Long ago, when working as a veterinarian technician, the idea of pet insurance was literally a joke. It was usually heard being bantered about between the front office and a pet owner who had been hit hard in the wallet by an unplanned emergency visit to the hospital.Times have changed.
Corporate Aetna Insurance Company of Connecticut (AICC) is underwriting new policies in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota, and Texas, according to Pets Best Insurance LLC (Pets Best). Starting December 12, 2008.
Policy holders will be automatically notified when their coverage rolls over to AICC.
"This will be a seamless transition for our existing customers and will allow us to provide more options for pet owners, including increased coverage and additional deductible levels," said Jack Stephens DVM, president of Pets Best. "In these uncertain economic times, we want pet owners to know that they don't have to deal with pet accidents and illnesses alone."
Pets Best plans reimburses owners based on a straightforward 80% of veterinary bills after the deductible. Premium rates with AICC will be based on experience by breed, pet age and the typical veterinary costs within each policy holder's local area.
There are a number of pet health insurers, including Veterinary Pet Insurance, which has been providing coverage since 1980. (One of their earliest customers was the famous TV star, Lassie; and the company has more than 1 million policy holders.)
When considering insurance coverage, as with humans, there are many factors. Do the research. Ask around, check out sites such as www.petinsurancefaq.com, which lists unbiased, clear answers to common questions.
The idea of pet insurance is nothing new. Pet owners across Europe have been buying it since the 1940s. In the United States, coverage has only been available since the early 1980s.
And the care of companion animals is a healthy and growing market.
In the U.S, humans spent $10.1 billion on pet health care in 2007, according to a recent American Pet Products Manufacturers Association survey.
