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Seventy percent of American households have at least one pet. Dogs and cats are the most common, with nearly 115 million being kept as pets in the U.S., yet only 3.1 million are covered by pet insurance.
Insurance is an invaluable investment, though it does come at a cost. If you’re considering getting coverage for your pet, you may feel overwhelmed with your options. There are many different providers in the United States, so narrowing your options can be tough. Lemonade is one of the best pet insurance providers, offering customizable plans and comprehensive policies. But how do their costs stack up against other leading insurance companies? Keep reading to find our comprehensive review of Lemonade’s pet insurance policies and the associated costs.
The Importance of Lemonade Pet Insurance
According to a report from 2018, veterinary costs have been steadily rising since the turn of the millennium. Pair these rising costs with the current spike in inflation, and you’ll see how expensive it is to own a pet these days.
In February 2022, the annual inflation for pet food rose nearly 4%, according to the U.S. Department of Labor. If pet parents are spending more money on everyday needs for their animals as well as essentials for their own survival, you can see how there may be less money to spare in the event of a veterinary emergency.
Pet insurance is a worthwhile investment as it can help bear the brunt of expensive veterinary bills. Even the most basic and routine check-up can cost upwards of $250, according to PawlicyAdvisor. A cat or dog needing hospitalization or emergency surgery can easily cost its parents thousands of dollars. In fact, Emergency Vets USA estimates a three- to five-day hospitalization for cats costing between $1,500 and $3,000, and the same stay for dogs costing anywhere between $1,500 and $3,500, depending on the breed.
However, with a pet insurance policy in place, many of these unexpected costs of owning a pet can be covered.
How Much Does Lemonade Pet Insurance Cost?
There are a lot of factors that go into a pet insurance quote. The two main things affecting your monthly fee are the species you’re looking to insure (e.g., cat vs dog) and the breed. Generally speaking, a purebred cat or dog will be more expensive to insure than a mixed breed, and larger breeds will be costlier than smaller breeds.
The below table provides cost estimates for Lemonade’s Base Accident & Illness plan based on the listed breeds. On the Lemonade website, you can adjust your deductible, the maximum yearly payout, and the percentage of the bill that Lemonade will cover. The table’s estimates are based on an 80% percentage, $250 deductible, and a $20,000 maximum payout. In addition, you can choose coverage percentages from 70%–90%, deductibles from $100–$500, and a max yearly payout from $5,000–$100,000.
| Species & Breed | Monthly Payment | Annual Payment |
| Cat – Domestic Short Hair | $18.55 | $200 |
| Cat – Persian | $20.64 | $223 |
| Dog – Bernese Mountain Dog | $61.62 | $691 |
| Dog – Chihuahua | $23.64 | $258 |
| Dog – Labradoodle | $47.00 | $524 |
Lemonade’s Base Accident & Illness package will cover things like cancer, infections, diabetes, broken bones, and UTIs. In addition, it offers coverage for diagnostics like x-rays, MRIs, and C.T. scans, procedures like emergency care and hospitalization, and medication like injections and prescription meds.
You can adjust your monthly or annual payment by tweaking the percentage Lemonade will pay of your bills, your annual deductible, and the maximum payout. The higher the percentage and annual max payout is, the higher your payments will be. If you want your bill to be the lowest it could be, adjust the coverage percentage to 70%, the deductible to $500, and the max payout to $5,000. Remember, however, that the lower your monthly premium is, the less coverage your pet will have.
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Additional Costs to Anticipate
Lemonade provides plenty of opportunities to add additional coverage to your plan. The below fees are in addition to the monthly or annual payment required for the base coverage we reviewed above.
You can choose to add on extended accident and illness coverage or preventative care packages.
There are three extended accident and illness coverage add-ons you can choose. The vet visit fee add-on will provide coverage when you visit the vet for eligible accidents or illnesses. The physical therapy add-on includes coverage for treatments like chiropractic care and acupuncture. Finally, the end-of-life and remembrance add-on will cover euthanasia, cremation, and memorial items.
| Species & Breed | Vet Visit Fees | Physical Therapy | End of Life & Remembrance |
| Cat – Domestic Short Hair | $3.51/month
$40.01/year |
$1.14/month
$13/year |
$2.50/month
$28.50/year |
| Cat – Persian | $3.93/month
$44.77/year |
$1.28/month
$14.55/year |
$2.50/month
$28.50/year |
| Dog – Bernese Mountain Dog | $12.12/month
$138.21/year |
$3.94/month
$44.92/year |
$3.75/month
$42.75/year |
| Dog – Chihuahua | $4.53/month
$51.62/year |
$1.47/month
$16.77/year |
$3.75/month
$42.75/year |
| Dog – Labradoodle | $9.20/month
$104/88/year |
$2.99/month
$34.09/year |
$3.75/month
$42.75/year |
Lemonade has two preventative care package options.
| Species | “Great” Preventative Care Package | “Incredible” Preventative Care Package |
| Cats | $10/month
$120/year |
$15.97/month
$191.71/year |
| Dogs | $16/month
$192/year |
$24.29/month
$291.52/year |
What Does Lemonade Not Cover?
Pet insurance doesn’t come without its faults, however. Though it covers a lot of accidents and illnesses, there are some conditions or treatments that your insurance will not cover.
Like most insurance companies, Lemonade will not provide coverage for pre-existing conditions. That is to say, any illness or health issue your pet developed before the end of your waiting period is considered pre-existing and will not be covered. So, for example, if your cat has epilepsy or diabetes, your insurance will not cover any veterinary bills that relate directly to these conditions.
Lemonade does not provide coverage for dental illness care. However, the policy will cover the cost of extraction and reconstruction of a damaged tooth if a dental injury is caused by an accident.
What Are Lemonade’s Waiting Periods?
A waiting period is the time you must wait before your pet’s coverage comes into effect.
You can waive the waiting period by opting for the preventative package, which will come into effect the day after you buy your policy.
Does Lemonade Offer Discounts?
Yes, Lemonade does provide discounts for some customers. For example, current customers enrolled in Lemonade’s other policies, such as their homeowner’s or life insurance, can receive a 10% discount for bundling their policies. In addition, if you have more than one pet and will be insuring them all, you’ll get a 5% multi-pet discount.
Lemonade also offers a 5% discount for policyholders who pay annually instead of monthly.
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Conclusion
While pet insurance comes at a cost, it may prove more than worth the investment if your pet were to ever to fall ill or have an accident. Dealing with a sick or hurting animal is devastating and traumatic enough without worrying about how you will find the money to pay for its expensive vet bills. If you have the budget, we highly recommend investing in pet insurance for the peace of mind of knowing you’ll be able to afford treatment.
We believe Lemonade to be one of the best insurance providers for American pet owners simply because of their customizable payment options and comprehensive coverage.
Featured Image Credit: Monkey Business Images, Shutterstock
