Pet insurance remains unpopular despite rising vet costs

The expense associated with companion animals health care is growing, but many owners don’t buy coverage.

It wasn’t very long ago that veterinary costs were quite affordable and pet insurance was relatively unnecessary, as the health care that was provided to animals was relatively limited and somewhat low-tech.
Times have rapidly been changing and the cost of providing health care to animals has been skyrocketing.

As a growing number of people consider their animal companions to be nothing less than furry family members and expect them to be able to receive the same type of medical treatments as humans, the price of providing that care has, over the last few years, gone through the roof. While this has provided a very good argument in favor of purchasing pet insurance, many owners have yet to catch up with this mindset and still see it as more of a luxury than a necessity.

Pet insurance trends are growing much more slowly than the cost of health care for animals.

The average amount paid to veterinarians in the United States is $575 per cat and $852 per dog, according to data released by the American Pet Products Association. Even as the economy has struggled, the vet costs for all types of animals increased by 14.3 percent from 2006 through 2011, while at the same time, there was an increase in the Consumer Price Index by 11.6 percent, said the American Animal Medical Association.

According to Seve Siadak, the owner of Healthy Paws Pet Insurance, the reason that veterinary costs are rising as quickly as they are is that newer procedures – such as teeth cleaning, cancer treatments, and knee surgery – have come available for these fuzzy family members, and these prices are combined with inflation.

Though this is the case, and it is widely known among American animal owners who are watching their vet care bills rise, less than 1 percent of the estimated 1.71 million cats and dogs in the country have pet insurance coverage. This is tremendously lower than in the United Kingdom, where 26 percent of cats and dogs are covered, and in the Netherlands, where 48 percent have a policy.

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Dog Owners Praise Pet Insurance After Close Call

A dog in Emerald Isle found himself in a life-threatening situation after doing what dogs are known for doing-eating something they shouldn't have. The owners are urging other dog owners to keep their pets safe, and insured, because they never suspected their dog Luke would be in such a serious situation.

One golf ball is all it took to put Luke, an 83-pound black lab, in a situation where he was fighting for his life.

"I didn't know if I was going to see him again so I said goodbye," said 12-year-old George Ricks.

"It was kinda scary because he's a really good dog and he's the best dog I could ask for," said George's twin brother Nelson.

Nelson and George Ricks are 12-year old identical twins. They live in Emerald Isle with their parents and their 7-year old dog Luke. The boys were hitting golf balls at their grandmother's place nearby. Luke fetched one and swallowed it.

After failed attempts to get him to throw up the ball at the house, and then at the vet. The family took Luke to Coastal Veterinary Emergency Clinic in Jacksonville.

"They decided to administer, or do exploratory emergency surgery," said Noelle Ricks.

An hour-long surgery into Luke's stomach followed. Noelle was out of town. All she could do was wait and hope.

"Luke is treated like one of our own children and just to, to get that call that everything's okay, just a huge sense of relief," said Noelle.

Luke pulled through and is at a hunting camp right now with a handler in Piney Grove.

Noelle says looking back, signing on with veterinary pet insurance when Luke was a puppy turned out to be a great decision. She says the surgery would have cost them $1,300 dollars. Instead, it cost them $50. The family says other dog owners in eastern carolina should think about insurance too because dogs are unpredictable.

Luke is up for the Veterinary Pet Insurance company's "Hambone" award. Each month the company picks the pet with the most unusual claim, and at the end of the year the 12 finalists are voted on for a winner. If Luke wins he gets a bag of toys. The vet who operated on him will get $10,000. You can find the nominees at the link below.

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How much will pet insurance cost?

The cost of pet insurance differ from each cases and it depends on a lot of different factors such as where you live, your pet's species, age, breed and most importantly, the product you choose. As pet insurance is so specific to each and every pet, there is no fixed cost to insure your best friend so it's important to make sure you do some research to find out which policy suits you best both in terms of cost and benefits.

There are tons of insurance providers in the market offering pet insurance, it can be difficult to decide which policy is right for you and your pet. Make sure you ask some of the following questions to be sure you get the best pet insurance you can.