Best Pet Insurance 2026: What 7 Million Pet Owners Are Actually Paying For
The North American pet insurance market crossed a milestone in 2024: over 7 million pets insured, up 12.2% from the year before. Gross written premiums hit $5.2 billion. The industry is growing at roughly 20% per year, making it one of the fastest-expanding lines of insurance in the US.
Most comparison sites rank pet insurers by features and price. We ranked them by something more useful: whether you’ll actually get paid when you file a claim.
The average cost of pet insurance in 2026 is approximately $62 per month for dogs and $32 per month for cats for accident and illness coverage, according to NAPHIA data. Accident-only coverage runs significantly less — around $16 per month for dogs and $9 for cats. But cost varies enormously by breed, age, location, and coverage level. A 2-year-old mixed-breed dog and a 7-year-old French Bulldog are not the same risk, and their premiums reflect that.
Despite the industry’s growth, pet insurance penetration remains remarkably low. Only about 5.4% of dogs and 2% of cats in the US have insurance coverage, according to NAPHIA’s 2025 report. By comparison, pet insurance penetration exceeds 25% in Sweden and the UK. The US market is still in its early growth phase, which means both the products and the competitive landscape are changing rapidly.
There are now approximately 30 companies selling pet insurance in North America, with many also offering white-label and co-branded products through employers, veterinary clinics, and pet retailers. The proliferation of options makes comparison shopping both more important and more confusing. That’s why we focused our evaluation on the factors that matter most at claim time, not just at purchase time.
How We Evaluated
We assessed each insurer across five categories: coverage breadth (what’s included in standard policies, what requires add-ons, and what’s excluded), claims experience (processing speed, reimbursement reliability, and customer satisfaction data), pricing transparency (whether the quoted price is what you actually pay, and how premiums change over time), customisation options (flexibility in deductibles, reimbursement rates, and annual limits), and company track record (how long the insurer has been in the market and whether its financial position supports long-term claims paying).
We evaluated eight pet insurance companies on these criteria. Here’s how they compare.
The Comparison Table
| Insurer | Monthly Cost Range (Dog) | Reimbursement | Deductible Options | Annual Limit Options | Waiting Period | Direct Vet Pay | Our Verdict |
|---|---|---|---|---|---|---|---|
| Embrace | $30–$80 | 70%, 80%, 90% | $200–$1,000 | $5K, $10K, $15K, $30K | 2 days (accident), 14 days (illness) | No | Best overall |
| Pumpkin | $35–$90 | 90% only | $100, $250, $500 | Unlimited | 14 days | No | Best coverage breadth |
| Figo | $25–$75 | 70%, 80%, 90%, 100% | $100–$1,500 | $10K, $20K, unlimited | 1 day (accident), 14 days (illness) | No | Best for customisation |
| Pets Best | $20–$65 | 70%, 80%, 90% | $50–$1,000 | $5K, unlimited | 3 days (accident), 14 days (illness) | No | Best value |
| Spot | $25–$70 | 70%, 80%, 90% | $100–$1,000 | $2.5K–unlimited | 2 days (accident), 14 days (illness) | No | Best for older pets |
| Healthy Paws | $30–$85 | 70%, 80%, 90% | $100–$500 | Unlimited only | 15 days | No | Strong but less flexible |
| ASPCA | $20–$60 | 70%, 80%, 90% | $100–$500 | $5K, $10K, unlimited | 14 days | No | Budget option |
| Lemonade | $12–$50 | 70%, 80%, 90% | $100–$500 | $5K–$100K | 2 days (accident), 14 days (illness) | No | Cheapest but unproven |
Cost ranges are illustrative based on a young adult mixed-breed dog with 80% reimbursement and $500 deductible. Your premium will vary based on breed, age, location, and coverage selections.
Embrace: Best Overall
Embrace earns our top recommendation because it combines strong coverage with the most transparent and consumer-friendly claims process we evaluated.
The company covers accidents, illnesses, exam fees, diagnostics, surgery, hospitalisation, prescriptions, and alternative therapies like acupuncture and hydrotherapy. Embrace also covers prosthetic devices and behavioural therapy — both of which many competitors exclude. Its “Diminishing Deductible” feature reduces your annual deductible by $50 each year you don’t file a claim, rewarding healthy pets with lower out-of-pocket costs over time.
