Pumpkin pet insurance has received high marks for its offerings, according to a recent analysis by WSJ Buy Side. It excels in several categories, including base-plan generosity, customization options, and price-shock protection, although it has been noted for its higher costs.
The company provides comprehensive coverage that includes expenses for prescription food, veterinary examination fees, dental illnesses, alternative therapy, and behavioral therapy. Notably, if a cat is diagnosed with a curable condition after the purchase of a policy, Pumpkin will cover treatment for that condition once the cat has gone 180 days without any symptoms or treatment.
Pumpkin distinguishes itself from many competitors by not imposing an extended waiting period for orthopedic coverage. However, it does not cover bilateral conditions if there has been a prior orthopedic issue on one side of the body before the policy begins or during the waiting period.
In terms of customization, Pumpkin offers a good range of annual coverage amounts and deductible options, despite providing only two reimbursement choices—80% or 90%—for claims. Furthermore, the insurance plan provides solid price-shock protection, as there are no caps on claims based on specific conditions. The option of a low $100 deductible makes it easier for policyholders to manage out-of-pocket expenses.
Unlike some pet insurance companies that use a “reimbursement-first” calculation for claims payments, Pumpkin employs a “deductible-first” approach. This means the deductible is deducted before applying the reimbursement percentage, which can result in more favorable claim payments for cat owners. However, it is important to note that Pumpkin does not offer a system for direct payments to veterinarians.
Projected premium stability for Pumpkin is rated as adequate, primarily because the company does not raise rates for clients who make claims. Currently, however, there is a notable rate disparity between kitten and older cat policies, with a difference of $74 per month compared to the national average of $61 for unlimited coverage. This may indicate that rates could increase more significantly over time compared to other providers.
In terms of costs, Pumpkin insurance rates are average for policies offering $5,000 in coverage but are higher for unlimited coverage options. The average monthly premium for unlimited coverage is about $63, compared to a national average of $52, although it provides considerable coverage for the price.
Additional features of Pumpkin pet insurance include coverage for poison-control consultation fees and microchipping included in the base policy. Its offerings are likened to the policies provided by other companies, such as ASPCA and Spot.
