When did pet insurance start?
The Origins of Pet Insurance in the USA
Pet insurance, like human health insurance, provides financial coverage for veterinary care. It helps pet owners manage unexpected medical expenses and ensures that their furry companions receive the best possible care. But when did pet insurance first make its debut in the USA? Let’s explore!
1. The Early Days: 1982
In 1982, a significant milestone occurred in the world of pet insurance. The famous TV dog Lassie received the first pet insurance policy in the United States. This groundbreaking policy was issued by Veterinary Pet Insurance (VPI)1. VPI recognized the need to protect pets and their owners from unforeseen health expenses, just as human health insurance does.
2. The Hambone Award and Unusual Circumstances
VPI didn’t stop at merely offering pet insurance. Since 2009, they’ve been presenting the annual Hambone Award to a pet covered by their policies. But what’s the Hambone Award all about? Well, it’s named after an unnamed dog who found himself trapped in a refrigerator and suffered from mild hypothermia. While waiting for rescue, this resourceful pup managed to devour an entire holiday ham! 🐶🍖
The Hambone Award celebrates pets that have incurred injuries under the most unusual circumstances. It’s a fun and heartwarming way to highlight the unexpected adventures our pets can get into.
3. Pet Insurance Today
Fast forward to the present day, and pet insurance has become more widespread. However, it’s essential to note that pet insurance is a form of property insurance, not health insurance. Pet owners pay premiums, and the insurance company reimburses them after their pet receives care and they submit a claim.
Here are some key points about pet insurance today:
- Coverage: Pet insurance policies primarily cover dogs, cats, and horses. Some policies may also extend to more exotic species.
- UK vs. US Policies: In the UK, policies may cover 100% of vet fees, while in the United States and Canada, policies either pay off a benefit schedule or a percentage of vet costs (usually 70–100%) after reaching a deductible.
- Exclusions: Exclusions vary, but common ones include pre-existing illnesses, hereditary disorders, and intentional harm to the pet.
4. Pet Insurance Adoption Rates
Despite its benefits, pet insurance adoption rates in the United States remain relatively low. As of the latest data available, only 0.7% of pets in the US are covered by pet insurance1. Perhaps more pet owners will recognize the value of protecting their furry friends in the future.
In summary, pet insurance has come a long way since Lassie’s policy in 1982. It’s a testament to our love for our pets and our desire to provide them with the best care possible. So, if you’re a pet parent, consider exploring pet insurance options—it might just be a lifesaver for your beloved companion! 🐾🏥
I hope you enjoyed this historical journey into the world of pet insurance! If you have any more questions or need further information, feel free to ask. 😊
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