Lemonade pet insurance review 2024: A comprehensive analysis of the company's policies and services.

Lemonade, an insurtech company launched in 2015, is one of our top picks for pet insurance due to its lightning-fast claims process and user-friendly mobile app.

The insurance plan offers a range of customization options, including dental care, behavioral conditions, and end-of-life expenses, as well as two wellness plans for routine care.

Enrolling an older pet in Lemonade's insurance coverage may be challenging due to breed-specific age restrictions, and coverage for vet exam fees is not standard.

Pros and cons of Lemonade pet insurance

Lemonade plans

Lemonade provides only accident and illness pet insurance and wellness plans, and does not offer accident-only policies. Coverage is available in 38 states and Washington, D.C.

Accident and illness

Lemonade's accident and illness policy covers a range of injuries and illnesses, including cuts, broken bones, swallowed items, diabetes, cancer, and urinary tract infections. The coverage applies to:

• Diagnostics (blood tests, ultrasounds and x-rays)
• Prescription medications
• Injections
• Hospitalization and surgery

Optional add-ons include:

• Vet exam fees
• Dental care (up to $1,000 per year)
• Behavioral conditions (up to $1,000 per year)
• Physical therapy including acupuncture and hydrotherapy
• Euthanasia and cremation (up to $500)

Wellness plans

Three wellness plans are offered by lemonade, with the basic Preventative plan costing up to $265 annually and covering a range of services.

• One annual wellness exam
• Three vaccines
• Annual parasite, heartworm and blood tests

The Preventative Plus package adds:

• Flea and tick or heartworm medication
• Teeth cleaning

The plan for pets under 2 that focuses on preventing issues with puppies and kittens has a total benefit of $490. This plan includes:

• Two annual wellness exams
• Six vaccines
• Two parasite tests
• One bloodwork and one heartworm or FeLV/FIV test
• Two fecal/internal parasite screenings
• Flea/tick or heartworm medication
• Spay/neutering
• Microchipping

Lemonade coverage

Lemonade pet insurance is not offered in Alaska, Delaware, Hawaii, Idaho, Kansas, Kentucky, Louisiana, Maine, South Dakota, Vermont, West Virginia, or Wyoming.

Coverage limits

The lemonade accident-and-illness plans offer a choice of $50,000 or $100,000 annual coverage limit, which is higher than the industry average.

Age limits

The age limit for pets to enroll is at least eight weeks old. Lemonade has breed-specific age limits that vary between 10 and 14 years old, depending on the animal type and breed, and your location.

Reimbursement

70%, 80% or 90%

Deductibles

Lemonade has relatively high deductibles, ranging from $500 to $750.

Waiting periods

Waiting periods vary by state but are typically:

• Accidents: 2 days
• Illnesses: 14 days
• Orthopedic conditions: 30 days
• Cruciate ligament: six months
• Wellness coverage: Policy effective date

Lemonade rates

We examined a sample Lemonade quote for a 1-year-old domestic shorthair cat and a 1-year-old, 55-pound mixed-breed male dog, both residing in New York City. We opted for a $500 deductible, 80% reimbursement rate, and a $50,000 annual coverage limit. We were quoted $54.40 per month for the dog and $40.68 a month for the cat with the mid-tier plan.

Here's how these quotes compare to the industry average:

Although our cat's premiums are higher than the national average, our dog's rate quote is quite close to the average.

Discounts

Lemonade provides discounts for insuring multiple pets, bundling with Lemonade home, condo, renters or car insurance, and paying the annual premium upfront.

Processing fee

If you pay for lemonade monthly instead of annually, there may be a processing fee of $1 to $2, which can vary by state.

Direct payment option

Lemonade doesn't offer a direct vet payment option.

How does Lemonade compare to other pet insurance?

How does Lemonade compare to CNBC Select's top picks for pet insurance?

Lemonade vs. Pets Best

Both Lemonade and Pets Best provide comparable reimbursement rate options, but most plans from Pets Best cover exam fees. While Pets Best allows for direct payment to the vet, Lemonade does not offer this feature.

Lemonade's rate quotes were a few dollars higher than Pets Best, which can add up over a pet's lifetime.

Lemonade's AI-powered claims process allows for approval in minutes and repayment within 48 hours, while Pets Best claims take five to seven days to be reimbursed.

Lemonade vs. Nationwide

Lemonade provides reimbursement rates of up to 90%, which is higher than Nationwide's maximum of 70%. Additionally, Lemonade offers coverage limits as high as $100,000 per year, while Nationwide tops out at $10,000.

If you have a reptile, bird, or other exotic pet, Nationwide is the better option as lemonade only covers cats and dogs.

Lemonade offers quotes for cats that are the same as Nationwide, but their quotes for dogs are slightly more expensive.

How do I get Lemonade pet insurance?

You can purchase a policy on Lemonade's website in under a minute and complete the transaction online. The website will prompt you to provide your location, pet information, including breed, age, and sex.

You'll need to decide on coverage limits, deductible, and reimbursement rates and establish a payment method.

You can contact Lemonade's customer service line at 844-733-8666, Monday to Friday, from 9 a.m. to 8 p.m. ET.

Is Lemonade pet insurance right for me?

If you're concerned about waiting for reimbursement, Lemonade's quick claims process is a great choice, with repayment available in as little as two days. Additionally, Lemonade offers customization options with lots of optional add-ons and a wellness plan with three tiers. While its multi-pet discount is smaller than many competitors, customers can still save in several ways.

If you have an older pet or reside in one of the 12 states where Lemonade doesn't offer pet insurance, you may need to look for coverage elsewhere.

Why trust CNBC Select?

Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each pet insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of pet insurance products. At CNBC Select, we take pride in our journalistic standards and ethics, and we ensure that our content is free from any commercial influence or external third-party input. While we do earn a commission from our affiliate partners on many offers and links, our editorial team remains independent and uninfluenced by any commercial considerations.

Our methodology

CNBC Select evaluates pet insurance products based on several factors, such as the types of plans provided, accessibility, pricing, coverage limits, deductibles, age restrictions, and customer satisfaction.

We have also consulted with the North American Pet Health Association in addition to our own research.

Providers may be the source of rates for pet insurance.

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