This is the first in a series of posts on a recent Consumer Reports review of the pet insurance industry.
On Friday, August 13, Consumer Reports released a review of the pet insurance industry, comparing nine policies from four companies, including Trupanion. We are happy to say that Trupanion mirrors what Consumer Reports is looking for in a preferred plan. The report states, “We prefer coverage with simple, percentage-based payouts, and no reliance on judgments of what’s ‘reasonable’.” Trupanion offers one simple plan, pays a straight 90% of veterinary costs, and does not impose ‘reasonable’ fees. There is no payout limit over the life of the pet and no limits per year, claim, illness, procedure, or condition.
The report also states, “Some carriers let you add “wellness care” coverage to their accident and illness policies. We found it’s generally not worth the cost.” Once again, Trupanion mirrors what is preferred by Consumer Reports, as Trupanion does not include wellness coverage in their policies.
Consumer Reports used as a model a 10-year-old purebred beagle in Westchester County, N.Y. They looked at two scenarios – one in which the dog was basically healthy and one in which the dog had chronic problems. While none of the nine policies would have been cost effective for the healthy dog scenario, Trupanion provided the highest net benefits for the chronically-sick dog scenario. Another portion of the review told the story of two cats with rare conditions – one young, one old. In the scenario, Trupanion’s coverage paid the most for both cats, at both the $100 and $500 deductible levels.
So, what should you do? Just as with human health insurance, no one can know if and when their dog or cat will become seriously ill or injured. So, you can take all the preventative measures you can and hope for the best – a healthy, accident-free pet; or you can invest in pet insurance and have the peace of mind in knowing that if a serious illness or accident occurs, you are covered.
We are pleased with the review and will be discussing several points in the report over the next several weeks. We encourage you to read the full report and tell us what you think!