It’s just as important to select the right pet insurance company for your furry friends as it is to select the right insurance company for your own medical care. Lemonade and Trupanion are both popular pet insurance companies, and both of them provide a variety of plans and options to help you find the perfect plan to meet the needs of your pets.
Since both of these companies are highly trustworthy, we’re going to compare them to each other to help you pick which one you feel will work best for your needs. To do this, we’ll look at what types of plans they offer, deductibles and reimbursements, and the additional perks of each.
|Types of Plans
|Base plan for accidents and illness, vet visit fees, preventative care, physical therapy, dental coverage, end-of-life care
|Basic accident and illness, recovery and complementary care, pet owner assistance
|Annual vs monthly payments, bundling discounts, multi-pet discounts
|Direct vet clinic payouts
Brief Overview of Lemonade
Lemonade is a company that offers coverage to dogs and cats of all breeds and ages. Their services are restricted to people who live in one of the 36 US states (plus Washington D.C) they offer coverage in, but they provide coverage for vet visits in any part of the United States as long as your pet sees a vet who is licensed to operate in the state they see your pet in.
They offer base plans for accidents and illness, as well as a wide variety of additional plan types that can be added to a base plan. Lemonade also offers other services, like homeowner’s insurance, car insurance, and renter’s insurance, allowing you to simplify your life by carrying multiple services through a single company.
Brief Overview of Trupanion
Trupanion is a company that offers coverage to dogs and cats of all breeds and ages. Their services can be used anywhere in the United States, as long as the vet you’re seeing is licensed to operate in the state they’re seeing your pet in. They do not cover vet visits outside the US.
They offer basic plans with a handful of add-on options, but they do offer fewer plan add-ons than Lemonade does. This company does only focus on pet insurance, which can be comforting for many people who feel that focusing on a variety of products can lead to confusion and lack of focus for a company.
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Lemonade vs Trupanion: Plans Available
Like all pet insurance companies, Lemonade and Trupanion both offer basic pet insurance plans that cover accidental injuries and illnesses. Both have restrictions on pre-existing conditions and have similar waiting periods before your coverage becomes “live” after signing up. Any injuries or illnesses that occur during the waiting period may not be covered. Understanding the coverage of each base plans and add-on plan can help you select the best options for your needs.
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Lemonade vs Trupanion: Reimbursements and Deductibles
Lemonade and Trupanion both offer a variety of deductibles, allowing you to choose one that fits your budget. Only Lemonade offers reimbursement options, while Trupanion has a set reimbursement percentage that is consistent between plans and deductibles.
Lemonade offers reimbursement percentages between 70%–90% reimbursement, and you can set the annual maximum paid by Lemonade between $5,000–$100,000, depending on how much you’d like to pay per month. They offer three deductible options of $100, $250, and $500.
Not only does Trupanion offer three baseline deductibles of $0, $200, and $700, but it also allows you to set your deductible between $0–$1,000. All care is covered at a 90% reimbursement rate. If your vet has the Trupanion software, then Trupanion can pay your vet clinic directly at 90% of the total cost instead of you having to wait for reimbursement payment. They don’t have annual payout limits, so you don’t have to worry about going over your maximum annual payout from Trupanion.
Lemonade vs Trupanion: Additional Perks
When it comes to the extra perks offered by a pet insurance company, they can be a great benefit on top of having flexible and comprehensive coverage. Extra perks may not be the deciding factor for you, but knowing what you can expect can help you make a decision.
Lemonade wants to reward you for bundling add-on plans with your base care coverage. For existing Lemonade customers, they offer a 10% discount when adding bundles. They also offer a 5% multi-pet discount. They offer a discount for paying your premiums annually instead of monthly, discounting the total by 5%.
Trupanion’s biggest extra perk is that they can offer direct payments to vet clinics that have their software. This allows you to avoid paying vet visits out of pocket, instead only paying your deductible at these visits. Without direct vet payments, you may be stuck paying an entire bill out of pocket and waiting for approval and reimbursement.
Company Verdict: Which One Has the Edge?
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As much of a benefit as the plan discounts offered by Lemonade can be, Trupanion comes out on top with perks. The discounts offered by Lemonade are relatively small discounts that are unlikely to make a notable difference in your monthly payments. Trupanion’s offer to pay your vet directly allows you to keep more money in your pocket at the time of services and keeps you from having to wait on reimbursements.
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Between Trupanion and Lemonade, both companies provide competitive options for pet insurance coverage for dogs and cats. Overall, we prefer Lemonade because they offer more cost and add-on options to meet a variety of needs. They also offer wellness and dental add-on plans, which Trupanion doesn’t offer. Trupanion does offer direct vet payments for clinics that have their software, keeping more money in your pocket, but this direct payment option doesn’t apply to clinics that don’t have the Trupanion software. Both companies offer great customer service and coverage in their basic plans.
- Pet Keen acknowledges that it is not licensed as an insurance agent, and therefore will not offer any advice regarding insurance, nor recommend a particular coverage, policy, or insurance company.