Claims are processed within an average of 10 to 15 business days, with direct deposit available. Embrace’s customer satisfaction metrics are consistently above average, and the company has been in the pet insurance market since 2003 — long enough to have a meaningful claims track record.
The trade-off is price. Embrace is not the cheapest option, and its annual limits ($5,000 to $30,000) are lower than competitors like Pumpkin and Healthy Paws, which offer unlimited coverage. For pets with conditions that could generate bills exceeding $30,000 in a single year — think cancer treatment or multiple surgeries — the annual cap matters.
Best for: Pet owners who want comprehensive coverage from an established company with a strong claims reputation and are willing to pay moderately more for reliability.
Pumpkin: Best Coverage Breadth
Pumpkin offers what may be the most comprehensive standard coverage in the market. Every policy covers accidents, illnesses, exam fees, diagnostics, surgery, hospitalisation, prescriptions, and — unusually — behavioural conditions and microchip implantation. The company also covers curable pre-existing conditions after 180 days without symptoms.
Pumpkin’s 90%-only reimbursement model is a deliberate choice: the company argues that setting reimbursement at 90% across the board simplifies the buying decision and ensures strong coverage when it’s needed. This is a reasonable position, but it means you can’t trade a lower reimbursement rate for a lower premium if budget is your primary concern.
All Pumpkin plans come with unlimited annual coverage, which eliminates the risk of hitting a cap during a catastrophic health event. The company also offers an optional “Preventive Essentials” plan that covers routine care — vaccines, wellness exams, heartworm testing — for an additional fee.
Best for: Pet owners who want to set it and forget it — maximum coverage, minimal decision-making, no annual caps to worry about.
Figo: Best for Customisation
Figo gives you the widest range of customisation options among the insurers we evaluated. Reimbursement rates span from 70% to 100%. Deductibles range from $100 to $1,500. Annual limits include $10,000, $20,000, and unlimited. This flexibility lets you build a policy that matches your budget and risk tolerance precisely.
The company’s 1-day accident waiting period is the shortest we found — most competitors require two or more days. Illness waiting periods are standard at 14 days. Figo’s “Cloud” app integrates policy management, claims filing, and a pet health journal in a single interface.
Figo covers accidents, illnesses, cancer, hereditary conditions, behavioural issues, and alternative therapies. The company also covers veterinary specialist care and emergency vet visits without requiring a referral.
Best for: Pet owners who want granular control over their coverage and premium trade-offs, particularly those comfortable adjusting deductibles and limits to match their financial situation.
Pets Best: Best Value
Pets Best consistently offers some of the lowest premiums in the market without gutting coverage. The company’s $50 deductible option is the lowest we found from any major pet insurer, and its unlimited annual limit tier provides catastrophic protection at a competitive price.
Founded in 2005 by a veterinarian, Pets Best has been in the market long enough to have a substantial claims history. The company covers accidents, illnesses, exam fees, hereditary conditions, and behavioural issues. Optional wellness plans cover routine care.
The claims process is straightforward — submit through the app or online portal — though processing times average slightly longer than Embrace at roughly 15 to 20 business days.
Best for: Budget-conscious pet owners who want real coverage without paying for premium pricing. Particularly good for owners of mixed-breed pets with lower baseline risk.
Spot: Best for Older Pets
Most pet insurers make coverage prohibitively expensive — or simply unavailable — for older pets. Spot stands out by accepting pets at any age with no upper age limit for enrolment. This matters if you adopt a senior dog or want to add coverage for an ageing pet.
Spot covers accidents, illnesses, hereditary conditions, behavioural issues, and alternative therapies. The company offers a 30-day money-back guarantee, which gives you time to evaluate the policy before committing.
Premiums for older pets will still be higher than for younger ones — that’s unavoidable given the actuarial reality — but Spot’s willingness to enrol and cover older animals without arbitrary age cutoffs is a genuine differentiator.
Best for: Owners of senior pets (8+ years) who want coverage that doesn’t punish them for adopting or keeping an older animal.
Healthy Paws: Strong but Less Flexible
Healthy Paws has been a top-rated pet insurer for years, with a reputation for fast claims processing and unlimited annual coverage on every plan. The company processes many claims within 2 to 10 business days, which is among the fastest in the industry.
