Why is Pet Insurance Relevant to Insurance Agents?

Pet Insurance

Pet insurance is very similar to health insurance for humans. Pets can develop all sorts of ailments like cancer, digestive problems, or skin issues depending on their age or breed. They can also get into accidents. Pets can be unpredictable. No matter how tame they are, they are animals in the end. Their curious nature might lead them to unforeseen accidents. They might ingest dangerous substances inside the home or get injured while playing. The bottom line is that they might need immediate medical care at any time.  

Pet owners understand this. Emergency vet care can be costly. Petplan, a pet insurance company from Philadelphia, revealed that the average cost of a surprise vet visit could cost anywhere from $800 to $1500. Most Americans will struggle to cover such steep expenses, according to the 2018 Report on the Economic Well-Being of U.S. Households. That is why more Americans are opting to get pet insurance for their furry friends.  

According to statistics from the American Pet Products Association (APPA), two-thirds of U.S. households have pets. Some of the most common pets are cats and dogs. APPA’s survey revealed that Americans owned 94.2 million cats and 89.7 million dogs in 2018. Out of all those animals, only 1% to 2% of pets have insurance. As per the North American Pet Health Insurance Association, Americans had insured 2.43 million pets in 2018. And the numbers are expected to grow.  

Pet insurance might be a comparatively smaller segment of the insurance market, but it is bound to grow over the years. Pet owners are treating pets more like prized family members rather than just animals. They genuinely want their pets to be healthy and happy, and shelling out on pet insurance isn’t an issue for them. If you’re an insurance agent, the pet insurance market is a sector you should explore.