Pet Insurance Never Been More Popular Than Now
Pet insurance has been around for at least 25 years, but it has never been more popular than now.
Google, AOL and Ford Motor Co. are among the many companies that offer employees a little security for their pets. Pets have never had it so good.
A snake can get insurance to cover the costs of treating its constipation. A guinea pig can be covered for his bladder stones, or a goldfish to remove skin lesions.
One the largest pet insurance company (VPI), had 362,000 policies in effect by the end of last year - a 650 percent leap from the number of policy holders 10 years ago.
U.S. sales of pet insurance reached $129 million in 2004 and have topped $160 million this year, according to Packaged Facts estimates.
The trend is driven by what industry experts call the humanization of pets. At the same time, pet owners can take advantage of an increasingly sophisticated variety of medical treatments and services, including chemotherapy, MRI and ultrasound.
Price tags associated with these advances can get pricey, and more pet owners are resorting to insurance to foot the bill.
Insurance rates depend on many variables, including the age of the pet, its species and where it lives. For instance, it would cover a 3-year-old dog in Georgia for $20 a month. That price goes up to $25.50 for a 6-year-old, and increases another $8.25 if the pet owner wants to add coverage for preventive care.
American pet owners generally spend the most on “man’s best friend,” and about 80 percent of the policies cover dogs. However, there’s coverage out there for almost any animal - iguana, pigs, mice, possums, rabbits, hedgehogs and geckos.
Top Claims
Top 10 pet insurance
incident claims for dogs
1. Ear infections
2. Skin allergies
3. Stomach upsets
4. Benign tumors
5. Bladder infections
6. Skin infections
7. Sprains
8. Eye infections
9. Colitis
10. Skin lacerations
Top 10 pet insurance
incident claims for cats
1. Urinary tract infections
2. Stomach upsets
3. Respiratory infections
4. Ear infections
5. Skin allergies
6. Eye infections
7. Wound infections
8. Colitis
9. Gum disease
10. Kidney disease
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