The trade-off is limited customisation. Healthy Paws offers only unlimited annual coverage (you can’t choose a lower limit for a lower premium), deductible options max out at $500, and there’s no wellness or preventive care add-on. The company also doesn’t cover exam fees — a common expense that many competitors now include.
Best for: Pet owners who want maximum coverage with fast claims and don’t need the flexibility to tune their policy.
ASPCA: Budget Option
ASPCA Pet Health Insurance offers affordable coverage with solid fundamentals. The brand recognition helps — ASPCA is one of the most trusted names in animal welfare — though the pet insurance product is underwritten by Crum & Forster, not the ASPCA itself.
Coverage includes accidents, illnesses, hereditary conditions, and behavioural issues. Optional preventive care coverage is available. Pricing is competitive, particularly for younger pets and cats.
The limitation is that ASPCA’s claims experience doesn’t stand out. Processing times and customer satisfaction scores are average, and the coverage options — while adequate — lack the flexibility of Figo or the comprehensiveness of Pumpkin.
Best for: Pet owners who want a recognisable brand at a competitive price point, particularly those with young, healthy pets.
Lemonade: Cheapest but Unproven
Lemonade offers some of the lowest pet insurance premiums in the market, starting around $12 per month. The app-based experience is polished, and claims can be filed instantly through the same interface used for Lemonade’s renters and homeowners products.
However, Lemonade’s pet insurance is relatively new, and the company’s broader complaint track record gives us pause. The NAIC complaint data that raises red flags across Lemonade’s other product lines hasn’t had time to accumulate for pet insurance specifically, but the pattern suggests caution.
Lemonade is worth including in your quote comparison, particularly if budget is the primary constraint. But we’d recommend choosing a more established pet insurer if you can afford the modest premium difference.
Best for: Price-sensitive pet owners who prioritise low premiums and are comfortable with an insurer that has a short track record in pet coverage.
What Every Pet Insurance Policy Excludes
No pet insurance policy covers everything. Before you buy, understand these standard exclusions:
Pre-existing conditions are excluded by every insurer, though definitions vary. Some companies (like Pumpkin) will cover curable pre-existing conditions after a symptom-free waiting period. Others exclude anything that appeared before enrolment, permanently. This is the most important distinction to check in the fine print — the definition of “pre-existing” varies more than you’d expect.
Cosmetic procedures, breeding costs, and elective procedures are universally excluded. If it’s not medically necessary, it’s not covered.
Waiting periods mean your pet isn’t covered immediately after enrolment. Accident waiting periods range from 1 to 15 days; illness waiting periods are typically 14 days. This prevents people from buying insurance only when they know a claim is imminent.
Bilateral conditions are worth understanding: if your pet has a knee condition on one side before enrolment, some insurers will also exclude the same condition on the other side, reasoning that the predisposition is pre-existing.
Exam fees are not covered by all insurers. Healthy Paws, for example, excludes exam fees — meaning you’ll pay the vet visit cost out of pocket even when the treatment itself is covered. Embrace, Pumpkin, and Figo include exam fees in their standard coverage.
Age-related premium increases aren’t an exclusion per se, but they affect your long-term cost calculation. Every insurer increases premiums as your pet ages — typically 8% to 15% per year. A policy that costs $45 per month for a 2-year-old dog may cost $90 or more by age 9. Factor these increases into your decision, not just the year-one price.
How to Choose: A Decision Framework
With eight competitive options on the table, the choice can feel paralysing. Here’s a framework that cuts through the noise:
Step 1: Determine your budget ceiling. What’s the maximum you’re willing to pay per month? This eliminates options immediately. If your ceiling is $40 per month for a young dog, Pets Best and ASPCA are your starting points. If you can go to $60 or above, Embrace and Pumpkin enter the picture.
Step 2: Decide your risk tolerance. Are you primarily insuring against catastrophic bills ($5,000+), or do you want routine expenses partially covered too? For catastrophic protection only, choose a higher deductible ($500–$1,000) and lower reimbursement rate (70%) to minimise premiums. For broader coverage, opt for a lower deductible and 90% reimbursement — but expect to pay more monthly.
Step 3: Check breed-specific risks. If you own a breed with known hereditary conditions — hip dysplasia in German Shepherds, heart conditions in Cavalier King Charles Spaniels, breathing issues in French Bulldogs — comprehensive coverage is more likely to pay for itself. Mixed-breed pets generally have lower health risks, which tilts the maths toward self-insurance or basic accident-only coverage.
