If it looks like everyone and their best friend have pets at this point, don’t imagine that at all.
And there is some really good news when it comes to pet insurance: lemonade is offers it!
If you don’t know yet lemonade, let me just tell you have built an excellent reputation in the insurance industry Unique business model where they don’t benefit from declining your claim and unused rewards are donated to a Charity You choose when you sign up as part of their giveback. Lemonade’s religious commitment to technology and customer satisfaction sets the bar for others in the industry.
But those of us who pay the bills every month still have to ask ourselves: is it worth taking out pet insurance for the pet owner on a budget? What does it contain? Most importantly, do you even need pet insurance? (Hint: most likely).
Let’s examine soda pet insurance.
What is Soda Pet Insurance?
Lemonade started their pet insurance at the perfect time.
You see, there is a strange trend in the millennial age group. Young people give record Billions on veterinary care, but at the same time only 2% of them have pet insurance, they say New York Times.
This is like any millennial who suddenly buys a car tomorrow and only one in 50 chooses to get car insurance.
Granted, car insurance is mandatorybut I still think Millennials and Gen Z are smart enough to buy it if it were optional. Why don’t we buy pet insurance?
It’s likely because a) We don’t know it exists, or b) We don’t believe our pet needs enough care to warrant paying insurance premiums.
Both are mistakes. In reality, every third pet takes an emergency trip to the emergency room, which costs their owners between $ 800 and $ 1,500 on average. Emergency operations can cost Tens of thousands of dollars 100% hooked on without insurance.
That being said, I know a lot of friends my age who wanted to pay $ 150 a month for pet insurance and decided that I would take my risk. Fair.
But lemonade doesn’t cost $ 150 a month. Or even $ 100.
Try $ 10.
Yes, soda policies start that low … and neither does a ridiculous barebones policy. These policies are very customizable, so you can create the right policy for your pet without having to pay for a few things that you don’t need. Lemonade offers insurance for cats and dogs. Here is a breakdown of the main insurance policies:
- diagnosis like blood tests, CT scans, and more.
- Procedure including outpatient, inpatient, surgery, emergency room and more.
- Medication including injections from your vet and prescriptions.
- Accidents like poisoning, broken bones, disease, sprains and more.
- Diseases like vomiting, diarrhea and well, I let you read the awkward list on Lemonade’s website.
Lemonade also offers an optional “Wellness Package” for around $ 10 to $ 20 per month that includes more preventive care, such as:
- Annual examinations.
- Heartworm tests.
- Fecal examinations.
- Blood work – – who can spot early signs of illness.
- Vaccinations – – including rabies, DHLPP, Bordetella and more (three per year).
- Wellness memories.
- Medical advice – chat with experts via an online portal
Filing claims with Lemonade works a little differently as well. Because a lot of Lemonade’s business practice is based on AI, you often don’t have to wait for a human to review your claim before getting paid. In fact, a third of the lemonade claims are paid right away as soon as you upload your vet bill. It is therefore not surprising that the Lemonade app achieved 4.9 out of 5 stars in both the App Store and the Google Play Store.
How does taking out insurance with Lemonade work?
Go to lemonade and you will find a lovely neon pink call to action for a quote.
Then Lemonade’s chatbot “AI Maya” makes a bold claim: It doesn’t just give you one Quote, she will give you one great price in just a few seconds!
Let’s see if the promise holds.
After some basic personal information, Maya will ask for your pet’s information.
A few puns later, Maya begins with “tabby” – and quotes your quote.
As promised, I got an offer within seconds … and it was indeed one Great price.
Like a baroque painting or a balcony overlooking Tuscany, I took a moment to be amazed at the amazingly low price Lemonade charges for pet insurance. I check a lot of from insurance companies, and you should know that before Lemonade was launched, the industry average was closer to $ 50.
A colleague in another financial location wrote that “Lemonade’s competitors should be nervous”.
You are probably wondering As Soda can afford to be this cheap, and I’ll get into that later. First, let’s continue with the quote. At this point, Lemonade will remind you of what is covered in your basic offering and indicate optional add-ons.
