Many pet owners would do anything for their loved one. They often dig deep into their wallets to provide the best care for their pets — sometimes at a steep price. When it comes to caring for a sick dog, visits to the veterinarian can become outrageously pricey in a hurry. According to the American Pet Products Association, routine vet care typically costs dog owners $235. In 2017, 1.8 million pets were insured. While this is up 11.5% year over year, this only represents 1% of the cats and dogs in North America. Related: Keep your cats & dogs free from these common & expensive illnesses |
Digging up opportunities
For agents and brokers, this represents an untapped market lush with opportunity. While pet insurance may cost a few hundred dollars annually, it will more than make up for it if a pet owner has to go to the vet even once, depending on the illness affecting the pet. Depending on where a pet owner lives, agents and brokers can push for pet insurance since the cost of premiums varies by area. Research from WalletHub identified the five best cities in terms of lowest dog insurance premiums. With this in mind, are you living in a city known for its low dog insurance premiums? For the sake of your wallet and dog, check out the slideshow below and decide whether it's time to sign up for some pet insurance for your dog. Related: Mirror markets: Will pet insurance be the next renters' insurance?
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
