“Cheapest pet insurance” lists are everywhere, but the cheapest company for a Labrador in Texas is not necessarily the cheapest for a Persian cat in New York. The monthly price also depends on the deductible, reimbursement rate and annual limit chosen, and a low price can hide a high deductible. This guide shows the real price levels, one set of insurer averages from a published report and the settings that move your premium the most.
Premium figures come from MoneyGeek reports updated in August and September 2026. Sources are listed at the end.
What Pet Insurance Costs on Average
MoneyGeek modeled premiums from 18 U.S. insurers for a standard policy: $5,000 annual limit, $500 deductible, 80% reimbursement.
| Pet | Per month | Per year |
|---|---|---|
| All pets, national average | $47 | About $564 |
| Dogs, average (a 6-year-old Labrador baseline) | $61 | About $732 |
| Cats, national average | $32 | $386 |
Within those averages the range is wide. A Chihuahua puppy is about $22 a month and a Doberman puppy about $75, as shown in our small breeds and working breeds comparisons.
Which Companies Came Out Cheapest in One Report
MoneyGeek’s New York report compares insurers using a fixed profile (a 6-year-old Labrador and a 7-year-old Ragdoll) on the standard policy above. The averages for the three cheapest companies it lists, against New York’s average of $53 a month for all pets:
| Insurer | Per month (New York) | Per year | Savings vs. New York average |
|---|---|---|---|
| Pumpkin | $30 | $355 | 44% |
| Pets Best | $31 | $368 | 42% |
| ASPCA | $34 | $410 | 35% |
Treat this as an example, not a national ranking. It covers one state, one dog and one cat profile, and the ranking can differ by state, breed and age. For instance, the same report says Pumpkin offers the biggest savings for some breeds and ASPCA is the cheapest for Bullmastiffs. Use it to pick insurers to quote, then compare real quotes for your pet.
The Settings That Change the Price
- Deductible. A higher deductible lowers the premium, but you pay more on every claim. Going from $250 to $500 means each claim costs you $200 more at an 80% reimbursement rate ($250 × 80%).
- Reimbursement rate. 70% costs less than 90%. On a $3,000 bill after the deductible, the difference is $600.
- Annual limit. A lower limit costs less and leaves you exposed on large bills. See our limits guide.
- Age at enrollment. Younger pets cost less to insure, and the gap widens with age. A senior cat costs about four times a kitten, and a senior dog about three to four times a puppy.
- Breed and location. The cheapest insurer for one breed can be among the most expensive for another.
- Discounts. Lemonade states a 5% multi-pet discount, a 10% bundle discount and a 5% annual payment discount on its pet page, checked October 13, 2026.
When the Cheapest Plan Is the Wrong One
A low premium can come with a high deductible, a $5,000 limit, a 70% reimbursement rate, or accident-only coverage. This is an illustration, not a quote. A $3,000 surgery on two plans:
| Plan | Deductible | Reimbursement | Insurer pays | You pay |
|---|---|---|---|---|
| Cheaper monthly | $1,000 | 70% | $1,400 | $1,600 |
| More expensive monthly | $250 | 90% | $2,475 | $525 |
In this example the plan with the higher monthly premium leaves you $1,075 better off after one claim. If your pet rarely claims, the cheaper plan wins. This is why the right question is not “which is cheapest?” but “how much would I pay in a bad year?”. See our budget plan setup guide and deductibles explained.
How to Compare Quotes Properly
- Use the same deductible, reimbursement rate and annual limit on every quote.
- Enter your pet’s exact breed, age and zip code.
- Compare waiting periods and exclusions, not just the price. See waiting periods.
- Check how the price changes at renewal as your pet ages.
Frequently Asked Questions
What is the cheapest pet insurance company? It depends on your pet and state. In MoneyGeek’s New York report, Pumpkin, Pets Best and ASPCA had the lowest averages for the standard profile.
Is accident-only the cheapest option? Yes, and it covers far less. See accident-only vs. accident and illness.
How much does it cost for my breed? See how much pet insurance costs, or the breed guides on this site.
The Bottom Line
The cheapest company changes with your pet, so quote three or four insurers with identical settings. Treat a low price as a reason to check the deductible, reimbursement rate and limit, because those three decide what you pay when your pet actually needs care.
Sources
- MoneyGeek, Average Pet Insurance Cost for Dogs, updated September 17, 2026.
- MoneyGeek, Average Pet Insurance Cost for Cats, updated August 26, 2026.
- MoneyGeek, Average Pet Insurance Cost in New York, updated September 17, 2026.
- Lemonade, Lemonade Pet, accessed October 13, 2026.
This article is general information, not insurance advice. Premiums and policy terms vary by company, location and policy date.