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      April 21, 2018

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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?

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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 report shares details about the PET insurance market

Pet Insurance Market 2018 research report added by OrianResearch.com to its vast repository provides important statistics and analytical data to give a complete understanding of the market. The Pet Insurance Market 2018 Research Report provide the details ...

Published:  Wed, 18 Apr 2018 02:26:00 GMT



Insurance won't pay for dog's kidney problems

Greg chose Leon. "He was great, with no issues," he said. On Jan. 4, when friendly, playful Leon was about six weeks old, Greg took out a pet insurance policy with Healthy Paws. As time went on, Greg noticed that Leon drank a lot of water. He brought ...

Published:  Thu, 19 Apr 2018 09:39:00 GMT



Pet Insurance Market Outlook: World Imminent Demand & Growth Prospect 2018-2023

The qualitative research study conducted by HTF MI titled "Pet Insurance Market Report by Company, Regions, Types and Applications, Global Status and Forecast to 2025" provides primary Data, surveys, Scope of the Product and vendor briefings.

Published:  Tue, 10 Apr 2018 09:06:00 GMT



Dollars and Pets: The cost of pet dental work

Figuring out how much pet insurance will pay Many veterinarians may have package pricing, which can include the oral exam, X-rays and anesthesia. Teeth extractions and medications will be additional charges, as well as a recheck or follow-up visit.

Published:  Tue, 10 Apr 2018 10:55:00 GMT



Dog owners, here's what you need to know about liability insurance

Although standard homeowners and renters insurance policies typically cover dog-bite liability, there are still some coverage ins and outs that dog owners should assess when shopping or reviewing a policy: Dig into pet-related policy details even if your ...

Published:  Thu, 12 Apr 2018 06:04:00 GMT



The Top 10 President-Inspired Pet Names

According to the Chicago Tribune, the Veterinary Pet Insurance Co. actually did a study on pets named after presidents. And the 10th most popular name on the list is Obama. Maybe people loved his dog, Bo, a Portuguese water dog that lived in the White ...

Published:  Tue, 17 Apr 2018 04:47:00 GMT



Pet Insurance Market to register high demand rate Worldwide

Worldwide Market Reports added Latest Research Report titled "Pet Insurance Market to register high demand rate Worldwide" . This report studies the Pet Insurance market, Pet insurance is a type of specialty property and casualty insurance policy that ...

Published:  Tue, 10 Apr 2018 22:00:00 GMT



Animals take center stage at the Brunswick Library's Pet Palooza

There were also displays of all kinds for adults to enjoy, and lots of door prizes courtesy of the Cleveland Metroparks Zoo, Bil-Jac, Liberty Mutual Insurance, Pet People, Nature's Select, Pet Valu, Scene 75, MCDL, Dog Gone Crazy, Buzzard Cove Mini-Golf ...

Published:  Mon, 16 Apr 2018 12:14:00 GMT



With Unique Challenges Facing Large Dog Breeds, Pet Owners May Find Aid in FEBC's Veterinary Discount

Frequent trips to the vet can add up to big bills. FEBC members who have access to the veterinary discount (which is not pet insurance) may find relief in knocking off some dollars from participating providers. "Owners of big dogs know how special these ...

Published:  Fri, 13 Apr 2018 05:47:00 GMT



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