Yes, it is true, more and more companies are now providing insurance for pets. In an article titled, "Pet Industry trends for 2008," by Laura Bennett, it reports, "We estimate the 2007 market size for pet insurance in the U.S. to be approximately $195 million in premium, up from $161 million in 2006, a 21% increase, and we expect 2008 growth to increase. We know of at least 2 more companies launching in 2008, adding to the current 9 pet insurance providers in the U.S. One of these companies is a mainstream pet food brand that has had an interest in pet insurance for many years. New entrants with money is good news for the industry as bigger marketing budgets means increasing awareness for pet insurance in general. Look for some of the largest big box retailers to jump on the pet insurance bandwagon later in 2008, which will start to push the mass awareness required to take pet insurance mainstream."
Pet insurance is obviously taking on a big part in 2008 more than it ever did before. As Bennett reports, growth for insurance on pets is just beginning and will only get larger. And the idea of insurance for pets is spreading past health.
More and more people are taking their pets with them on trips, as Bennett reports. This doesn't just lead more hotels to accept pets and more small businesses to carry pet products, but also pet insurance options to be added on to your car insurance. For example, Progressive Insurance now offers Pet Injury Coverage which can be added to your plan at no extra cost. This means if they are injured in an accident, their bills at the vet will be covered! This is a wonderful idea for a lot of pet owners because they now feel safer taking their pet on trip with them.
Insurance for pets is just one more idea for pets that is causing a boost in the animal industry.
http://www.smallbiztrends.com/2007/12/pet-industry-trends-for-2008.html/
http://www.progressive.com/understanding-insurance/are-pets-covered-in-accidents.aspx
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2 comments:
Great summary Katie. Any thoughts on trends for 2009?
Hi, Katie, I’m from Progressive and saw your post about insurance for pets. I just wanted to clarify that our pet injury coverage is included at NO additional cost to customers with Collision coverage.
We know how much our customers love their dogs and cats – many of us have pets ourselves (I personally consider my dog a member of my family) – that’s why we re-worked our policy to cover not only the people in the car, but also the dogs and cats.
Thanks for your excitement about our pet injury coverage. We appreciate it!
Leah Knapp
Progressive Public Relations
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