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      September 21, 2017

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What You Should Expect From Pet Insurance

What You Should Know Before Buying Pet Insurance

Why Has Pet Insurance Become So Popular?

Why Pet Insurance Is Easier Than You Think

Why Veterinarians Appreciate Pet Insurance

 

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Why Has Pet Insurance Become So Popular?

Like their human counterparts, household pets are living to a ripe old age. With advances in the identification of diseases and conditions particular to animals, our pets are able to live longer, happier lives.

However, medical advancements which can help to keep our pets in top health can be costly, leaving many pet owners with the painful decision of going bankrupt in order to provide medical necessities to their pets, or euthanizing them. Even regular visits to the veterinarian can be expensive if a pet needs more than just an annual exam. Dental cleanings, blood work and even vaccinations can total into the hundreds of dollars.

With the recent economic downturn, pet owners are finding creative ways to pinch pennies while still maintaining the health of their pets. As of 2012, only one percent of the U.S. pet population – just under 3 million animals – were insured. However, industry trends indicate that pet health insurance policies are growing in popularity in the U.S., with an anticipated increase of 10 percent in the next five years.

The first official pet healthcare policy was sold in Britain in 1947. Britain trails only Sweden in the number of pet owners who provide insurance for their pets. Dogs are the most-insured pet, followed by cats and small exotic animals. While it is sold under the name “healthcare insurance,” pet health insurance is actually under the insurance umbrella for property. According to insurance laws, pets are seen as property, so the insurance policy which covers them is similar to that for any other property owned by an individual.

However, one of the biggest reasons for the surge in popularity in pet healthcare insurance is because pet owners do not view their pets as property, but rather as family members. In the last two years, amidst a recession, pet owners still spent over $50 billion on their pets’ healthcare, even at the expense of cutting back on personal needs and wants.

In addition to viewing our furry friends as family rather than property, there are other advantages to having pet health insurance which have made its popularity soar in the last couple of years.

  • Cost Factor. One of the most valuable reasons to have health insurance coverage for any pet is the sheer expense of procedures for many conditions. Veterinarians have reported that clients are more likely to try extreme medical intervention for animals, such as kidney transplants and surgeries to repair internal injuries, when they have health insurance coverage for their pet. These kinds of medical interventions can run into the thousands of dollars, but many health insurance plans for pets cover up to 80 percent of the cost.
  • Economic Euthanasia. Veterinarians have reported that the rate of pet owners who choose to euthanize their pets versus providing necessary medical intervention is decreasing with the growing popularity of pet health insurance. As more affordable health plans for pets become available, pet owners are willing to go the extra mile in treating their pets knowing that it won’t drain their wallets in the process.

Whether monthly pet insurance premiums are worth it depends entirely on the pet and the owner. Some breeds of animals are genetically predisposed to health problems. If you own one of these pets, health insurance coverage is a good idea.

New study: Pet insurance market forecast to 2019

This study provides pet insurance market analysis of size, share, trends, value, volume, country coverage, leading players (Allianz Group, Anicom Holdings, Pethealth Inc., Veterinary Pet Insurance (VPI)) market dynamics, competitive landscape and leading ...

Published:  Tue, 19 Sep 2017 01:00:00 GMT



Renters, You May Need Pet Insurance for Your Four-Legged Friend

Having a dog is great. Renting with a dog Not so much. When you find a rental that accepts pets, you will probably have to pay a pet deposit, and if you own a large dog, you might have to introduce your pooch to your prospective landlord to show she's ...

Published:  Mon, 18 Sep 2017 06:37:00 GMT



Arkansas woman admits to spending public money on pug tuxedo, pet insurance and more

A former administrative assistant to an Arkansas county official pleaded guilty Monday to using public money to buy personal items - including a tuxedo for her pet pug. Kristi Goss, 44, was slated for trial this week but pleaded guilty to fraudulent use ...

Published:  Wed, 13 Sep 2017 14:30:00 GMT



I ️ My Pet: Dale Earnhardt Jr.'s Dogs Love Car Rides as Much as He Does

My friends at Nationwide®, the first and largest provider of pet health insurance in the U.S., offer these tips to ensure the safest ride with your furry, four-legged friends. Courtesy Nationwide Based on more than 1.5 million pet insurance claims ...

Published:  Wed, 20 Sep 2017 08:52:00 GMT



Would you remain in a bad relationship to stay with your pet

Well, a recent study from MORE TH>N pet insurance has revealed that one of the number one reasons most people stay in a bad relationships is for the love of their shared pet. We know, we welled up too. Yes, the study found that the number one reason ...

Published:  Wed, 20 Sep 2017 07:26:00 GMT



Pet insurance policy documents are a dog's dinner: read them carefully or risk being underinsured

Owning a pet is an expensive business - or so I'm told (I don't have any myself). Apparently, the cost of looking after a dog can run to upwards of ÂŁ1,000 a year, and cats aren't an awful lot cheaper. If you get a pet, you might well think to ...

Published:  Fri, 15 Sep 2017 23:01:26 GMT



Stay Together for the Pet

John Ellenger, head of pet insurance at MORE TH>N said: "It is true that our beloved pets have never played a more important role in our day-to-day lives. As our study reveals, a number of pet owners will remain in a relationship with a partner in order to ...

Published:  Wed, 13 Sep 2017 06:48:00 GMT



After the storm: keeping your pet safe after a hurricane

This affects pets too. From the immediate aftermath to long-term health concerns, Trupanion, Inc. (Nasdaq:TRUP), a leader in medical insurance for cats and dogs, offers a few things pet owners should be aware of after the hurricane. Environmental and ...

Published:  Fri, 08 Sep 2017 03:17:00 GMT



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