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      March 19, 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.

Pet insurance claims surge as usage grows

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Published:  Mon, 18 Mar 2019 07:47:00 GMT



A Budgeting Guide for Pet Owners

... funds to pay for a pricey pet illness out of pocket - or you'd just rather not - pet insurance can help. On average, dog owners pay about $45 a month for pet insurance and cat owners pay ...

Published:  Mon, 18 Mar 2019 13:10:00 GMT



Pet health insurer aligns with a big dog in the credit world

A credit card company with a strong focus on helping consumers pay for medical and dental care now is taking a bite out of the pet insurance market with its recent acquisition of a Treasure Valley ...

Published:  Mon, 18 Mar 2019 04:23:00 GMT



Does your pet need health insurance

TAMPA, Fla. - For 68 percent of Americans, pets are part of the family. Whether it's a cat or a dog, the cost of owning a furry friend can add up, and it's something many people underestimate. Pet ...

Published:  Thu, 14 Mar 2019 15:05:00 GMT



Healthy Paws Pet Insurance Reports End of 2018 Statistics

SEATTLE, March 7, 2019 /PRNewswire/ -- Healthy Paws Pet Insurance-the #1 customer-rated provider of insurance for dogs and cats- proudly announces their end of year statistics for 2018. From an ...

Published:  Thu, 07 Mar 2019 07:10:00 GMT



Synchrony Financial Acquires Pets Best For Pet Health Insurance

Synchrony has acquired Pets Best for an undisclosed sum. Pets Best provides pet health insurance services to pet owners in the U.S. With the deal, SYF gains a strong foothold in the quickly ...

Published:  Fri, 08 Mar 2019 21:37:00 GMT



Surgery techniques offer smaller incisions, less pain: Pet Connection

But for owners with pet health insurance or who can afford to pay for the procedures without financial strain, minimally invasive surgery can be a good decision. A Great Dane undergoing gastropexy, ...

Published:  Mon, 18 Mar 2019 11:48:00 GMT



Weighing the Cost of Pet Insurance

Thanks to advances in veterinary medicine, pets can undergo the same types of lifesaving procedures as people, including pacemaker insertion and kidney transplants. But these procedures are expensive. ...

Published:  Wed, 06 Mar 2019 13:02:00 GMT



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