Trupanion Pet Insurance Review 2016

You insure your car, your home, your health and your life; don’t leave your pet out of the equation. Pet companions are as much a part of the family as anybody, and they need the care and protection of a good insurance policy to cover them for illnesses and accidents. Your budget might need it, too. Failure to buy adequate insurance may result in unexpected and unaffordable veterinary bills, so it’s not too early to shop for the most suitable product for your requirements. Trupanion is one of many companies specializing in pet protection, and it offers a simple insurance product for dogs and cats.

Trupanion and Competitors at a Glance

As a pet owner, you have a wide selection of choices when it comes to companies and insurance products. Before selecting a product from Trupanion, see how the company stacks up against rivals such as Healthy Paws and Embrace.

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Company History

Trupanion dates back to 1999, when it began business as Vetinsurance in Canada. Initially, it only served policies in Canada, but it became Trupanion in 2005 and now offers products throughout Canada and the United States. The company’s coverage extends if you travel out of state to Canada or Puerto Rico, and Trupanion has approximately 200,000 in-force policies.

BBB Accredited

When purchasing insurance, it’s a good idea to look at the financial strength of the company. If a company has a good rating with A.M. Best or Standard & Poor’s, it’s appealing to investors and is in a strong position to generate wealth and continue trading. American Pet Insurance Company underwrites Trupanion and has a listing of “Not Rated” with A.M. Best. Bear in mind that A.M. Best is a voluntary rating center providing independent opinions rather than industry standards. Any company has the option to forgo the voluntary rating system for any reason, and being “Not Rated” isn’t necessarily an indicator of poor financial strength.

Trupanion is an accredited business with an A+ rating from the Council of Better Business Bureaus (BBB). This rating is based on factors such as the company’s length of time in operation, the transparency of its business practices and its ability to respond to and resolve customer complaints.

Coverage

Trupanion offers a single plan suitable for dogs and cats, with the flexibility to select your deductible amount. With only one option on the table, it’s quick and easy to purchase adequate coverage for your pets.

Benefits

Trupanion offers an easy claim process that settles 65% of claims on the same day and 80% within the first seven days. The insurance has no payout limits and covers 90% of your pet’s eligible veterinary costs, including hospital stays, medicine, diagnostic tests and surgery for all new eligible illnesses and injuries, with no exclusions for breed-specific ailments.

The product has built-in flexibility, which allows you to use any veterinary practice in the United States, Canada or Puerto Rico, and you have the option to adjust your premium amount by setting a deductible from $0 to $1,000. The higher your deductible is, the lower your premium is.

Limitations

Trupanion doesn’t cover exam fees, and sales taxes are excluded from payouts. The policy doesn’t cover preventive care such as flea treatments and vaccinations or treatment for pre-existing illnesses or injuries, including those for which there is evidence of potential manifestation within the 18 months prior to your policy enrollment date.

Additional Coverage

Trupanion offers a Pet Owner Assistance Package to help cover unforeseen problems your pet might cause. This product is an optional extra available at an additional cost and is useful if you rent your home, travel frequently or have a medical condition that your pet may exacerbate. This additional coverage includes:

  • Third-party damage to property
  • Trip cancellation costs due to a sick or injured pet
  • Pet boarding fees if you’re hospitalized and can’t care for your animal
  • Reward costs for a lost pet
  • Cremation or burial costs for your pet

Overview of Pros and Cons

When you shop for any type of insurance policy purchase, it’s necessary to consider the pros and cons of the product. Define your requirements for pet insurance, and then determine if the pros outweigh the cons before making a final decision.

Pros

  • Covers 90% of veterinary costs for approved claims (less the deductible, fees and taxes)
  • No limit on health care coverage
  • Optional benefits to cover unintentional damage your pet causes and other costs
  • Out-of-state coverage in Puerto Rico and Canada
  • Continual coverage for chronic disease
  • Coverage for hereditary and congenital conditions
  • Coverage for cancer
  • Coverage for breed-specific conditions

Cons

  • Limited non-routine dental coverage
  • Doesn’t cover exam fees for injuries or illnesses
  • Doesn’t cover pre-existing conditions
  • There are higher premiums to cover no-limit benefits

Conclusion

Trupanion makes purchasing pet insurance simple. With a single policy suitable for cats and dogs and the flexibility to adjust the deductible and choose additional benefits packages, it’s easy to tailor the policy and the premium you pay to suit your and your pet’s needs. Compare this with products from other insurers before committing to a purchase.

 

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved.
Published September 9, 2016
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