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      November 21, 2019

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

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.

Embrace Pet Insurance Selects New President

Brian Macias joined the Embrace Pet Insurance team on November 11, 2019. CLEVELAND, Nov. 15, 2019 /PRNewswire/ -- Embrace Pet Insurance, a part of NSM Insurance Group, has announced that Brian Macias ...

Published:  Sat, 16 Nov 2019 16:03:00 GMT



Bull mastiffs named as most expensive Gold Coast pets for health insurance claims

THE owners of bull mastiffs are being left with a tail between their legs, because they are forking out the most for canine health insurance claims on the Gold Coast. According to Pet Insurance ...

Published:  Tue, 19 Nov 2019 16:00:00 GMT



Pet friendly employee benefits can help with recruitment and retention

Several companies including Petco, Uber, Airbnb, and Amazon all allow their employees to bring their dogs into work, while other companies like Trupanion, Zogics, and Ceros offers employees pet ...

Published:  Sun, 17 Nov 2019 23:12:00 GMT



Pet Insurance Market Segmented By Type, Application and by Geography-Trends and Forecast 2023

Pet insurance includes the total or partial reimbursement of the treatment cost of a pet in the event of an illness or accident. Pet insurance covers the insurance of pets such as cats, dogs, rabbits, ...

Published:  Wed, 13 Nov 2019 01:22:00 GMT



IoT Insurance Market 2019 - 2025 Trends, Analysis, Market Forecast

Others is segmented into Warranty Insurance, Farmers' Insurance, Cyber Insurance, Pet Insurance, Savings and Investments Insurance and Pension Insurance. By Insurance Application Analysis this market ...

Published:  Sun, 17 Nov 2019 18:52:00 GMT



Nationwide Names Sirota as Chief Pet Officer

Nationwide's pet insurance operation has new top dog. Heidi Sirota has been named chief pet officer for Nationwide's pet health insurance unit. In her new role, Sirota will oversee all aspects of ...

Published:  Thu, 14 Nov 2019 08:53:00 GMT



AZ Humane Society offers free pet adoptions for vets on Veterans Day

All AHS pet adoptions include: spay/neuter surgery, vaccinations, microchip, free follow-up vet exam with VCA Animal Hospitals and free 30-days of pet insurance. If for some reason the adoption does ...

Published:  Mon, 11 Nov 2019 08:14:00 GMT



Before getting a pet, add up what the continuing costs will be

If a pet has a chronic health issue, it may need to take regular medication. Pet insurance may help with vet expenses. There are many different plans, and factors for costs include age, breed and the ...

Published:  Thu, 14 Nov 2019 11:40:00 GMT



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