Pet Insurance premiums are rising purportedly because of the popularity of this type of insurance. This has certainly increased the profitability of the pet insurance business and more companies are jumping into the field with some insurance companies specializing purely in this business.
Reasons for High Premiums
The prime reason for the rise in pet insurance premiums is the rising cost of veterinary fees and the high claim costs. The real reason may be that only the affluent section of the earning public can afford to get pet insurance. Some observers also think that pet insurance premiums have increased because some companies have introduced a wide variety of obscure aspects that can be covered. Another reason cited for the rising cost of pet insurance is the rising cost of keeping pets. These include the costs of feeding, grooming and veterinary visits. Pet lovers agree that nothing can beat the companionship and obedience from a pet. The companionship is especially valuable for people who live alone.
Why Pet Insurance
With pet insurance, you can be protected from the sudden cost of high veterinary fees when your pet falls ill or is involved in a mishap. Keeping pets has its own dangers (not just pet hairs and smell). In the USA, the majority of pets are dogs and in the UK the majority is cats. Although cat-nabbing is still unheard of, dog-nabbing (or dog-napping) has risen to register as many as 2,000 dogs being stolen each month as highlighted in the media. This is another reason for the hike in pet insurance premiums because if the dog or a pet is stolen the insurance company pays for the cost of tracking down the lost or stolen pet.
It is no wonder that the insurers recommend outfitting your pet with an identification collar and accompanying your pet in any public place. According to a study, about 48% of Britons put a microchip on their pets to monitor their movements. Keeping a pet is a full time commitment and no easy job. You have to be certain that you can afford to feed and take care of the veterinary costs of the pet. It is important to do some research beforehand as to what sort of pet will fit into your lifestyle.