The pet insurance market is booming.
According to a new report from Pet Insurance Industry Association, there are more than 1.4 million pets insured in the United States today, a number that is expected to increase as more people seek coverage.
“We have seen the pet insurance industry boom and we’re expecting that to continue to grow as we have seen growth in pet insurance policies offered to individuals,” said Andrew Laughlin, the chief operating officer of Pet Insurance Institute, in a statement.
“Insurance companies are seeing an increase in consumers looking for affordable pet insurance and we are thrilled to see pet owners taking advantage of these new policies.”
Pet insurance companies offer many pet insurance products, such as pet food, cat food, pet grooming, dog grooming and pet grooming services, but their primary product is pet insurance.
Pet insurance companies typically cover the cost of health care, dental care and vet care for pets and, if there are problems, the company will pay for them.
Pet insurance is often purchased by people who want to purchase a pet for their family or friends, but they also want coverage for their pets themselves.
Pet owners can choose to purchase coverage directly through their insurance company or through a pet insurance broker.
Pet Insurance Institute estimates that as of June 30, 2018, the number of pet insurance plans in the U.S. was roughly 5 million, or about 3 percent of all pet insurance carriers.
Pet insurers have grown in popularity since the recession, with pet owners seeking cheaper coverage to make ends meet.
The industry is growing quickly, with premiums increasing in some cases by as much as 40 percent a year.
“Pet insurance has been a huge growth area for pet insurance companies in recent years and we have witnessed an increase since the financial crisis,” said Laughlin.
“We believe this trend will continue in the coming years as more and more pet owners choose pet insurance for their furry friends and family members.”
Pet Insurance Industry ReportPet insurance covers the costs of all veterinary and medical care for pet owners, as well as the cost for vaccinations, grooming and medical tests, according to the Pet Insurance Association.
Pet insurers also cover pet grooming costs, such, the cost to groom your pet’s teeth, nails, ears, face and paws.
Pet owners can also purchase pet insurance through a veterinarian or through an insurance company.
However, the costs associated with this type of coverage are not usually deductible by the pet owner.
“It’s a lot cheaper to buy pet insurance directly from your pet insurance company, which typically is lower than the veterinary bill or the veterinary exam costs,” said John Wohl, a pet insurer agent and owner of Wohl Insurance, in an email.
“The reason you’d want to go through the vet is that the vet will typically bill you the difference between the vet bill and the pet insurer’s coverage.”
For example, if your pet is a puppy and the vet bills you $10,000 for a $2,000 vet visit, you would pay $100,000 to a pet policy.
This is why it’s important to have a pet plan in your budget to protect your pet from being underinsured.
“With the rise in pet insurers, people are starting to think twice about the costs and risk associated with pet insurance,” said Wohl.
“Pet insurance coverage can be quite inexpensive, but the cost will depend on how many pet owners you have.”
According to Pet Insurance Initiative, a non-profit that advocates for the pet industry, there is a need for better pet insurance options to protect pets and their owners from high vet bills.
“Unfortunately, pet insurance is not being offered at the same level as it was 20 years ago,” said David J. Czernia, president and CEO of Pet Industry Alliance, in the statement.
“[Pet insurance] is not a safe place to be and the industry is not offering the best rates to pet owners.
I am not suggesting that pet insurance will be cheap, but consumers should have the option to buy a pet through a reputable pet insurance provider if they are in the market for a pet.”