Pet Insurance

Joyce Boncal of Advertise You was nice enough to point me towards an article in the Hartford Insurance Examiner by Harry Packman. It explains Pet Insurance very well… I have reprinted some of it here.
Pet insurance was introduced about 30 years ago and has grown into a substantial business, with 24 providers in the U.S. (12), Canada (7) and Great Britain (5). The twelve U.S. insurers offer 34 different plans each for dogs and cats (we’ll cover exotic pets later) with monthly premiums ranging from $5.75 to $76.79 for dogs and $4.08 to $67.14 for cats, depending on varying deductibles, coinsurance, maximum limits and covered items. Deductibles range from $50 to $200; coinsurance from 10% to 20%; limits from $5,000 and up and the inclusion or exclusion of a variety of additional exposures:

• Hereditary, chronic or congenital conditions.
• Prescriptions, drugs, dental, optical and other medical supplies.
• Advertising and reward costs.
• Kennel and boarding fees.
• Spaying and neutering.
• Lost pet recovery tag.
• Cancer.
• Trip cancellation due to surgery.
• accinations, heartworm testing, annual physical exam.
• Behavior modification.
• Loss of pet not due to natural means, euthanasia, burial and cremation.

Sometimes, accidents are treated differently from illnesses (ref: Danny Workman’s Examiner article entitled, “Insurance 101: Pet accident insurance”). There are some standard exclusions for dogs. A dog over ten years old, for example, is usually not insurable regardless of health.

Some dogs are classified as “dangerous pets”. The most common breed to be so classified is the pit bull and insurers, considering them high risk, are disinclined to underwrite this breed. Other breeds, sometimes classified dangerous, are rottweilers, dobermans and shepherds, depending on the lineage of the animal.

Exotic pets have become increasingly more popular and, therefore, exotic pet insurance more available. Insurers recognize that the exotic animals have special care health issues and needs over and above the typical needs of a dog or cat. Exotic pets include:

• Rodents – their teeth grow continuously, so dental care is the predominant concern.
• Reptiles – can live a long time; they have need for proper feeding and nutrition.
• Avians – delicate creatures; neglect and mishandling are common causes of death.
• Pigs – susceptible to respiratory and digestive problems.
• Fish – especially prone to health problems due to changes in their environment or misfeeding.

Note: Horses, although a pet to some, are generally considered in the underwriting of farm or sports risks.

Star-Schein Insurance Agency offers Pet Insurance endorsed by the American Society for the Prevention of Cruelty to Animals also known as the ASPCA.  The company donates a portion of the every policy that we sell directly to the ASPCA.

If you have any questions about the company or policy, please do not hesitate to contact Agency Principal-Charlie Schein.