With the pandemic leading many of us to spend more time with our beloved pets, it isn't surprising that over 3.1 million pets were insured in 2020 compared to the 2.5 million in 2019. According to the North American Pet Health Insurance Association, average pet insurance premiums with accidental and illness coverage stood at $594.19 for dogs and $341.81 for cats in 2020.

Since fur family expenditures have been on the rise, finding the right pet insurance coverage with feasible monthly premiums may be challenging; but we're here to help.

An AI-powered Pet Insurance Platform That Cares

One fully-licensed insurance provider called Lemonade uses AI-powered algorithms to underwrite policies and handle claims completely online. Their vision is to "transform insurance into a social good".

Lemonade is the world's only B Corp(R) certified insurance firm. B Corp certification is granted to public benefit companies with goals of profit that satisfy stringent checklists for social and environmental accountability and transparency.

Unlike archaic insurance firms that profit from premiums that are left after expenses and claim payouts, Lemonade donates the leftover premiums to charities of your choice. They generate profits from a flat fee from the premiums of their customers to run their business, pay salaries and rent, create proprietary technology, and handle claims and payouts. Since the amount that goes to Lemonade from your premiums is fixed, there's no added incentive or ulterior desire to make profits from delaying or denying customer claims. So far, Lemonade has donated over $4 million since the Giveback program was introduced in 2016.

In addition, the New York-based firm has earned a Financial Stability Rating of A-Exceptional from Demotech Inc. and is reinsured by some of the largest reinsurance companies in the world like Swiss Reinsurance Company Ltd, Munich Reinsurance Company, and Hannover Re.

How Does Lemonade Pet Insurance Work?

Lemonade's pet insurance premiums are extremely competitive, though this will depend on your pet's breed, age, the state you live in, and general health status. The insurance coverage includes blood tests, X-rays, CT scans, outpatient and emergency care procedures, hospitalization, surgery, and prescription medication.

When you sign up for a pet insurance policy at Lemonade, you will need to provide a complete medical record. This is easy to get from your veterinarian. The details in the record should include the state of your pet's fur, skin, eyes, mouth, ears, and joints along with their blood tests, diet routine, current medication, and list of vaccinations. You may submit the medical record within 14 days of procuring the pet insurance policy.

To save big, we'd recommend opting for Lemonade's preventive packages. This will help you save on annual wellness exams, tests for parasite infections and heartworm infestations, vaccinations, medications for fleas and ticks, dental cleaning, and online medical advice. At present, Lemonade doesn't cover pre-existing conditions and illnesses. However, their pet insurance can still be used for new diseases, wellbeing, and accidental coverage.

After reviewing the policy costs and coverage that best suits your pet, you may proceed to pay the first premium through any of the payment options available in your region. A new pet insurance policy has a 2-day waiting period for accidents, a 14-day waiting period for illnesses, and a 6-month duration for cruciate ligament incidents before you can claim the applicable reimbursements.

In case you want to make any changes to your pet insurance coverage, you may do so seamlessly within the first two weeks of the coverage activation or during your annual renewal. You may also benefit from a five percent discount if you enroll multiple pets or make your annual premium payments in one go.

Get comprehensive pet insurance coverage for your pet today.