Step 4: Get at least three quotes. Pet insurance premiums for the same pet can differ by 40% or more between providers. The only way to find the best price is to compare. Use a comparison tool or request quotes directly from your top three choices.
Step 5: Read the exclusions, not just the coverage. Every insurer lists what they cover. Fewer make their exclusions equally prominent. Before purchasing, read the sample policy document — every reputable insurer makes this available before purchase — and pay particular attention to pre-existing condition definitions, bilateral condition exclusions, and waiting period specifics.
The Self-Insurance Alternative
Before committing to pet insurance, consider whether setting money aside each month in a dedicated savings account might serve you better. At $50 per month, you’d accumulate $3,000 in five years — enough to cover many common procedures. The money is yours whether or not your pet gets sick, and there are no deductibles, waiting periods, or claim denials.
Pet insurance makes the strongest financial case for young pets of breeds with known health issues, for owners without $5,000 or more in accessible emergency funds, and for owners who would face agonising financial decisions during a pet health crisis. For healthy mixed-breed pets with owners who have adequate savings, self-insurance is often the better mathematical bet.
Our Recommendation
For most pet owners, Embrace offers the best combination of coverage, claims experience, and value. Start there. If budget is tight, get quotes from Pets Best and ASPCA as well. If you want maximum coverage with no annual caps, Pumpkin deserves serious consideration.
Use an insurance comparison tool like Insurify to check rates across multiple carriers simultaneously. Pet insurance premiums vary significantly between providers for the same pet — we’ve seen differences of 40% or more for identical coverage levels. Five minutes of comparison shopping can save you hundreds per year.
Enrol your pet while it’s young and healthy. Every day you wait is a day something could happen that becomes a pre-existing condition, permanently excluded from any future policy.
Frequently Asked Questions
How much does pet insurance actually cost?
The national average is approximately $62 per month for dogs and $32 per month for cats for accident and illness coverage, based on NAPHIA 2024 data. Actual premiums depend heavily on breed, age, location, and your chosen deductible and reimbursement levels. A young mixed-breed dog might cost $30 per month; a 6-year-old French Bulldog could easily exceed $100.
Is pet insurance worth the money?
It depends on your financial situation and your pet’s risk profile. Research suggests that only about a third of policyholders save more than they pay in premiums and deductibles over their pet’s lifetime. However, two-thirds of policyholders report the coverage was “worth it” — suggesting that the peace of mind and protection against catastrophic bills has value beyond the pure maths. We explore this question in depth in our analysis of whether pet insurance is actually worth it.
When should I buy pet insurance?
As early as possible. Most insurers accept puppies and kittens from 8 weeks of age. Premiums are lowest for young, healthy pets, and early enrolment means no pre-existing condition exclusions. Waiting until your pet has a health issue means that condition — and potentially related conditions — will be permanently excluded.
Does pet insurance cover routine care?
Standard accident and illness policies do not cover routine care like vaccinations, dental cleanings, or annual exams. Most insurers offer optional wellness or preventive care add-ons for an additional fee. These wellness plans typically cost $10 to $30 per month and reimburse a set amount for each covered service.
Can I use any vet with pet insurance?
Yes. Unlike human health insurance, pet insurance does not use provider networks. You can visit any licensed veterinarian, specialist, or emergency clinic and submit your bill for reimbursement. Most pet insurers operate on a reimbursement model — you pay the vet upfront and then submit a claim for reimbursement.
What’s the difference between accident-only and accident-and-illness coverage?
Accident-only policies cover injuries from accidents — broken bones, lacerations, ingestion of foreign objects — but not illnesses like cancer, infections, or chronic conditions. Accident-and-illness policies cover both. The premium difference is substantial (roughly $16 versus $62 per month for dogs), but accident-only policies leave significant gaps in coverage. We recommend accident-and-illness coverage for most pet owners.
Insurance coverage, rates, and availability vary by state. The information in this article is for educational purposes and does not constitute insurance advice. Always review policy terms and consult with a licensed insurance professional for coverage specific to your situation.
FinTech Essential does not earn commissions from any insurer or insurance comparison tool mentioned in this article. Our recommendations are editorially independent and funded by advertising, not affiliate relationships.
Rates and features verified as of April 2026.