Pet insurance holders a rare breed
no more
May 26, 2007
Cheryl Suydam may forever refer to it as that darned sock. And,
no, it had nothing to do with the mending or stitching of the footwear.
"Our cat (Cletus) had eaten a sock when she was younger," said
Suydam, a Califon resident and owner of three pets. "So it
meant a late-night visit to the emergency veterinary hospital,
and it cost hundreds of dollars to get her better."
So when Suydam and her husband, Terren, decided to adopt a puppy
at the St. Hubert's Animal Welfare Center in Branchburg two years
ago, they joined the small but fast-growing list of people who
are choosing to get pet insurance for their animal friends.
According to Packaged Facts, the publishing division of MarketResearch.com,
sales of pet insurance in the United States exceeded $160 million
in 2005, compared with $129 million in 2004.
In Suydam's case, she looked into getting pet insurance for the
new addition and the rest of her domestic animals.
Cletus was too old to be affordability insured. Anneka, their
other dog, had a pre-existing heart condition. But the Suydams
were able to get their new Labrador-shepherd mix, Gatsby, an insurance
policy for a cost of $30.74 per month.
Suydam admits she feels the ambivalence of paying a premium without
immediate, or guaranteed, returns. But then, who is overjoyed
about paying any kind of insurance?
"Gatsby is a bit of a goofball, and he's likely to get in
some trouble somehow," Suydam said. "We haven't had
to use it for anything other than vaccines and his wellness exam,
fortunately. But it's kind of like Murphy's Law because, honestly,
it's not really paying for itself right now. But maybe one day
it will."
Angelo Iacono also feels the protection without the instantaneous
payoff. Iacono, the owner of Trattoria Uno restaurant in Branchburg,
has his dog, Viszla, and cat, Bambi, insured for the basics for
a combined $30 a month. It's a price he is willing to pay for
fear of being dogged with a catastrophe in the future.
"It's peace of mind," Iacono said. "You just treat
it the same as you would for insurance for yourself. I actually
pay about $350 a month for myself for medical coverage and I'm
not sick. I go to the doctor's once a year for a cold. But then
you never know."
Giving paws
Statistics show an increasing number of owners are either inquiring
into or investing in pet insurance, which mainly covers the veterinary
expenses of dogs and cats, as well as birds, reptiles, rabbits
and other exotic pets, too.
At Veterinary Pet Insurance, the oldest and largest pet health
insurance company in the United States, the number of pets insured
has grown from 195,000 in 2002 to a current number of 435,000.
VPI, which began insuring pets in 1982, also reports approximately
85 percent of its policyholders opt for a medical plan with additional
coverage riders for routine care.
While the American Pet Product Manufacturers Association estimates
that only 3 percent of U.S. dog owners and 1 percent of U.S. cat
owners have pet insurance, there do appear to be regional hot
spots.
New Jersey ranks fourth out of the 50 states in VPI enrollments
with 8,892 new policies in 2006. Bridgewater had 151 new enrollments,
tops in Somerset County, which has a total of 461 polices. New
Providence had 175 new policies in Union County, which has a total
of 662 policies. East Brunswick recorded 223 new policies in Middlesex
County, which has more than 800 polices. And in Hunterdon County,
there are a total of 55 policies.
VPI also has competition with companies such as Pet Care, Pet
Assure, Petfirst Healthcare, Embrace, Pets Best, Pet Protect and
Hartville/ASPC.
References:
http://www.c-n.com/apps/pbcs.dll/article?AID=/20070527/NEWS/705270305
|
