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Pet Insurance Information

As per a recent survey conducted by the American Pet Products Association, aka APPA, consumers have spent more than $43.2 billion on pets in 2008. They also predict that for 2009, that amount will be more than $2 billion.Cat and Dog

According to a recent analysis published in JOURNAL OF THE AMERICAN VETERINARY MEDICAL ASSOCIATION,
the expenses for veterinary care virtually doubled between 1980 and 2005. The increase was measured in constant dollars, adjusted for inflation. For pet owners that routinely visit the veterinarian the increase was actually more: 124%!

In spite of all of the extra spending, not enough attention is being focused on pet insurance and pet trusts.

As veterinary costs keep rising, many pet parents are forced to euthanize sick or injured pet because they can’t afford the high price of health care. On the other hand, should the pet owner die, there is often  not enough planning ahead for the pet’s future and oftentimes they end up in shelters.

Pet health insurance is a way of ensuring that you will not have to face a hard choice between a very costly procedure that could save your pet’s life and also your savings account.

Pet insurance works on the principle of indemnity. In other words it works like your car insurance. You have an “incident” (meaning your pet gets sick), you file a claim (usually with the help or your veterinarian) and you get a partial reimbursement.

Notice the partial statement here. Virtually no insurance company will reimburse you for the entire amount. Be that as it may, it still covers most of a huge expens such as a broken limb, surgery or a chronic illness such as diabetes.

According to the NCVEI (National Commission on Veterinary Economic Issuer), in 2006, there were 690,000 pet insurance policies in North America. As of 2007, that number jumped up to 850,000. This is evidence that pet owners are becoming more receptive to pet health insurance.

Visit our pet insurance comparison page for more information.

Posted in Pet Health, Pet Insurance Information.

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