As pet owners, we know that giving our furry friends the best care possible is a top priority. Pet insurance can help with that and make sure we’re prepared for any unexpected medical expenses. Two popular pet insurance providers are Nationwide and Lemonade, but which one is better? In this comparison, we’ll go over each provider’s policy coverage, customer service and reputation, claim processing, price of policy, plan customization, and coupons.
Policy Coverage
Both Nationwide and Lemonade provide coverage for emergency care, surgery and hospitalization, specialized exams and specialty care, X-rays, blood tests, ultrasounds, cat scans, MRIs, rehabilitation, cancer, chronic conditions, euthanasia, hereditary conditions, congenital conditions, non-routine dental treatment, and prescription medications. However, Nationwide uses a benefit schedule for some of its plans, while Lemonade’s plans are based on your vet bill and the deductible, payout, and reimbursement percentage for your plan. Nationwide also offers traditional-style pet insurance plans, but they come with limited deductible and reimbursement percentage options. Additionally, Nationwide doesn’t enroll pets after their 10th birthday, while Lemonade has breed and plan restrictions for specific ages. Lemonade is only available in 37 states and Washington, D.C., but it does have a shorter accident waiting period. Nationwide offers alternative/holistic therapy coverage, but both providers do not cover pre-existing conditions, cremation, breeding, or unnecessary cosmetic procedures.
Winner: Nationwide & Lemonade (tie)
Customer Service & Reputation
Nationwide is known for various complaints regarding reimbursement concerns, unexpected renewal changes, drastic premium increases, and more. Meanwhile, Lemonade’s pet insurance plans have only been around since 2020, so it’s hard to say what you can expect from them over the long haul. Customers will need to wait for a few more years to better understand Lemonade’s customer service reputation.
Winner: Nationwide
Claim Processing
Nationwide averages four days for claim processing, which is shorter than many other companies in the industry and often proves enough for it to win this category. However, Lemonade’s claim processing technology uses Artificial Intelligence (AI) to pay the most straightforward claims within seconds of submission, which is a big selling point for Lemonade. Lemonade averages a speedy two days for claim processing.
Winner: Lemonade
Price of Policy
Nationwide has no enrollment fees, but it charges a $2 monthly transaction fee unless you pay your annual premium upfront each year. Lemonade doesn’t have any one-time or recurring transaction fees. Your premium price quote is based on your pet’s details like age, breed, and location. Comparing prices for Nationwide and Lemonade can be tricky because they don’t offer the same plan types and options. If you opt for Nationwide’s benefit schedule style plan, you’ll most likely see a lower monthly premium than Lemonade. However, if you opt for a traditional-style pet insurance plan, prices for both companies may fall around the same price point.
Winner: Nationwide & Lemonade (tie)
Coupons
Nationwide Pet Insurance offers discounts of 5% off for two-to-three pets covered and 10% off for four or more pets covered, while Lemonade offers a 10% discount if you bundle with your Lemonade renters, homeowners, auto, condo, or co-op insurance and a 5% discount for multiple pets.
Winner: Nationwide & Lemonade (tie)
Plan Customization
Lemonade has more customization options to help fit your coverage to your needs and budget. On the other hand, Nationwide uses a benefit schedule for some plans, which limits your customization options. Nationwide still has minimal customizations for its other plans.
Winner: Lemonade
Overall Winner: Lemonade
Overall, Lemonade wins our comparison due to its speedy claims processing with advanced technology and plan customization options. However, it’s always best to get multiple quotes from pet insurance providers and consider Nationwide too. If you value a company with an established history, definitely keep Nationwide and some other key players in mind.
Remember, pet insurance is an investment in your furry friend’s health and well-being. It’s essential to read reviews, research each provider’s reputation, and consider their benefits and costs carefully. You can also check out our individual reviews of Nationwide and Lemonade for even more information.
