What is Lemonade?

Lemonade is a nationwide insurance provider best known for its streamlined application and submission process, AI-assisted underwriting process, and commitment to distributing a portion of profits to charity. Lemonade has recently introduced pet insurance to its list of products, allowing pet parents to buy policies that reimburse up to 90% of the cost of emergency vet care. While Lemonade’s policies may not be as inclusive as some competitors, its low prices and quick repayments can make it a great choice for both cat and dog owners.

Lemonade pet insurance products

Lemonade offers one accident and illness plan that includes coverage for most veterinary care services your pet might need after a sudden injury or if they develop an illness over time. Some examples of items included under Lemonade’s accident and illness coverage include diagnostic tests, surgeries, chemotherapy and other cancer treatments, and ambulatory care.

Lemonade’s policies include some notable exclusions, ranging from veterinary exam fees to physical therapy. While you can add coverage for these items as optional add-ons, they are commonly included as standard coverages with other accident and illness plans. Despite these exclusions, Lemonade’s policies are affordable, offering up to $100,000 in annual coverage with reimbursement rates ranging between 70% and 90%. Plans also start at just $10 per month, making them accessible to most pet owners.

Key features of Lemonade pet insurance

Best known for its renter’s insurance and life insurance policies, Lemonade is an insurtech company that combines automated underwriting with a streamlined application to save you both time and money. Lemonade extends this model to its pet insurance policies, which feature the following characteristics:

• Available pets: Like most other pet insurance providers, Lemonade’s policies are available only for dogs and cats.
• Deductibles: Lemonade’s pet insurance policies feature annual deductibles that you’ll need to meet each year before your insurance begins covering any percentage of your vet care bills. You can choose a deductible between $100 and $500.
• Reimbursement rates: After you meet your deductible, Lemonade will reimburse you for your selected care percentage. Lemonade allows you to choose a reimbursement rate between 70% and 90%.
• **Annual limitations: **Lemonade’s annual limits range between $5,000 and $100,000. If you hit your annual limit, you’ll be responsible for 100% of your pet’s additional care bills.
• Waiting periods: When you sign onto your Lemonade insurance policy, your accident coverage will go into effect two days after enrollment. Illness coverage has a waiting period of 14 days, while cruciate ligament conditions have a waiting period of six months.

In addition to accident and illness plans, Lemonade also offers multiple tiers of wellness coverage. The price of wellness add-ons (as well as standard premiums) is based on a range of individual factors, including your pet’s age, gender, location, and health history.

Lemonade pros and cons

Lemonade offers one accident and illness plan, which has its benefits and drawbacks.

Pros

• Affordable monthly premiums: Lemonade’s monthly premiums begin at around $10 per month in most areas, making it one of the most affordable providers on the market.
• **Pay-in-full discounts: **Lemonade offers a 10% annual discount when you pay for a year’s worth of a pet’s coverage in full during signup.
• Donates to charity: Lemonade donates a portion of its premium charges to nationally recognized charities like the American Red Cross and Teach for America.
• Largely positive online reviews: Lemonade has earned 4.4 stars on Trustpilot based on 979 customer reviews. That said, the company only has a 2.39-star rating through the Better Business Bureau (BBB) based on 192 customer reviews.

Cons

• Number of exclusions: Lemonade’s accident and illness coverage excludes some common coverages found on competitors’ plans (like behavioral conditions and physical therapy).
• Lower annual caps: Lemonade’s insurance allows you to claim a maximum of $100,000 per year, while some competitors offer the choice to add unlimited coverage.
• Not available in all states: Lemonade is currently only available to pet owners in 37 states.

Who is Lemonade pet insurance best for?

Lemonade’s pet insurance comes with the benefit of being easily accessible and affordable. While policies are not available in every state and aren’t the most inclusive plans that you’ll find online, coverage for dogs and cats starts at $10 per month. This can make Lemonade best for:

• Pet owners looking for a limited amount of annual coverage
• Dog and cat owners looking for coverage on a tight budget
• Multi-pet households looking to insure multiple animals
• Tech-forward customers looking to file claims through a mobile app

Lemonade’s simple application allows you to adjust reimbursement rates, deductible options, and annual coverage limits to see how each affects your price. If you’ve been holding off on shopping for pet insurance because you think you might not be able to afford coverage, Lemonade’s intuitive application can be an excellent place to start.

How to get a Lemonade pet insurance policy

Lemonade’s online pet insurance application is simple—most shoppers will be able to sign onto coverage in just a few minutes. Follow these steps to get coverage:

1. Complete an application: Lemonade’s online application includes 11 questions about both you and your pet. You’ll also need to provide a little information about your pet’s health history.
2. Review coverage: As long as your pet meets Lemonade’s age and location requirements, you can enroll in coverage online instantly. During this part of the application, you can adjust your annual limit and deductible to match your price to your budget.
3. Consider add-ons: Lemonade allows pet owners to customize their coverage with add-ons for wellness, vet appointment bills, dental illnesses, and more. Review available add-ons before finishing your enrollment.
4. Pay for your coverage: Pay for your coverage online to begin your waiting period. You may also want to download the Lemonade app to review your coverage or submit claims on the go.

Lemonade vs. Embrace

Unlike Lemonade, Embrace offers the option to add unlimited annual coverage to any dog or cat insurance. Embrace also offers a single accident and illness plan, with coverage extending to exam fees and dental injuries. Embrace’s policies also include access to a 24/7 pet helpline, which may help you save on unnecessary vet visits.

While Embrace’s policies are more inclusive, they’re also more expensive. Deductibles range from $100 to $1,000 with Embrace, meaning you might end up paying twice as much each year before you can use your coverage. A four-year-old Golden Retriever living in Philadelphia, PA can expect to pay about $24 per month for a $20,000 policy with a $500 deductible and 80% reimbursement rate with Lemonade. The same pet would pay about $55 a month for similar coverage.