The Pet Insurance business is a $1 billion dollar industry. It has seen an average market increase of seventeen percent year-over-year. Buying health insurance for pets has become almost as mainstream as buying and maintaining health insurance for oneself. According to the North American Pet Health Insurance Association, approximately 1.6 million pets in the United States have coverage. The average cost of insurance for a pet owner is approximately $335 for cats and $535 for dogs annually. Most policies are written for accident and illness, which accounts for 81% of all policies written. There are typically three types of policies that can be purchased. Accident-only plans would cover your pet being hit by a car, but not an illness. A second, more popular option is to have a plan that covers both accidents and illnesses. The third option is to get a plan that covers wellness care such as annual exams, flea and tick treatments, and vaccinations.
The costs vary based on factors such as age, breed, where you live, and coverage selected. For example, the older your pet is, the more insurance will cost you. This is because pets tend to develop more serious issues later in life the same way that humans do. Some breeds are also more prone to developing cancer or hereditary issues, while large breed dogs are prone to developing hip dysplasia. These are examples of conditions that affect the costs of the premium. Mostly all pet policies exclude pre-existing conditions and have varying amounts of deductibles and co-pays. It's always a good idea to find out if you have to pay the costs upfront and then get reimbursed by the insurance company as this is typically how it works. While the costs of purchasing pet health insurance can be an added monthly expense that you may or may not need, it's a smart idea to have it should an emergency arise.
The last thing any pet parent wants to think about during difficult times is a financial expense, and there is nothing like the comfort of knowing that your fur baby is protected. With this in mind, NeVetica is thinking towards the future. As a one-stop shop for pets, we want to make sure that we can provide some of the most affordable rates available for our members. Stay tuned so that you can be one of the first to take advantage of our rates and get coverage for your pet.