’s age also plays a factor in whether or not you can purchase certain pet insurance plans, as some plans will not accept sick or elderly pets.

As pets get older, the likelihood of securing quality insurance can go down. You’ll need to know if the plan you are considering has an age limit for your furry, feathered or scaled friend.

Type of Insurance Plan
Another thing to consider is the type of plan your pet is eligible to have.

Some plans only cover emergencies while others cover routine exams. Vaccination, medication and procedure coverage may vary depending on the plan you choose. Insurance companies often offer various plans so you can choose which is best.

Cost of Pet Insurance
The cost of an insurance plan also contirbutes to weather or not you choose to purchase it. Every good owner wants the best for their pet, but you also need to choose a plan that can fit into your monthly budget.

Thankfully, there are plans out there that can give your pet good coverage while staying affordable.

The 5 Best Affordable Pet Insurance Plans

There are several different insurance plans out there that have reasonable prices and cover a variety of care. Here are the five best cheap plans.

1. TrustedPals

TrustedPals is a pet insurance company with a lot to offer its customers. With an average cost of $46 a month for adult dogs, the plan offers rare $0 deductible or 100% reimbursement options that save you money when a crisis occurs.

It’s important to note that this company only covers cats and dogs, so other animal owners will need to seek a different option.

The company dedicates itself to helping animals by donating 1% of their profits to pets impacted by natural disasters.

2. Lemonade

Lemonade is an insurer that covers cats and dogs. A company experienced in a variety of insurances, they have the advantage of giving pet owners accident coverage 48 after signing up for the plan.

The company offers a low price of just $24 a month for some plans and offers a wellness plan. However, they do not cover certain prescriptions and you won’t hve coverage for items, such as microchips.

Lemonade also donates a portion of their profits to various animal charities.

3. Nationwide

Nationwide is one of the only insurers out there that offers coverage for birds and exotics pets as well as cats and dogs.

Plans offer up to 90% reimbursement of veterinary costs, but does not cover pre-existing conditions. The plan has a fixed deductible of $250 for whole pet wellness.

Customers of other Nationwide insurance plans receive a 5% discount for pet insurance.

4. Spot

Spot’s claim to fame is that it allows you to customize a plan to fit your needs.

The company covers accidents, routine care and some preventative treatments for dogs and cats. It also provides up to 90% cost reimbursements and deductibles starting as low as $100.

The downside to these plans is the 14-day waiting period before you can start using the coverage. Spot does offer a 30-day money back guarantee.

5. Figo

Figo is a dog and cat pet insurance that offers a variety of benefits to owners.

These benefits include an average monthly cost of $43, a 100% reimbursement option and an upgrade that covers things such as missing pet posters and vacation cancellation due to a lost pet.

The waiting period for this insurance is the shortest amongst these among these options – it’s only one day.

The company offers these insurance options to cats and dogs.

Choosing the Right Pet Insurance

Pet insurance can be worth a monthly cost if it means getting your pet the best care possible without draining your bank account.

With these options, you can access affordable plans that cover a variety of veterinarian costs, so you and your pet can stay happy and healthy.

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