What we think about Trupanion (TRUP)
Trupanion in Three Words: Pet Health Insurance
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Background
Trupanion is North America’s largest publicly-traded provider of pet insurance. It has focused exclusively on pets during its two-decade operating history.
It’s very difficult to budget for when pets will become sick or injured, and we often get stuck with an unexpected veterinarian bill that could be hard to pay for. Many trips to the vet aren’t even for a massive surgery or operation. Even the most common conditions — ear infections, allergies, and upset tummies — still cost several hundreds of dollars and are typically paid out-of-pocket.
Trupanion eliminates the financial anxiety of veterinary care. Its insurance covers 90% of the total bill, applies to all treatments available, and has no maximum payout. That allows pet owners to sleep a little easier about unexpected issues that may arise in the future.
Customers love that 90% coverage and no capped payout, and they’re willing to pay Trupanion a premium over its peers. While many monthly pet insurance plans are offered for $30 or less, Trupanion collected an average of $60.37 per pet in monthly premiums during 2020.
The excellent insurance coverage is a win for the veterinarians as well. 85% of claims are paid in less than 5 minutes, which keeps vets from having to process any complex reimbursement paperwork. They’re actively recommending Trupanion to their pet-owning customers as a way to reduce financial anxiety and allow them to focus on providing optimal care for the animals.
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