Veterinary Pet Insurance

Insurance for pets has become more popular in recent years. However, big insurance companies are not participating in this industry. The largest provider of pet insurance in the United States is Veterinary Pet Insurance (VPI) and it has recently been acquired by Nationwide, this is the first large insurance company that goes into this industry. In 1980, veterinarian Jack Stephens opened the first insurance for pets, he called it Veterinary Pet Insurance. Stephens decided to make insurance available of pets because of the unfortunate experience he had one day while going to the grocery store, a little girl called him “the man that kill Buffy,” a couple of weeks before Stephens had euthanized the dog because the family could not afford the required …show more content…
Also, every year owners spend millions of dollars in veterinary care, but the cost of veterinary care is raising making almost impossible to cover the bill if the pet gets extremely sick, and even thought is hard decision owners decide to put the pet down. Stephens wanted to avoid euthanasia. Medical treatment for a pet can be very expensive if the illness is not detected in time, and some owners are willing to go in debt to save the lives of their …show more content…
First, in order to acquire pet insurance a person needs to possess an animal, and they have to love it enough to provide veterinary care in case the pet gets sick because treatments can be pricy. Then, the customer has to research different pet policies and determine which one fits better. Finally, if the customers decides to buy he or she is agreeing to sign a contract and make appropriate payments on time. The decision to buy pet insurance is not strictly an economic decision because if that was the case nobody will buy it. A pet owner decides to buy pet insurance because they care about their pets and have feelings for them. A pet becomes like a member of the family and if a person acquires insurance is just because they want to be sure that in case their pet has an accident or has an illness is not going to cost them as much. Geoff Williams wrote the article “Is Pet Insurance Worth the Expense?” in which he describes that “The idea behind pet insurance is unimpeachable: You pay a monthly premium so that if your pet gets sick and needs expensive health care, your insurance can kick in and help you pay the medical bills.” Pet insurance is like a safe net, in case something bad happens or the pet has a serious illness the pet will be covered by the policy. If the owner does not care for the pet then insurance will not be