PetInsuranceQuotes.com shares results from the Second Annual Pet Insurance Cost Analysis based on pricing data from over 50,000 dogs and cats.
Columbus, Ohio (PRWEB) October 22, 2014
How much does pet insurance really cost?
Petinsurancequotes.com, the leading pet insurance comparison website, just released data from more than 50,000 pets who received quotes through the company’s system. The data shows that pet insurance prices have increased over the past 12 months, most likely in an effort to keep up with veterinary inflation.
The average premium for full dog coverage increased 10% over the past 12 months.
While the average premium for full cat coverage increased 17%.
“Pet insurance rates have gone up because insurers are trying to keep up with increasing veterinary costs,” said Nick Braun, founder of Petinsurancequotes.com. “As with any insurance policy, rates increase when the cost of claims increase.”
According to the Bureau of Labor Statistics the cost of Veterinary Services have increased nearly 25% over the past five years. Over that same period the Consumer Price Index has increased only 11%.
There are several factors
contributing to the increase in veterinary care, most notably the improvement in treatments. Many veterinary clinics now have x-ray machines and specialty clinics offer full orthopedic and oncology care. Some veterinary hospitals are even equipped with the same MRI technology available to people.
“There’s never been a better time in history to be a dog or cat,” joked Braun. “And for those people who consider their pet’s family, the availability of life changing and life-saving care is better than ever.”
It’s well documented, however, that improvements in veterinary care have come with a cost. Surgical treatments for ailments such as cancer, hip dysplasia and torn ligaments can cost $5,000 to $20,000. And these increasing costs for treatment is the primary reason pet insurance is becoming more and more popular in the U.S.
“Last year we generated about 150 quotes per day. This year we’re generating over 1,000 quotes per day. Clearly the interest in pet insurance has outweighed any price increases.”
There are currently 12 pet insurance companies offering policies in the U.S. To learn more about pet health insurance visit Petinsurancequotes.com .
For the original version on PRWeb visit: http://www.prweb.com/releases/2014/10/prweb12263414.htm