When I scroll down, I see that the aforementioned preventative wellness package is only $ 10 per month (for a cat in Atlanta). I recommend this as it includes the annual review which is rarely less than $ 120 anyway.
And finally, for less than the cost of a large brood, you can get additional exams that go beyond your annual exam and cover various forms of physical therapy. The extended accident and illness package costs $ 3.
For $ 10 a month, is your deductible like $ 7,000? No! In fact, Lemonade uses a midrange option by default with 80% reimbursement, an annual limit of $ 20,000 and an annual deductible of $ 250.
I played with the dropdown menus and created a barebones policy with a 70% refund, an annual limit of $ 5,000, and a deductible of $ 500. This lowered the monthly premiums by a whopping $ 0.83 to $ 10.
Interestingly, when choosing the barebones package, Lemonade cut the price of the Extended Accident and Illness package from $ 3 per month to … $ 0! Well, that’s a no-brainer.
That includes a “silver” and “bronze” plan, if you will, so what does a “Platinum” Plan look like? To find out, I maxed out everything and let it rain. My “platinum plan” for Winston Purrchill included:
- Primary care.
- Prevention and wellness package.
- Extended package for accidents and illnesses.
- $ 100 deductible.
- 90% refund.
- A staggering annual limit of $ 100,000.
For all that jazz, the price rose to just $ 31.33 per month. Considering how most of the competitors begin This policy at $ 30 per month is exceptional.
When you’re ready to buy, just enter your payment information and presto! Download the app through the app or the Play Store, upload your documents and invoices to get paid.
Note, however, that once you pay, you are not covered immediately. As with all forms of health insurance, there is a short waiting period before coverage is activated. This is how it works:
- 2 days for accidents.
- 14 days for diseases.
- 60 days for cruciate ligament events.
lemonade Wait side Excellent explanation of why waiting times are generally important for insurance companies. Without waiting, someone could take their dog to the emergency room, get $ 10 insurance in the waiting room, and then bill Lemonade for $ 10,000 when their dog comes out. Then if they are really malicious they can cancel their policy.
If there weren’t any waiting times, insurance companies wouldn’t either.
What does soda pet insurance cost?
For a healthy young pet, soda can cost as little as $ 10 for good coverage and $ 30 for excellent coverage, including screening, multiple exams, and therapy.
How about an unhealthy pet?
To investigate this, I went through the listing for an unhealthy eight year old mixed breed dog weighing 60 pounds. Of course, Maya asked for details about my poor pup’s many ailments.
If you’re wondering why lemonade is so cheap, here’s a hint:
Apparently my imaginary puppy Emma is too old / unhealthy / overweight to be insured. While Lemonade wouldn’t cover any of their pre-existing terms, they couldn’t write her a policy for any price.
I get it. For the same reason, some auto insurance companies do not insure reckless drivers. You submit too many claims and are too expensive. It may seem indelicate in the pet world, but by excluding older, less healthy pets, Lemonade can afford to keep prices extremely low for everyone else less likely to make regular claims.
In summary, soda pet insurance costs:
- Between $ 10 and $ 30 for a healthy young pet.
- Between $ 30 and $ 50 for an unhealthy middle-aged pet.
Lemonade cannot insure older pets at all, However, it’s worth getting a 60 second quote to be sure.
What Are The Best Features Of Lemonade Pet Insurance?
Do not confuse “affordable” with “barebones”. Has lemonade a lot of of technology and conveniences to provide the modern pet owner, such as:
The lemonade app
How can a insurance App rate higher than Google Maps?
In both Google Play Store and the Appstore, Lemonade scores an impressive 4.9 out of 5 stars from tens of thousands of reviews.
A user named … um … Nosferatu Zodd gave the Lemonade app 5 stars, praising its minimalism, user interface design and ease of use. According to Nosferatu, the app is so easy to use that “insurance is fun”.
I’m usually pretty skeptical when apps have a rating greater than 4.7 stars as it often means the company has tampered with the scores. Lemonade’s high scores, however, seem perfectly justified. Users are deeply satisfied with the app’s ability to customize coverage, upload files, and make claims instantly.
