Coinsurance, deductibles, & limits
In general, deductibles are put in place by insurance providers to limit the frequency of insurance claims. In most cases, the frequency of claims increase as a pet becomes older and this is why some pet insurance providers increase the deductibles as the pet ages or have an annual deductible that must be met each year.
Trupanion works slightly different than most insurance companies in that we offer pet owners the ability to choose their own deductible between $0 and $1,000 dollars. Our deductible is also per-condition (as opposed to an annual deductible) which means that if a pet develops a chronic condition, once the deductible is met, treatments for that condition will be covered at 90%* of cost for the life of your pet while they are enrolled with a Trupanion policy.
Coinsurance is the amount or percentage of a claim that a pet owner pays or contributes towards the bill. Some insurance companies set a flat rate as the coinsurance amount (such as $20) while still others require the policy owner to pay a percentage of the bill.
Trupanion pays 90% of approved costs for treatment of a condition including diagnostic tests, surgeries, medications, hospitalization, and supplements. This means the coinsurance, or amount pet owners are responsible for, is 10% of the costs associated with the treatment of a condition.
A limit is the maximum amount an insurance provider is willing to pay on a claim and is usually put in place to decrease the financial exposure of large claims on insurance providers.
At Trupanion, we do not believe in payout limits! As pet owners, we want to make sure your pet can receive the necessary treatment to be happy and healthy no matter the cost. That is why we pay 90% of covered costs no matter if your claim is $50 or $50,000 and impose no caps on payouts.