Pet Health Insurance FAQ
Q: How many pets are insured in North America?
A: Nearly 1 million pets are insured in North America.
Q: What’s the breakdown of insured pets?
A: Approximately 85% of the pets insured are dogs. 15% of pets insured are cats. Less than 1% are “other” (i.e. birds, reptiles, and pocket pets).
Q: Did the economic downturn affect the pet health insurance industry?
A: For the past 3-4 years, despite the nation’s economic downturn, NAPHIA member companies are seeing an average 6% growth annually in new business.
Q: What does a typical pet health insurance plan purchaser look like?
A: Most plan purchasers describe themselves as affectionate pet owners, many of them are female (either single or attached) who live in large urban areas. Most pet insurance customers are childless. Empty nesters are also prominent.
Q: What are the different types of pet health insurance coverage available?
A: There are three types of pet health insurance coverage:
1) Accident Only
2) Accident and Illness
3) Accident, Illness and Wellness
The cost for any of these options ranges between providers, and is dependent on other factors such as breed, age, prior medical history of your pet, etc.
Q: What is the most popular type of coverage?
A: 60-80% of pet policyholders opt for the mid-range level.
Q: When is the best time to get a pet insured?
A: The earlier you enroll your pet with pet health insurance, the less expensive your premium will be. If you decide to insure your pet after some years, your pet is less likely to be covered for any pre-existing conditions, however, there are still providers that do insure pets with pre-existing conditions. No matter what the age of your pet, we still recommend that you insure your pet at any time in their lives. We can never predict what new condition or illness time will bring, and insuring your pet means that you’re protecting yourself financially and ensuring your pet’s well being.
Q: What are some of the drawbacks of having pet health insurance?
A: Some have cited that reimbursement and co-payment as some of the drawbacks of having pet health insurance. Like all other types of insurance, there is a delay in reimbursement, and also co-payment between the insurance provider and the applicant. There is a process and waiting period because pet health insurance providers want to lessen the likelihood of fraud.
Q: How is the price of premium for pet health insurance provided?
A: How much a customer pays for pet health insurance depends on some of the following key factors:
1) Age of pet
2) Breed
3) Postal Code – to determine where the nearest veterinary clinics are to your proximity.
Q: If a customer has multiple pets, would they be able to qualify for a discount?
A: Yes, customers who have multiple pets quality for a discount on their premium with some companies.
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