Pet Insurance

Overview

The history of pet insurance dates back to 1924, when the first pet insurance was issued to a dog in Sweden. It is relatively new in the United States and the first policy was issued in the United States in 1982 to insure the famous dog, Lassie. It was not until 1997 that the Hartville Group partnered with the American Society for the Prevention of Cruelty to Animals (ASPCA) and began writing pet health insurance policies. In 2006, the ASPCA began offering its own health insurance. Though pet insurance is not used as widely as health, dental, life or other types of insurance, it is experiencing a growing popularity.

How It Works

Most pet insurance lets you choose the type of coverage you want. You might just get accident insurance, for instance, to cover emergencies or you can get more comprehensive pet insurance to cover everything from your pet's yearly shots to surgeries. Your monthly fee for the insurance depends on the type of coverage and plan you choose.

When you take your pet to the veterinarian, you can usually choose any office because they do not deal with the insurance company at all. You need to pay for the services and then claim the amount from the insurance office. Usually, your policy will have an annual deductible, so once that amount is reached, the pet insurance company will reimburse you the agreed upon amounts based on the vet bill and the procedures performed.

Benefits

Veterinary care is expensive. While it is fairly easy to budget for common pet care, it becomes difficult if your pet has an accident or falls ill. Under such conditions, the costs could compound very quickly. Some emergency tests and procedures can add up to thousands of dollars.

Pet insurance helps you to afford those high costs. Sometimes, this avoids unnecessary grief. Since it covers most part of the expense that you need to make for the high cost of the emergencies of your pet, it prevents you from making a decision to put your pet to sleep because of lack of finances.

Cost/Pricing

The cost of pet insurance can range from a few dollars per month for basic things like accident insurance, to $50 or more, depending on the coverage you get and the age of your pet.

Timing

Pet insurance can help make the veterinary expenses more affordable. If you are insured and tragedy should strike like a serious accident or devastating disease, knowing that your pet is covered can help make pet care decisions easier. To ensure this coverage and make pet ownership more affordable, you should consider pet insurance as soon as you adopt a pet.

Companies/Industries

The American Society for the Prevention of Cruelty to Animals (ASPCA) is a well-known name in animal rights and advocacy, and it has recently started issuing pet insurance policies. An online search can also help you find other companies that offer such insurance.