Perhaps you've heard of automobile insurance companies offering a "diminishing deductible" or a similarly named plan. In other words, for every year you go accident-free and don't file a claim, your deductible decreases.
Embrace pet insurance company has added this feature to all of it's accident and illness policies. For every year you don't file a claim that results in a reimbursement, your deductible will decrease $50. If you recieve a Wellness Rewards reimbursement, it doesn't affect your deductible, since it's separate coverage from your accident and illness policy.
Some folks get pet insurance and don't file a claim very often because their pet remains relatively healthy. This is actually a good thing. You buy any kind of insurance hoping you'll never have to use it, but just in case you do, you have the peace of mind knowing you're protected from the risk of significant financial loss.
Not all people understand this and after paying premiums for several years and not filing a claim that results in a reimbursement, they may think it isn't worth it. So, Embrace will decrease the deductible every year (even all the way down to $0) when your pet is healthy as a reward and an incentive to keep your policy.
I would encourage pet owners to stick with their pet insurance policy because sooner or later you will have to file one or more claims and some of them may be for significant expenses.
If your deductible has decreased for several years and then you file a claim that results in a reimbursement, the following year, the deductible will reset to your original deductible when you first bought the policy and the cycle will start all over again.
Something else that's new with Embrace is that they've combined their Dental Rewards into the Wellness Rewards primarily because policyholders kept requesting they be combined and really it makes more sense. They are redoing their website to reflect these changes.
Get a quote from Embrace.
Go to the webpage that explains the Healthy Pet Deductible in detail.
Be sure and listen to my podcast interview with Laura Bennett, the CEO of Embrace.
