This is the cheapest type of pet insurance to buy

An accident-only policy is cheaper than other pet insurance types.

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There’s not a whole lot pet owners wouldn’t do for their furry friend. Whether it’s buying the highest quality food or finding the very best veterinarian in the city, when it comes to taking care of your cat or dog most options are on the table. Despite the joy and fulfillment of owning a pet, however, it can also come with burdensome bills and high costs. In an economy where grocery shopping can be prohibitive and inflation and interest rates are still high, this becomes more difficult to manage than usual.

Fortunately, pet insurance can help. While it may seem counterintuitive to add another bill to the pile you’re already paying each month, pet insurance can ultimately help reduce the expenses you otherwise would have gotten stuck paying out of pocket. That said, if you want the protection that pet insurance provides – without having to break the bank to secure it – there is one particular type that may be the cheapest and most cost-effective for your needs.

If you’re in the market for pet insurance then start by getting a free price quote to learn more.

The cheapest type of pet insurance to buy

There are multiple types of pet insurance available for consumers. These types range from providing basic coverage to surprising things like treatment for separation anxiety. The cheapest type most owners can buy is accident-only. This could be as low as $10 per month, according to Spot pet insurance. The insurer says this type will cover items like:

  • Swallowed foreign objects
  • Lacerations, stings, bites, toxin ingestion, broken bones, etc.
  • Surgery & hospitalization for accidents

That said, Spot pet insurance isn’t the only provider offering this type of coverage. Other providers offer similar accident-only policies in which the items they cover (and the ones they don’t) may vary. Embrace pet insurance, for example, lists torn cruciate ligaments and prescription drugs for covered conditions as eligible for coverage with their accident plan. 

Embrace recommends this type of policy for older cats and dogs who may not be eligible for more robust coverage options. “While no longer eligible to enroll in a new accident and illness pet insurance policy, dogs and cats aged 15 years and older can benefit from Embrace’s dog and cat accident-only insurance,” the insurer says.

“If your pet is enrolled with an accident and illness plan before their 15th birthday, that full coverage will continue for life. We will not drop your pet’s coverage at a certain age, nor will we change it. Any changes in coverage are totally up to you.”

Get an accident-only policy quote from Spot here or Embrace here to learn more!

How much do accident-only pet insurance policies cost?

As mentioned above, the specifics of these policy types are tied to the provider in question. Some pet insurance providers may not even offer this option. Others, however, will offer it but at varying price points. 

Spot says their accident-only policy starts as low as $10 per month. Pets Best, meanwhile, lists pricing for accident-only plans at $6 per month for cats and $9 per month for dogs. Prices with Embrace, however, vary based on the applicant, although they do note their reimbursement plan online.

“An Embrace accident-only policy reimburses you up to $5,000 each year,” they say. “There is a $100 deductible that you pay once per year, and then you’re reimbursed 90% of your veterinary bills.” 

If you know you want this particular type of pet insurance then shop around to find the best rates and terms. Use the below table to start comparing providers and policies now.

The bottom line

Pet insurance is a smart and effective way to combat rising veterinary bills and protect your wallet. While, at first glance, it may be discouraging to add another bill to the mix, pet insurance can actually save you money long-term by covering care that you otherwise would have gotten stuck paying in full. An accident-only policy can go a long way by protecting your pet from a variety of items without saddling you with another exorbitant bill to pay each month. 

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