Archeological evidences show that the first true domestication of a dog by human beings took place some 14,000 years ago, long before the concept of agriculture and cultivation emerged. Dogs have been a constant companion of humans, since then. Consequently, sheep, cats, horses, and other such animals have been domesticated. From helping humans in hunting to dancing with humans on pop music, the relationship between humans and pets has come a long way. Domestication of animals may have started for various reasons like food, means of transport, etc. but today these pets are looked upon by humans as members of their families. Their birthdays are celebrated and their deaths are mourned. Various goods and services have been engineered to suit the contemporary lifestyle of these pets.
Pet insurance is one such service. Exclusively meant for pets, it is nothing but an insurance policy to cover expensive veterinary procedures, either entirely or partly. Just like human health insurance, it involves payment of some out-of-pocket, monthly or yearly, premium. The idea of pet insurance is at least a hundred years old, with the first pet insurance policy written in 1890. The global market for pet insurance is set to cross $28,377.8 million by 2028. Needless to say, this service of pet insurance is becoming more and more popular with every passing day.
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What does Pet Insurance Offer?
Pet insurance has a holistic coverage spanning over three key policy types- wellness, accident, and comprehensive coverage. Wellness policy coverage includes regular routine checkups or preventive care such as vaccinations, annual checkups, flea and tick control etc. Accident coverage includes car accidents, poisoning, cuts or bites, broken bones and similar accidents. Comprehensive insurance coverage includes both accidents along with chronic conditions such as cancer treatments, surgeries and associated hospitalization, dental illness, etc. However, death benefits are not included in any of the above mentioned three types of insurance policies. Death benefits and theft cover is available in specific insurance policies which are applicable only to certain valuable animals. Moreover, in most cases, expenses arising during pregnancy of your pets will have to be borne by you.
Why is Pet Insurance Market Expanding?
Owning a pet involves serious efforts and commitment. Taking responsibility of your pets include taking care of their diet, hygiene, and health. At the same time, veterinary care and provender products are becoming expensive day-by-day. All these things can seriously create a burden on your budget. In such a scenario, a pet insurance helps by lifting weight off your shoulders by assisting in managing the finance side of your pet’s health. Pet insurance, depending on the plan you have chosen, covers the pet’s medical bills either fully or partially. Thus, the kind of aid pet insurance provides, makes it extremely popular among pet owners and has resulted in the ballooning of pet insurance market size.
Impact of Covid-19 on Pet Insurance Industry
Though there was a continuous growth in the global pet insurance market size, COVID-19 resulted in a discontinuation in this trend. A major contributor to this decline in market size was the lockdown that was enacted by various governments across the globe and the resulting temporary closure of diagnostic veterinary centers in these countries. Lockdown-induced decline in the economic activities in these countries was also a major factor for this stagnation in pet insurance market. This anomaly presented by the pandemic has compelled the pet insurance companies to recalibrate their policies so as to suit the present conditions better. Market experts, hence, opine that the pet insurance market, which is facing slowdown currently, will surely bounce back.
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Why You Should Buy Your Pet this Gift of Pet Insurance?
Pets have always given solace to human beings and are considered by many psychologists as a great way to overcome depressing phases of life. Also, pets have always been great companions of human beings in times of delectation. Opting for a pet insurance is a great way to give something back to your pet without significantly affecting your budget.
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