The pet insurance industry has experienced a 10-fold growth over the last 10 years, increasing from one, single pet insurance company in 1997 to 11 companies today. With pet owners spending up to $650 a year on veterinary bills, pet insurance agencies help offset the costs by offering plans from $15 to $75 a month, according to USA Today.
Although only 1 percent of U.S. dogs and cats are insured (compared to about a fifth of pets in the U.K.), many companies have seen a dramatic increase in sales. Pets Best, for instance, has increased sales by 20 percent each year since 2005. Pets Best’s founder believes the increase in sales are due to the increasing costs of veterinary care and pet owners’ views of pets as family members.
Some companies are assisting pet owners with increasing costs by charging monthly fees to provide discounted vet care to their members, while some animal hospitals are offering loans to assist pet owners.
To read more about the growing pet insurance industry: http://www.usatoday.com/money/perfi/insurance/story/2012-03-06/pet-insurance-veterinary-expenses/53388516/1