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      July 17, 2019

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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.

Will pet insurance cover teeth cleaning? What do insurers cover in terms of dental care?

For many, caring for a pet is one of life's greatest enjoyments. However, that's not to say that looking after the lovable creatures will come without its costs. In fact, some veterinary bills can ...

Published:  Mon, 15 Jul 2019 08:01:00 GMT



Washington Insurance Department Fines Pet Insurer Trupanion $100,000

The Washington Insurance Department has fined Trupanion Managers USA, Inc., a Seattle-based pet insurance producer, $100,000 after finding that it violated Washington state insurance laws and rules. ...

Published:  Mon, 15 Jul 2019 22:09:00 GMT



With so many caveats and exclusions, is pet insurance worth it?

Pet insurance is so hopeless the nation's top consumer researchers say they can't recommend any policy. Australians are spending well over $500 million on insurance for their dogs and cats but unlike ...

Published:  Wed, 03 Jul 2019 16:01:00 GMT



What's the best pet insurance policy on the market? There isn't one, according to Choice

Nearly two thirds of Australian households own a pet and we collectively spend $500 million a year on insurance in the event our furry friends get into trouble. But according to Choice, you're better ...

Published:  Wed, 03 Jul 2019 23:02:00 GMT



Pet owners have some tools to fight veterinary sticker shock

Block noted that a $20 vaccine could prevent a dog from coming down with an expensive illness. Pet insurance also can protect against future bills, although it may come with a reimbursement cap and ...

Published:  Thu, 11 Jul 2019 00:57:00 GMT



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