Is it necessary to insure your pet?

Although originally a niche market, the pet insurance industry is growing rapidly. According to the Pet Health Insurance Association of North America, by the end of 2020, about 4.56 million pets will be insured in the U.S. and 280,000 pets will be insured in Canada. This means that since 2017, the number of insured pets in the U.S. has increased by 18% and in Canada by 10.9%. By the end of 2020, the pet insurance industry had reached $1.47 billion in business.

There are currently 12 major pet insurance companies in North America, but that number is expected to grow in the near future. This means that when looking for a pet insurance plan, there will be multiple options and policies to compare. In the following article, I will cover these 12 pet insurance companies.

Is pet insurance necessary?

Pet insurance is not limited to dogs and cats. The term "animal insurance" is often used to describe companion animals, which are a larger target for coverage.

According to the American Society for the Prevention of Cruelty to Animals (ASPCA), a companion animal is any species that is a suitable companion, including dogs, cats, horses, rabbits, ferrets, birds, small mammals such as guinea pigs, small reptiles, and fish. The main difference between the animals is that they are not wild animals or part of a wild hybrid.

There are a variety of pet insurance plans for companion animals. The most popular insurance plans are for dogs and cats, but coverage for birds, rabbits and horses is also becoming more popular. There are even some insurance companies that offer coverage for iguanas, and more pets are being added to coverage every day.

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