What Is Pet Insurance?

Pets bring love and affection to the household, but they also bring responsibilities as well. Taking proper care of a family pet means feeding, cleaning up and, most importantly, making sure that they are healthy. Unfortunately, there are times in which your pet can become injured or sick and a trip to the veterinarian can be an expensive one.

So what exactly is pet insurance?

Pet insurance is a policy that you take out on your pet in case they need treatment from a vet. With the ever rising costs of veterinary services, pet insurance has become more popular in recent years. The insurance acts as a hedge against the costs, made possible by the payment of a monthly fee that provides a certain level protection against veterinarian costs.

When did pet insurance first begin?

The first pet insurance policy was written in 1890 to cover horses and livestock on farms. Pet insurance was later modified to cover house pets and the like. It was not until 1982 that the first pet insurance policy was written in the United States, which, interestingly enough, covered the famous canine Lassie.

At first, pet insurance only covered injury or illness, but today there are many policies that also provide coverage for preventative care such as vaccinations and elective surgery such as neutering. Today, pet insurance has grown to become similar to most health insurance policies for humans, complete with deductibles.

Other features of pet insurance

The field of pet insurance has also expanded beyond the medical realm to include insurance payouts for pets that pass away, get lost, or are stolen. Such policies are not that common for most pets, but certain pets that earn money, such as show pets, may require insurance policies to cover losses if they are not able to perform.

What are the benefits of pet insurance?

For most people, pet insurance is a safeguard against the rising costs of pet health care. A small monthly fee is much easier to pay than a single, large medical bill. Much like health insurance for humans, pet insurance covers a large percentage of the bill, usually 80% to 90% depending on the policy.

For pets that actually earn an income or provide a monetary benefit to the family, pet life insurance is a way to mitigate the loss incurred when a pet passes away unexpectedly, becomes lost, or is stolen.

Pet insurance has come a long way from its first beginnings. Pet insurance is definitely something to look into if you strive to be the best pet owner you can be and it’s also a very good idea to keep a pet first aid kit on hand.