Pet Insurance

At the risk of sounding utterly ridiculous, development economists have likely used this variable as a measure of how developed an economy or sample population is relative to another. And that variable is … pet insurance. Both the number of policies that have been taken out relative to the size of said population as well as the supply of providers of pet insurance in a given territory. Like jewelry sales, or other luxury items, pet insurance is typically reserved for those folks who have already taken care of the host of other necessities life throws your way. While many folks feel pet insurance is simply a variation of human health insurance, having the means to take out a policy would come after one’s household and a plethora of other things have been covered.

The first pet insurance policy was written way back in 1890. Roughly 50 years later in Britain, the first policy was sold and in 2009 Britain had the second-highest level of pet insurance policies underwritten in the world. At 23%, it’s a high number, but does not beat out the Sweden. Getting back to that development economist point. Guess what one of the most developed countries in the world is by nearly all measures – Sweden.

In the United Kingdom some policies pay up to 100% of vet fees, but like a normal health policy there is usually a co-share payment structure. Policies in the U.S. and Canada will pay off a percentage after reaching a deductible and for elevated bills some vets will enter into private repayment plans on a case by case basis. For most pet policies one has the non-lifetime and lifetime policy. The former covers most conditions said pet could suffer during the year, but once a renewal is made that condition would be excluded and any further treatment would be the sole responsibility of the owner. The latter category however covers ongoing conditions, which means if it was claimed during the first year it will not be subject to exclusion during all subsequent years.

When it comes to shopping around and choosing a company, dogs and cats are the most commonly covered? If you want to enter into the farm animal world, a horse for example, then those are usually more boutique offerings. Hereditary and congenital conditions such as eye cataracts, heart defects, diabetes or even hip dysplasia are included, and the deductible is on an annual or per-incident basis. Reimbursements are also calculated based on the vet’s bill which also differ state to state, and country to country.

If you’re living in an area with a plethora of suppliers, be grateful because you’re likely residing in one of the most habitable places on the planet. Not every culture is offering diabetes coverage for little Rover.