Pumpkin and Lemonade are two relatively new players in the pet insurance market, each with its unique selling point. Pumpkin offers comprehensive coverage with no added fees, while Lemonade has introduced AI technology to process claims quickly. However, which company is better? In this article, we compare the two based on coverage, customer service and reputation, claim processing, pricing, and plan customization.
Policy Coverage
Both Pumpkin and Lemonade cover emergency care, surgery, hospitalization, specialized exams and specialty care, X-rays, blood tests, ultrasounds, cancer, and prescription medications. Neither covers pre-existing conditions, cremation and burial costs, pregnancy and breeding, or unnecessary cosmetic procedures. However, Pumpkin offers coverage for behavioral therapies, alternative/holistic therapy, and exam fees without additional cost. Pumpkin also has shorter waiting periods for CCL surgery, but its accident waiting period is longer than most companies. Pumpkin’s underwriter has an A rating from A.M. Best, indicating reliability, whereas Lemonade’s underwriter is not rated. Overall, Pumpkin wins in this category for providing more thorough coverage and excluding fewer health conditions.
Customer Service & Reputation
Both companies are new to the pet insurance market, but Lemonade has been selling homeowner and renter’s insurance and processing claims via AI technology since 2015. Customer reviews for Pumpkin have several complaints regarding pricing, claim processing, and cancelation difficulties, among others. Lemonade, on the other hand, has a unique AI-driven claim process, with customers claiming to have a streamlined experience with quick reimbursements for eligible claims. Therefore, Lemonade wins in this category for its high-tech claims process and user-friendly experience.
Claim Processing
Pumpkin claims to process claims within two to four weeks, which is longer than most competitors, whereas Lemonade averages two days for claim processing, with its AI technology allowing payment for straightforward claims within seconds of submission. This speedy processing time gives Lemonade a significant advantage over Pumpkin.
Price Of Policy
Pumpkin has a monthly transaction fee of $2 if you don’t pay the full annual premium upfront each year but no one-time sign-up fee. Comparatively, Lemonade has no monthly transaction or one-time sign-up fees. While prices can vary depending on the pet’s details, Lemonade has consistently quoted less than Pumpkin. However, it is still recommended to obtain quotes from multiple providers to see which one best suits your budget.
Plan Customization
Both companies offer various plan customization options to fit your premium into your budget. While Pumpkin offers annual payout options of $10,000, $20,000, and unlimited, and deductible options of $100, $250, $500, and $1,000, Lemonade offers annual payout options of $5,000, $10,000, $20,000, $50,000, and $100,000, and deductible options of $100, $250, and $500. Lemonade also offers an accidental-only plan and 70%, 80%, and 90% reimbursement options, making it the winner in this category.
Our Verdict
Although both companies have pros and cons, the overall winner of this comparison is Lemonade, with its positive customer service reviews, speedy claim processing time, lower pricing, and extensive plan customization options. However, it is always recommended to obtain quotes from multiple providers to see which one best suits your budget and pet’s needs.
In conclusion, when searching for pet insurance, it is essential to research different providers and compare their options thoroughly. Our comprehensive and frequently updated pet insurance reviews can help you find the best provider for your pet’s needs.
