Lemonade Pet Insurance: A Comprehensive Overview
Lemonade Pet Insurance is designed to simplify the process of protecting your furry companions. Known for its customizable options, this insurance provider offers pet-friendly choices in a number of states. The personal finance team at Business Insider compared Lemonade pet insurance to other leading companies, and found it an industry leader.
Pros and Cons of Lemonade Pet Insurance
Pros:
- Premiums can start at just $12 for basic care.
- Add-ons available for various preventative care options.
- Comprehensive mobile experience for easy claims and customer support.
Cons:
- Currently available in only 37 states and Washington, D.C.
- Does not provide a 24/7 telehealth line for veterinary advice.
What Sets Lemonade Apart?
Lemonade offers insurance for pets, as well as auto, homeowners, renters, and life insurance. Established in 2015, the company has gained recognition for its appealingly low rates.
Lemonade also holds a favorable position in J.D. Power’s customer satisfaction surveys for renters, although it hasn’t yet been ranked in those for life or homeowners insurance.
Product Details
- Customers can take advantage of discounts for bundling policies and for insuring multiple pets.
- Premiums start at around $10 per month.
- The company offers a discount for those enrolled in an annual payment plan.
Insider’s Take
Lemonade’s focus on user-friendliness and customization makes it an attractive option for many pet owners. However, the limited availability and absence of 24/7 vet advice are points to consider.
Comparing Lemonade with Competitors
To help you fully understand how Lemonade works, here is a comparison of some of the competitors in the pet insurance market.
Pets Best Pet Insurance
Pets Best offers comprehensive pet insurance plans to safeguard over 750,000 pets.
Pros:
- Offers pet insurance that includes unlimited coverage.
- Deductibles available as low as $50, up to $1,000 annually.
- Partners with major insurance companies, such as GEICO.
- Potentially affordable rates for various breeds.
- Coverage is available in all 50 states and Washington, D.C.
Cons:
- Alternative and holistic treatments might not be included.
- Customer reviews indicate that claims can take longer to process.
Spot Pet Insurance
Spot pet insurance provides comprehensive pet insurance plans, some of which include allowances for end-of-life memorials.
Pros:
- Offers coinsurance up to 90% of each eligible bill, with no annual limit.
- Wellness plans as well as accident and illness plans are available.
- Available in all 50 states with comprehensive coverage.
- Offers coverage even for senior dogs and cats.
Cons:
- Pets must be at least 8 weeks old to be eligible for coverage.
- Does not provide coverage for exotic pets.
Embrace Pet Insurance
Embrace pet insurance is a great coverage option for pet owners.
Pros:
- Has a waiting period of only 48 hours for illnesses.
- Covers “curable” pre-existing conditions after a brief waiting period.
- Available in all 50 states.
- Provides up to $1,000 in dental care each year.
Cons:
- Does not cover alternative treatments to speed recovery.
- Does not cover expenses connected with breeding, whether accidental or deliberate.
Lemonade Pet Insurance: Plans and Cost
Lemonade pet insurance is available for both cats and dogs in 37 states and Washington, D.C. Despite its current limitations in coverage, Lemonade is constantly developing its add-ons and expanding its services.
The company offers multiple options to tailor your pet insurance to your preferences, allowing choices regarding covered conditions, wellness options, and coverage amounts.
Conditions Covered
The coverage choices available will depend on information you provide during the quote process. In general, Lemonade has three tiers of service: Base, Plus, and Complete.
Base Plan:
- Diagnostics: Covers tests such as urinalysis, blood work, and x-rays
- Procedures: Includes outpatient, specialty and emergency care, surgeries, and hospitalizations
- Medications: Covers prescription drugs
Plus Plan: This plan extends the base plan to include:
- Vet visit fees: Covers bills for qualifying accident and illness vet visits
- Dental illnesses: Covers procedures and treatments up to $1,000
- Behavioral conditions: Covers diagnostics, treatments, and therapy for new conditions up to $1,000
Complete Plan: Includes all of the previous plans plus the following options:
- Physical therapy: Covers treatments like acupuncture and chiropractic care associated with accidents and illnesses.
- End-of-life & remembrance: Includes euthanasia, cremations, and memorial items with a maximum of $500 and without any excess payment requirements.
Wellness Options
Lemonade offers two tiers for preventative packages, but pet owners can also choose to opt-out of wellness coverage. They are simply called basic and premium.
