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Lemonade Review
Lemonade Review
July 14, 2022 / Patrick Sather
Lemonade Review
July 14, 2022 / Patrick Sather
Annual pay-in-full discount
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At a Glance

In addition to providing renters, homeowners and car insurance, Lemonade now allows you to protect yourself from costly vet bills with its pet health insurance. Its basic plan covers your pet against accidents and illnesses, and you can purchase additional coverage for preventative care as well as add-ons for physical therapy, vet visit fees, dental illness, and end of life and remembrance. Their 5% multi-pet discount, 10% bundle discount, and annual pay-in-full discount really are great ways to decrease your premiums.

Lemonade’s Key Figures

Pets covered: Dogs, Cats

Annual Coverage: $5,000, $10,000, $20,000, $50,000, or $100,000

Coinsurance: 70%, 80%, or 90%

Deductibles: $100, $250, or $500

Waiting Periods: 2 days for accidents, 14 days for illnesses, and 6 months for cruciate ligament events

Age limits: No pets under 8 weeks, no upper age limit

Customer Support: Phone, email, and chat

Pros

  • Multi-pet and bundle discounts
  • Fast claims processing
  • Easy-to-use mobile app and website
  • Unclaimed premiums donated to charity

Cons

  • Not available in every state
  • Alternative therapies not covered

Lemonade Pet Health Insurance gives you lots of ways to save with its 5% multi-pet discount and 10% bundle discount. You can save even more if you opt to pay your annual premium up front. Additionally, Lemonade takes a portion of unclaimed premiums and donates the proceeds to a charity of your choosing.

Unfortunately, Lemonade Pet Health Insurance is not available in every state, so you’ll want to check and see if it provides coverage in your area.

What’s Covered?

Lemonade’s basic policy covers your pet for diagnostics, procedures, and treatments for covered accidents and illnesses, including:

● Bloodwork

● Urinalysis

● X-Rays

● MRIs

● Labwork

● CT scans

● Ultrasounds

● Outpatient, specialty, and emergency care

● Hospitalization

● Surgery

● Injections and prescription medications

For an extra charge, you can add one of its 4 optional add-ons.

● Vet Visit Fees: Covers vet time and labor for eligible appointments

● Physical Therapy: Covers things like acupuncture and hydrotherapy

● End-of-Life Remembrance: Covers vet-recommended euthanasia, cremation, or commemorative items

● Dental Illness: Covers treatment for dental illnesses

If you want preventive care for your pet, you can opt for Lemonade’s Preventative, Preventative+, or Puppy and Kitten package.

The Preventative package includes the following:

● One annual wellness exam

● One fecal or internal parasite test

● Heartworm test

● Bloodwork

● Up to three vaccines

● Medical advice chat

Preventative+ contains the same features as the Preventative package, along with flea, tick, or heartworm medication and routine dental cleaning. Alternatively, you can choose the Puppy and Kitten package to cover everything in the Preventative packages plus the following:

● Microchipping

● Spaying or neutering

● Three extra vaccines or boosters

● One extra wellness exam

● One extra fecal or internal parasite test

What’s Not Covered

While Lemonade allows you to visit any licensed vet in the United States, it does not cover any pre-existing conditions. Furthermore, it does not cover:

● Bilateral conditions

● Experimental treatments

● Daycare or boarding

● Prescription diet food or supplements

● Grooming or elective cosmetic procedures

Insurance Plans & Pricing

Lemonade’s base plan covers your dog or cat against accident or illness. In addition to the base plan, you can include a variety of add-ons and preventative packages. Costs vary depending on the age, health, and breed of your pet along with your geographic location.

For illustrative purposes, I ran a quote in July 2022 for a healthy 1-year-old male Labrador Retriever living in Orange County, California. With an annual deductible of $250, 80% coinsurance, and a coverage limit of $20,000, the monthly payment for the base plan came to $51.17 a month. Given those parameters, the Vet Visit Fee add-on cost an additional $11.33 per month. Meanwhile, the Preventative package cost an extra $16 per month, while the Puppy and Kitten package went for $44 per month.

While this may sound expensive, it’s important to note that Lemonade’s base policy starts at just $10 per month in some areas. Additionally, you can unlock a 5% discount if you insure multiple pets, a 10% discount if you bundle your pet and renters or car insurance with Lemonade, and a flat discount if you pay for your annual premium up front.

Reimbursements & Deductibles

Under Lemonade’s policy terms, you must first meet your annual deductible before your co-payment kicks in. At the time you sign up for your basic policy you can choose between a $100, $250, and $500 annual deductible and a reimbursement rate (coinsurance) of 70%, 80%, or 90%.

The higher your deductible, the lower your monthly premium, while a lower coinsurance means a lower monthly premium. The inverse is true for a low deductible and higher reimbursement rate.

Benefit Limits

When you sign up, Lemonade asks you to set your annual coverage limit. Available limits include $5,000, $10,000, $20,000, $50,000, or $100,000.

Waiting Periods

From your base policy start date, your pet’s coverage begins after two days for accidents, 14 days for illnesses, and six months for cruciate ligament events. However, coverage for optional preventative treatments begins the day after your policy start date.

Claims and Service

Prior to making a claim, you’ll need to provide Lemonade with a copy of your pet’s recent medical history. It’s easy to submit a claim through Lemonade’s website or mobile app.

Unlike some insurers, Lemonade does not pay vet bills directly and instead reimburses your vet bills by sending money directly to your bank account. That said, it purportedly pays nearly 30% of claims instantly, so you shouldn’t have to wait long for reimbursement.

Lemonade’s customer support team is available via phone or chat from 9am-8pm ET, Monday-Friday. Its website and mobile app are both easy to navigate and it features a wide variety of educational content about pet care and insurance on its site.

What Pet Parents Might Like

I appreciate that Lemonade’s base plan covers accidents after just 2 days, as the industry average is between 5 and 14 days. Additionally, preventive care begins the day after your policy start date, which means you don’t need to worry about whether or not your pet is covered.

Another feature that I like is that Lemonade offers plenty of discounts: a 5% multi-pet discount, a 10% discount if you bundle your pet and car or renters insurance, and a discount if you pay for your annual premium up front.

Something To Consider

Although Lemonade allows you to visit any licensed vet to receive care for your pet, it is not available in every state. Also, it does not offer preventative care as a standalone policy, nor does it cover many special conditions.

Contact and Address Information

Email : help@lemonade.com

Address : 5 Crosby St., 3rd Floor, New York, NY 10013

To Sum Up

If you like the idea of getting reimbursed quickly and easily for your pet’s vet bills, then Lemonade may be a good option for dog or cat insurance. Although its base policy may be expensive in some areas, it grants you numerous ways to save with its discounts for multiple pets, bundled coverage, and up-front premium payments.

Company Disclosure

Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.

Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.

LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.

Get started now, visit Lemonade
By Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straight-forward, practical and always easy to understand.
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