What is Pet Insurance?

Simply put, pet insurance is a policy that helps insureds deal with the expenses of veterinary bills. This coverage can be compared to health insurance policies for humans. This policy provides both partial and full coverage of costly vet visits. Such a policy can also help ease the financial burden of unforeseen emergencies or annual vet check-ups. A pet insurance policy can drastically reduce the out-of-pocket expense of a pet owner.  

Just like with health insurance for humans, there is generally a deductible before the coverage of the policy begins. Pet owners need to pay an annual or monthly premium. Most carriers will set the premium payment based on the average cost of veterinary care in the pet owner’s area. Other factors that can influence the cost of pet insurance includes the coverage offered, the kind of animal that is being insured, the location of the pet, the age of the animal and the company that underwrites the policy. 

Most companies that provide pet insurance offer up to 90% coverage on most expenses for pet health care. While policies are different according to different providers, most cover surgeries, medication, prescription food, various tests and dental care. 

Pet insurance is a relatively small sector in the insurance market. Despite that, it’s still a niche that insurance agents should try and explore. The reason why this coverage is coming in the limelight is because people are increasingly treating their pets as beloved members of the family. They are buying pets premium food, making sure they are getting enough exercise and scheduling regular vet visits. Pet owners are genuinely concerned about the well-being of their pets, so getting this coverage is a no-brainer.  

The pet insurance sector is booming. This niche is more relevant now than ever before, so insurance agents should try and leverage this opportunity to grow their business.