Lemonade introduces new pet insurance product
Lemonade's pet insurance is poised to shake-up a rapidly growing market, with policies starting at $12 a month.
Americans sure do love our pets. Consider how Americans spent approximately $75 billion on pets in 2019 alone, including health costs. So it’s no surprise that more pet parents are purchasing pet insurance to help with the high costs of veterinary bills.
But it’s not just stateside pet owners who recognize the benefits of insuring their dogs, cats and every species in between. Fortune Business Insights projects the global pet insurance market to reach $11.25 billion by 2026. As such, insurance companies are hoping to gain a piece of the pie.
Lemonade is the latest.
The highly-rated InsurTech insurance carrier announced the launch of its pet health insurance product on July 15, TechCrunch reported.
Available in 32 states plus Washington D.C., Lemonade’s pet insurance covers dogs and cats starting at $12 a month with a discount available for existing policyholders.
The policy will cover diagnostics, such as blood tests and MRIs, outpatient and emergency procedures, hospitalizations and surgeries, and medications for accidents and illnesses. Lemonade also is offering an optional wellness package that covers wellness exams, heartworm and fecal tests, bloodwork, and vaccines.
Lemonade’s pet insurance launch comes just over a month after the company went public, TechCrunch notes. On its debut day, Lemonade shares reached a $3 billion market cap and closed 138% higher.
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