Width of the cover
Lemonade’s coverage is affordable yet comprehensive. Get a 90% refund for just $ 30 per month, up to $ 100,000 per year, with a $ 100 deductible on virtually any type of veterinary bill. This can include anything from regular checkups to underwater therapy, but also medications, vaccines, and more.
Soda does not cover dental or behavioral treatment, it covers what they do to do Coverage, prices are pretty impressive.
This feature is more common with pet insurance companies, but it should be mentioned. Lemonade offers a 10% discount when you insure your home with lemonade.
High annual reimbursement limits
If you are Really You are concerned that one day your pet will bankrupt you (and it’s possible that veterinary procedures can cost $ 15,000). You can opt for Lemonade’s maximum annual withdrawal limit of $ 100,000.
It’s not that much extra either; The jump from $ 5,000 to $ 100,000 costs less than $ 10 a month for most pets. Depending on your situation and personality, that extra $ 120 may be worth knowing that your furry pet won’t cost you as much as a new Mercedes.
Award winning service
Lemonade has amazing service. Period. This includes hassle-free, super-fast claims payments and guidelines that are simple, slang-spoken, and intuitive.
As I stated in my introduction, Lemonade treats premiums very differently from other insurance companies. At the end of your contract period, Lemonade doesn’t just pocket all of your rewards. You need 20% to keep the operation going and to donate a lion’s share to a charity of your choice.
My experience researching soda pet insurance
I’ve highlighted Lemonade’s charitable donations above and in the intro because I really admire the way an insurer creates such value for all of its stakeholders.
- They benefit pet owners by providing affordable insurance and security.
- They benefit pets by promoting higher quality, higher frequency grooming.
- After all, they benefit charities through monetary donations.
I think Lemonades Trifecta of minimalism, mindfulness and technology is a strong example for others in the industry. Sure, their low rates are undoubtedly impressive, but I think this aspect of Lemonade’s practice deserves praise too.
The only disappointing part of my research is that owners of aging and exotic pets cannot take advantage of Lemonade’s offerings. Also, they seem to pretty much rule out pre-existing conditions and never involve dental or behavioral care.
I especially want Lemonade to offer dental care as the company is sure to attract thousands of new pet owners and this would be a perfect opportunity to educate them about the importance of four legged oral hygiene.
On the other hand, Lemonade is a new company and the pet insurance offerings are even newer. They have plenty of time to learn from their customers and expand their options and coverage.
However, for now, lemonade is still an excellent choice for all pet owners. At the time of writing this review, I recommended it to several people who previously considered pet insurance to be too expensive. $ 10 a month is pretty cheap to put your mind at ease. Because of this, getting pet insurance through Lemonade is virtually a breeze.
Who is Soda Pet Insurance Best for?
Soda is the right choice for the majority of cat and dog owners, but there are exceptions. Who should get an offer?
Owners of recently adopted pets
The first year of owning a dog or cat can start at $ 2,000Much of this cost can be offset by a $ 10 monthly policy at Lemonade.
Owners of younger cats and dogs
So the prices for lemonade are pretty much unbeatable if They can make you an offer. It will probably be the best that you will see.
However, this is a big “if”. Lemonade doesn’t seem ready to cover pets in their golden years, which is fair as it keeps prices down for everyone else.
Pet owners on a budget
Lemonade prices are almost unbelievably low for the amount of coverage they offer. For less than the cost of Netflix, you can have most of your veterinary bills covered, planned or unplanned, saved hundreds and better sleep at night.
Who Is Lemonade Pet Insurance Not Ideal For?
Objectively speaking, lemonade is not suitable for all situations.
Pets with pre-existing conditions
Lemonade continues to cover pets with pre-existing conditions, but no cost arise from these pre-existing conditions (this is the industry standard, by the way). Does this make sense?
For example every provider (not just lemonade) can decline your sprained ankle claim if your pet is listed as having orthopedic problems or obesity as a pre-existing condition.
Pets with dental needs or behavioral problems
As of November 2020, lemonade will not cover any dental needs or behavioral conditions. If you have adopted a breed with either or both of these issues in the past, you may be out of luck.
Exotic pet owners
Currently, Lemonade Pet Insurance only covers cats and dogs. Until Lemonade decides whether to expand into exotic animals, you’ll have to look elsewhere.