U.S. pet owners discovering new veterinary insurance

Knight-Ridder Newspapers

BRADENTON, Fla. -- Bradenton residents Kimberly and Jeffrey Brooks have six cats and a dog. Just routine care on their four-legged friends can quickly add up to several hundred dollars a year.

Five years ago, Mrs. Brooks signed up for an "Optimum Wellness Plan" offered by Banfield Pet Hospital, which operates out of PetSmart pet stores. The plan gives her pets free office visits and discounts on vaccinations, alteration surgery, lab work and general examinations.

"The last time we took our cats in for vaccines and fecal exams, we saved $300," she said. "The economy isn't very stable these days, and if you don't have coverage for your pets, you're less likely to take them to the vet, because you're worried about making ends meet for yourself."

As the average life span of household pets increases and the cost of veterinary care rises, more owners are considering health insurance for their animals.

The policies range from "wellness plans" like Banfield's that offer preventive care, to managed care programs that cover everything from grooming to major surgery.

Although common in Europe, pet insurance is still in its infancy in the United States, with only a handful of companies offering comprehensive coverage. However, that's expected to change as the trend catches on.

Veterinary Pet Insurance (VPI), one of the first companies to offer pet policies in the United States, estimates that the number of owners carrying pet insurance will increase fivefold in five years, providing an additional $250 million to the veterinary industry. Some companies are even offering pet insurance as a benefit to employees.

"People consider their pets as members of the family, and like everyone in the family, they want to protect them with medical insurance," said Michelle Desai, marketing and public relations coordinator for VPI in Brea, Calif.

Just as people should do their homework when choosing a veterinarian, they should conduct as much research as possible before signing up for pet insurance. Some companies will only cover cats and dogs, while others like VPI also offer policies for birds and exotic pets.