Pet insurance grows in popularity
It’s a brand new year, but many people are still unemployed and struggling to make ends meet. A need for better budgeting may be just one of the reasons that an increasing number of pet owners are climbing aboard the pet insurance bandwagon.
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Pet health insurance has been offered for more than 25 years in the United States (and in Canada since 1989). Experts attribute the recent spike in interest to more owners wanting to control the high cost for unexpected accidents and illness. According to research, over one million pets are estimated to now be insured, and this trend is expected to continue.
Even some veterinarians who were once skeptical about the value of pet health insurance are now recommending that pet owners consider subscribing on behalf of their furry family members. Sharing pet health insurance information to increase awareness is also becoming an important part of client education in many vet offices.
Treatments once reserved exclusively for humans (or only available at top veterinary schools) are now commonly offered in most metropolitan areas and demand for veterinary specialists (ophthalmology, dermatology, neurology, internal medicine, dentistry, oncology) has increased and is growing faster than any other area of the practice of veterinary medicine. These advanced treatments are often expensive but can be covered by a comprehensive pet insurance policy.
Surveys and research by the American Veterinary Medical Association and the American Pet Products Association indicates that today, most pets are regarded as full-fledged members of the family. More than 60 percent of North American households have at least one dog, cat, bird or other companion animal, and many have more than one. There are more than 75 million pet dogs in the U.S. and Canada and nearly 85 million pet cats. Projected 2010 pet expenditures for North America are over $45 billion, of which $25 billion is earmarked for veterinary related care.
Do you have insurance for your pets? Has it helped lower your vet costs?
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