The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before.
One thing is for sure: As the industry grows, pet insurance is becoming as confusing and messy as health insurance is for humans.
Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category.
AdvertisementThe big problem with pet insurance is it's just an expensive productThere are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness.
Advertisement"It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.
Persons:
Gina Papini, Kato, Papini, That's, they've, Kevin Brasler, that's, Dan, Michael San Filippo, they're, Doug Kenney, Kenney, It's, Brasler, she's, Emily Stewart
Organizations:
American Pet Products Association, Pet Health Insurance Association, American Veterinary Medical Association, Rover, Consumers, Business
Locations:
reimbursing, Mexico