Dog Insurance
Growing market
The market is growing, though. In 2009, revenue for all dog insurance plans totaled $303 million — a figure expected to jump to $753 million by 2014, according to a report by Packaged Facts research firm.
Overall, dog insurance policy sales have increased between 8% and 10% annually at different companies, says Kristen Lynch, executive director for the North American Pet Health Insurance Association. Pets Best Insurance has seen a 20% increase in sales each year since it was founded in 2005, Vice President Chris Middleton says. The ASPCA Pet Health Insurance program also grew through the recession and beyond. At Embrace Pet Insurance, plan sales lagged during the recession but have since rebounded, says Alex Krooglik, co-founder and chief marketing officer.
This Best-Selling Top Dog Insurance tend to SELL OUT VERY FAST!!
If this is a MUST HAVE product, be sure to order now to avoid disappointment
Dog Insurance
Jack Stephens , who founded both VPI and Pets Best, attributes this increase to two factors: the rising cost of veterinary care and the strengthening bonds between dog and their owners.
"At the point where you're starting to view your dog as a member of the family, your sense of responsibility to that animal grows incredibly," Middleton says.
As veterinary medicine becomes more akin to human medicine, the costs associated with it continue to rise. Treatments and surgeries once reserved for people — such as chemotherapy, organ transplants and acupuncture — have made their way into the animal kingdom, along with hefty price tags.
Top Dog Insurance - In 2011, Americans spent an estimated $50.8 billion on their pets, and more than a quarter of those expenses — $14.1 billion — came in the form of vet bills, according to the American Pet Products Association. That's up about a third since 2007, when vet fees totaled $10.1 billion, the APPA reports.
Because "pets are becoming like our children," Stephens says, the money we devote to them is steadily rising.
"They want to have health insurance for their whole family, and most people consider their dog as part of the family," Salvatore says. "You don't want to have to make a heartbreaking decision if the dog could be saved but you don't have the money."
Top Dog insurance isn't the only financial product designed to keep pets healthy. Discount programs offered by companies such as Banfield Pet Hospital, Pet Assure and United Pet Care charge monthly fees and provide discounted veterinary care to members. And animal hospitals are making their own moves — such as forming health management organizations or offering loans — to assist pet owners.
Industry representatives predict dog insurance will catch on as pet owners look for ways to protect themselves from rising vet bills.