*Preventative* basic
- 1 wellness exam
- 3 vaccines
- 1 parasite test
- 1 heartworm test
- 1 blood test
Preventative premium
The Benefits from the basic package as well as the following:
- Routine dental cleaning
- Flea/tick or heartworm meds
Lemonade provides preventive care coverage for cats and dogs under the age of two. This plan has the following benefits:
- 2 wellness exams: Up to $100/yr
- 6 vaccines or boosters: Up to $150/yr
- 2 parasite tests: Up to $70/yr
- 1 heartworm test: Up to $40/yr
- 1 blood test: Up to $65/yr
- Spay/Neuter: Up to $120/yr
- Microchipping: Up to$40/yr
- Flea/tick or heartworm meds: Up to $65/yr
Coverage Amounts
Customers can select from the following options for coinsurance levels, deductibles, and coverage limits:
- Policy coinsurance: Lemonade covers 70%, 80%, or 90% of each eligible bill.
- Annual deductible: Buyers can choose to pay $100, $250, $500, or $750 per year before Lemonade coverage begins.
- Annual maximum: Lemonade covers up to $5,000, $10,000, $20,000, $50,000, or $100,000 annually.
Understanding Pet Insurance Payouts
Pet insurance operates slightly unlike traditional health insurance. Your coinsurance reflects the amount of the vet bill Lemonade will cover for you. For example, if a qualifying vet bill is $500, and your coinsurance is 80%, Lemonade will pay you $400, and you will cover the remaining $100. However, you must meet your annual deductible before Lemonade’s payout.
For example, if your annual deductible is $250, and this is your first claim of the year, Lemonade’s payout would be calculated as follows:
$400 (80% coinsurance)
–
$250 (your deductible for the year)
=
$150
If your subsequent claim is also $500, Lemonade would pay out $400 (80% coinsurance) because you have already met the $250 deductible for the year.
Lemonade Pet Insurance Cost
Lemonade is known for being one of the most affordable pet insurance companies, and provides multiple discounts. These are the available discounts for pet owners:
- 10% off when bundling pet insurance with other Lemonade insurance policies
- 5% off when enrolling two or more pets
- 5% off when paying annually
To provide an understanding of Lemonade’s cost, we can look into the prices a pet owner in New York City might pay in pet insurance premiums. It is one of the most expensive locations for veterinary care, which will reflect your premiums.
We acquired the following quotes for Lemonade’s base plan, excluding any add-ons, with a $500 deductible, 80% reimbursement, and a $10,000 coverage limit:
In our quotes, Lemonade’s preventative add-ons were $17.58 for the basic plan and $26.71 for the premium plan. Prices did not change regardless of the dog’s information. Let’s go over premiums for a New York City cat covered under Lemonade’s base plan with a $500 deductible, 80% reimbursement, and a $10,000 coverage limit:
In our quotes, Lemonade’s preventative add-ons were $11 for the basic plan and $17.59 for the premium plan. Prices did not change regardless of the cat’s information.
Purchasing and Managing Your Lemonade Policy
Lemonade uses a detailed quote system, asking a lot of questions about you and your pet. The interaction is led by Maya, Lemonade’s AI chatbot, who asks for the following information:
- Pet’s name
- Dog/Cat
- Street address
- Pet age and gender
- Pet breed
- If the insured pet is your first
- How long you’ve had your pet
- Pet’s medical history (issues with head, stomach, legs, parasites, or chronic issues)
- If you have multiple pets
After answering these questions, you are guided through various add-ons. You can also adjust coverage limits, deductibles, and coinsurance to your needs.
Filing a Claim
To file a Lemonade pet insurance claim, you must meet these requirements:
- Submit a complete medical record for your pet (within 12 months of the policy’s start date or 14 days after the policy starts)
- A waiting period applies after you sign up for a Lemonade insurance policy:
- 2 days for accidents
- 14 days for illnesses
- 6 months for cruciate ligament events
- Submit an itemized invoice for services.
- The claim has to be made within 180 days from the treatment date.
Claims can be filed via the Lemonade mobile app.
- Log into your Lemonade account in the app, and click on the pink “claim” button in the top-right corner of the page.
- Sign the “honesty pledge”.
- Submit the requested information on your pet’s condition.
- Record a short video explaining what happened and why you’re submitting a claim
- Upload supporting documents.
Payment will be disbursed to your account after Lemonade processes the claim.
Customer Service and Claims Experience
Lemonade Pet Insurance is highly rated on Trustpilot, with an average of 4.4 stars out of five. Customers report fast claims processing with reimbursements. The insurance responds to customer reviews, making it a reliable customer service option.
