You may love your pet like you would a child. In fact, many pets are viewed more like a member of the family than an animal companion. What would you do if your pet were to suddenly suffer from a serious illness or injury? Would you be able to afford the veterinary bills associated with such a tragedy? Believe it ornot, pet insurance may be the solution Pet insurance is gaining popularity nationwide, spurred by rising veterinary costs, more advertising and pet owners' growing tendency to treat their pets like family members.
Revenue for the U.S. pet insurance business hit 0 million last year, up 25 percent from the year before. But only 2 percent of North American pet owners had signed up for the insurance in 2005, the group says Pet insurance is much less expensive than human health insurance.
Pet insurance is more commonly used in countries such as the United Kingdom, where over 12% of pet owners can buy insurance from over 60 different companies. In the U.S. there are only 5 main players: PetHealth, Veterinary Pet Insurance, Pet Protect, Pet Assure, and Hartville Group. The U.S. market for pet insurance has grown at an annual growth rate of 45% over 5 years. The last few years have seen changes in the pet insurance industry. Pet owners with insurance are now able to provide levels of care that previously were cost prohibitive.
Leading insurers have found that pet owners are worried about vet bills and a more likely than ever to insurer themselves against nasty surprises. Remember, when choosing a pet insurance company, choose one of the larger companies that are known to be reputable. While you may be able to get a policy for cheaper elsewhere, it?ll do you know good if the policy won?t pay out when it?s time for you to pay the bills. A long-established, reputable pet insurance company is your best bet.
Pet health insurance is well worth looking into for most animal owners. In cases of catastrophic accident and illness, it can and has been a lifesaver for pets without draining the owners financially, or forcing them to make a decision to have a pet put down because they couldn't afford its medical treatment. You want to be an intelligent consumer, and check out all your options before you buy.
Each pet owner will have to evaluate pet health insurance and decide if it is right for their pet(s), but it is definitely becoming something to consider
