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      November 25, 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.

Healthy Paws Pet Insurance Releases Cost Of Pet Health Care Report For 2017

SEATTLE: Healthy Paws Pet Insurance-the #1 customer-rated provider of insurance for dogs and cats-today released the second annual Cost of Pet Health Care report, revealing how much pet parents are truly spending at the vet's office. The report employs ...

Published:  Thu, 23 Nov 2017 11:42:00 GMT



UK Pet Insurance is rising in emerging claims costs

Pune, India, 9th October 2017: WiseGuyReports announced addition of new report, titled "UK Pet Insurance: Market Dynamics and Opportunities 2017" The report covers comprehensive insight of UK Pet Insurance Market including major market drivers ...

Published:  Tue, 21 Nov 2017 00:43:00 GMT



Do you need health insurance for your pet

When my golden retriever, Lily, was 6 months old, she broke her leg in a bicycle accident. Literally, it snapped in half, and the only ones who could repair it were the professionals at the University of Illinois Veterinary Teaching Hospital in Urbana.

Published:  Wed, 15 Nov 2017 07:17:00 GMT



Veterinarians See The Value Of Medical Insurance Firsthand With Their Own Pets

As medical insurance for pets continues to rise in popularity among pet owners, veterinarians and their staff are also seeing the value in the treatment and care of their own pets' maladies. After all, the most common conditions among pets affect ...

Published:  Tue, 21 Nov 2017 10:10:00 GMT



New, Customized Pet Protection For Customers With Liberty Mutual Insurance

Pets are often seen as part of the family; in fact, pet owners view themselves as more than just "owners" - the majority (82 percent) of pet insurance customers consider themselves "pet parents." 1 Pet insurance is growing in popularity as consumers try ...

Published:  Wed, 15 Nov 2017 14:57:00 GMT



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