The pet insurance industry is on the rise, with a 10-fold growth over the last 10 years and an increase from a single pet insurance company in 1997 to 11 companies today. With pet owners spending at least $650 on veterinary bills last year, pet insurance agencies offer families plans from $15 to $75 a month to help budget for pet health emergencies, according to USA Today.
Although only 1% of U.S. dogs and cats are insured (compared to about a fifth of pets in the U.K.), many companies have seen dramatic increases in sales. Pets Best, for instance, has had 20% yearly sales increases since 2005. Pets Best’s founder believes the increases in sales are due to the increasing costs of veterinary care and pet owners’ views of pets as family members.
Other companies are assisting pet owners with increasing costs by charging monthly fees to provide discounted vet care to their members while hospitals are offering loans.
To read more about the growing pet insurance industry: http://www.usatoday.com/money/perfi/insurance/story/2012-03-06/pet-insurance-veterinary-expenses/53388516/1