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      July 22, 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.

I Compared Pet Insurance Plans to See What's Best for My Fur Babies

Some of the links in this post are from our sponsors. We're letting you know because it's what Honest Abe would do. After all, he is on our favorite coin. Earlier this year, my family dog managed to rack up a $4,000 vet bill. Bandit had become so sick ...

Published:  Thu, 20 Jul 2017 01:00:00 GMT



Is Pet Insurance Worth the Cost?

Two years ago, Elizabeth Newsom-Stewart's cat Fawkes ate part of a lily plant leaf. Newsom-Stewart, then a veterinary student at Cornell University, immediately knew the danger he was in, and rushed him to an animal hospital. "Some lily plants are ...

Published:  Thu, 20 Jul 2017 20:17:00 GMT



Report explores the PET insurance industry

The UK, the US and Japan are major pet insurance markets globally. The market is expected to grow in other areas of the world in upcoming years. The growth of the segment is driven by rising pet ownership globally, associated health benefits of pet ...

Published:  Tue, 18 Jul 2017 05:32:00 GMT



Pet Insurance Market Type, Application, Specification, Technology and Forecast to 2022

New York, NY -- (SBWIRE) -- 07/19/2017 -- This report studies the Pet Insurance market status and outlook of global and United States, from angles of players, regions, product types and end industries; this report analyzes the top players in global and ...

Published:  Wed, 19 Jul 2017 06:03:00 GMT



Pet insurance latest trend in Silicon Valley perks

PALO ALTO, Calif. - Palo Alto tech companies and startups are known for giving employees perks such as free food, valet parking, laundry service and bring your dog to work days. Lately, employee benefits have extended to pet insurance for dogs and cats ...

Published:  Sun, 16 Jul 2017 08:52:00 GMT



Healthy Paws Pet Insurance Reaches 250,000 Enrolled Pets

Healthy Paws Pet Insurance-the #1 customer-rated provider of insurance for dogs and cats-is proud to announce the enrollment of their 250,000th pet. Healthy Paws has experienced extraordinary growth since enrolling their first pet in 2010, and is now a ...

Published:  Thu, 13 Jul 2017 02:37:00 GMT



How To Save Money When Welcoming A New Pet To Your Home

For example, brushing your dog's teeth (with special toothpaste) can help prevent teeth and gum problems. Consider pet insurance to cover emergencies. When a pet is part of the family, you'll do anything to help him or her. You may want to have an ...

Published:  Tue, 18 Jul 2017 07:13:00 GMT



Top 10 Cities for Pet Insurance

Pet insurance, which is health insurance for companion animals, is growing rapidly throughout the U.S. Growth has been consistent across the country but appears to be gaining momentum faster in some areas. Here are the top 10 cities in America for pet ...

Published:  Tue, 18 Jul 2017 07:07:00 GMT



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