Pet Insurance is a relatively new vertical in the US. In total, only about 3% of all pets (including birds, horses, exotic and small animals and fish) in America are insured which is quite a low number compared to countries like Sweden (49%) and the UK (12%).
According to APPA (American Pet Product Association), the number of US households that own pets has steadily increased to an all-time high of 72.9 million in 2011/2012. However, less than two percent of pets in the US are insured. APPA also projects that pet owners are going to spend up to $12.2 billion dollars for veterinary care in 2012. As the market for pet insurance continues to grow and the numbers of pets are rising, Pet Premium wishes to support pet owners in making an informed, independent decision and to have a positive effect on the pet insurance industry’s growth.
On average, Americans spend about $50.84 billion a year on pet expenses of which half ($25.81 billion) are used for medical expenses. For many Americans, pets are part of the family so it comes as no surprise that the pet industry is booming. Americans are now investing more than ever in treatments and care to give their pets the most comfortable life. Although pet health insurance could cover up to 90% of most vet bills, only 3% of 78 million dogs and 1% of 86.4 million cats in America are insured.
Pet health insurance provides coverage for the costs associated with healthcare for a pet. Pet policies provide coverage for costs associated with taking a dog or cat to the veterinarian. Emergencies and health problems do not respect the family budget. Proper insurance coverage helps make healthcare more affordable in these situations.
Depending on the pet health insurance plan, benefits usually available are laboratory tests, exams, treatments, and prescription drugs associated with a covered injury or illness. In many cases there may be deductibles and co-pays. Another option is an accident-only policy. This provides coverage when the pet is injured but would not provide reimbursements for illness related treatment. Take time to compare pet health insurance policies to find the best benefits for your situation.
Pet Insurance Lead Generation
Pet Insurance is an affordable policy that is a cross-selling product because many consumers who own a pet may also need home or car insurance. Therefore, this niche product offers great opportunities for lead generation.
ReviMedia actually is owner of its own pet insurance carrier, PetPremium.com which was launched in October 2013. PetPremium’s mission is to help keep your pets healthy, happy and protected, and provides its own pet insurance programs for pet owners across the country.