Pet insurance is blowing up (in a good way).
There’s never been a better time to be a dog or cat. Doggy-daycare, organic food and pet spas are all the rage.
Veterinary care has also improved tremendously. In fact, if you visit a veterinary hospital today you might think you accidentally walked into a human hospital.
And if you walk into a veterinary hospital with your dog or cat today because they need emergency care you might go broke.
MRI’s, hip replacements, cancer treatment and other advancements can save your pet’s life, but they cost thousands of dollars.
Better care = good.
Better care = very expensive.
Answer: Pet Insurance
Below are 100 facts about pet insurance so you can get a better idea what it’s about.
100. The first pet insurance policy was written by Claes Virgin in 1890 in Sweden
99. In 1924 the first dog insurance policy was issued in Sweden
98. The first pet insurance policy was issued in the U.K. in 1947
97. Veterinary Pet Insurance (VPI) sold the first pet insurance policy in the U.S. to TV dog Lassie in 1982
96. From 1997 to 2010 there were ten new pet insurance companies that started selling policies in the U.S.
95. PetInsuranceQuotes.com launched the first independent comparison website in 2011
94. Dr. Jack Stephens is considered the Patriarch of American pet insurance (founder of VPI and founder of Pets Best)
93. Pet insurance is health insurance for pets
92. It is only available for dogs and cats
91. Pet insurance helps pay for expensive veterinary bills when your pet gets sick or injured
90. Pet insurance covers unexpected accidents and illnesses
89. Pet insurance does not cover routine care
88. Pet insurance does not cover pre-existing conditions
87. Pet insurance reimburses you for veterinary costs after you submit a claim
86. However, several companies offer wellness plans that you can add to your policy
85. Pet insurance is regulated as property & casualty insurance, not health insurance
84. Benfield does not offer pet insurance
83. There are 12 Pet Insurance Companies in the U.S.
82. 11 of 12 companies are BBB Accredited
81. 11 of 12 companies have an A rating or better with the BBB
80. 11 of 12 companies have A.M. Best Insurance Rating of “A (Excellent)” or better
79. All 12 companies allow you to use any licensed veterinarian in the U.S.
78. Trupanion is the only publicly traded pet insurance company in America, trading under the tick symbol “TRUP”
77. Ohio is home to the most pet insurance companies with two headquartered in the Buckeye state (Embrace and ASPCA)
76. The North American Pet Health Insurance Association (NAPHIA) is the official industry trade organization
75. There were more than 1.5 million pets insured in North America In 2013
74. NAPHIA member pet insurance companies insured 1,033,983 pets in 2013
73. Petinsurancequotes.com is the only licensed pet insurance agency in the U.S.
72. There are 120 million veterinary visits every year in the U.S.
71. A pet receives emergency medical care every 2 ½ seconds
70. Every six seconds, a pet parent is faced with a vet bill for more than $3,000*
69. Dogs under the age of one are 2.5 times more likely to have an unexpected visit to the vet
68. One in three pets will need emergency veterinary treatment every year
67. The annual cost of owning a dog is $1,649
66. The annual cost of owning a cat is $1,271
65. In 2014 the total U.S. pet industry totaled $58.5 billion
63. In 2014 expenses on veterinary care totaled $15.3 billion
64. In 2013 expenses on veterinary care totaled $14.4 billion
62. Veterinary expenses increased 6.3% from 2013 to 2014
61. In 2014 Pet Supplies & OTC Medicine totaled $13.7 billion
60. The U.S. pet industry projected to reach $61 billion in 2015
59. In 2015 expenses on veterinary care are projected to exceed $16 billion
58. You can purchase a pet insurance policy online or over the phone
57. The # 1 reason people don’t buy pet insurance is cost
56. Cost is also the most important factor when pet owners shop for pet insurance
55. Straightforwardness of coverage is the second most important factor
54. Deductible amount is the third most important factor
53. 93% of current pet insurance customers are satisfied with their provider
52. 78% of primary care givers for pets are women
51. 65% of pet insurance customers are over 40 years old
50. Nearly 50% of pet insurance customers are over 50 years-old
49. 62% of pet insurance customers have a household income of $50k or greater
48. 87% of pet insurance policies cover dogs
47. 13% of pet insurance policies cover cats
46. 57% of pet insurance customers spend more than two hours shopping for plans
45. 32% of pet insurance customers spend more than four hours shopping for plans
44. The #1 reason people buy pet insurance is that they, “Want to make decisions about their pet’s health care without worrying about whether or not they can afford treatment”
43. The #2 reason is people buy is that they, “Have been faced with expensive vet bills in the past and want to avoid them in the future”
42. The #3 reason people buy is, “Peace of mind”
41. 21% of pet owners would spend over $5,000 for emergency surgery on their pet
40. 11% of pet owners would spend over $10,000
39. 14 Days — The aerage waiting period for accident coverage
38. 14 Days — The average waiting period for illness coverage
37. 6 Months — The average waiting period for orthopedic issues
36. Accident & Illness Coverage account for 95.6% of policies-in-force
35. Accident-Only Policies account for 3.1% of all policies-in-force
34. Insurance policies with Wellness Care added accounted for 1.3% of policies-inf-force
33. The most insured state is California
32. The second most insured state is Florida
31. The third most insured state is Texas
30. New York, New York is the most expensive city in America for pet insurance
29. Brownsville, Texas is the least expensive city in American for pet insurance
28. When you make a claim you get reimbursed directly from the company
27. The average age of enrollment for a pet is 3 ½ years old
26. Over 50% of policyholders file a claim each year
25. 75% of pet owners make a claim during the first three years after enrollment
24. 35% of all pet insurance claims are for chronic conditions
23. The most common and expensive pet insurance claims are for torn knee ligaments in dogs
22. The second most common claims are for ingested foreign objects
21. The 3rd most common claim is for intervertebral disc disease (IVDD)
20. The most expensive health issue is heart disease, which can exceed $20,000
19. The second most expensive health issue is cancer, which can also exceed $20,000
18. The third most expensive health conditions are orthopedic issues which can cost between $2,000 to $15,000
17. The five most expensive dog breeds to insure are the English Bulldog, Bernese Mountain Dog, Rottweiler, Great Dane and French Bulldog
16. In 1988 only 56% of U.S. households owned a pet, today over 68% of U.S. households owned a pet
15. There are 96 million cats and 83 million dogs in the U.S.
14. Bayer HealthCare conducted a survey of 2,100 pet owners where 50% agreed the cost of veterinary care was much higher than they expected
13. The U.S. pet insurance industry experienced 10.1% annual growth over the past five year (2009–2014)
12. The U.S. auto insurance industry experienced an average 1.9% annual grwoth rate over the same time
11. The average pet insurance policy for a dog costs $33 per month
10. The average pet insurance policy for a cat costs $22 per month
9. The average cost of pet insurance is $27 per pet
8. The American pet insurance market was $622 million in 2014 (does not include Canada)
7. Analysts are forecasting a 12.6% revenue increase in 2015 over 2014
6. Between 2015 and 2020, industry revenue is forecast to increase at an annualized rate of 6.8 percent, driving annual sales to $1 billion
5. We estimate there are approximately 1.5 million pets insured in the U.S.
4. Only 0.8% of American pets are currently insured
3. Approximately 23% of dogs and cats in the U.K. are insured
2. Over 30% of dogs and cats in Sweden are insured
1. If the U.S. market had the same penetration rate as the U.K. we would have 43 million pets insured and the market size would be a $17.3 billion annually
Want to learn more about pet insurance?