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Who Is Actually Buying Pet Insurance?

Posted on: June 6th, 2007 by

By: Dr. Jack Stephens

Who Is Actually Buying Pet Insurance?

In one of my previous posts, I talked about the myths of pet insurance that we learned from our recent series of pet owner focus groups. The pet owner focus groups also told us in these sessions who they thought would buy pet insurance, and the results may or may not surprise you.

We found that:

The Pet Owner Perception of a Buyer Is Someone Who:

1. Considers the pet part of the family.
2. Sees the cost benefits of insurance.
3. Has had experience with the cost of veterinary care.
4. Is a first-time pet owner who is concerned with the unknown expenses of veterinary care.
5. Is a high-income, well-educated, sophisticated purchaser.

People Who Actually Purchase Insurance Are People Who:

1. Consider their pets part of the family.
2. Are professionals who see the value of insurance.
3. Are pet owners who want to budget for their pets’ care.
4. Are primarily women who make the actual purchase.
5. Purchase insurance for their puppies and kittens (which may or may not reflect first-time ownership).
6. Have previously experienced high veterinary costs for a pet.
7. Have a pet who already has a medical problem.

As you can see perceptions and reality were actually very similar regarding the value of obtaining pet insurance, that is, those who are buying and the core reasons they purchase insurance.

Typically a pet insurance policyholder lives in a household where the pet is a family member, the family has experienced a high veterinary expense in the past and now wants peace of mind and protection for their pocketbooks. Pet owners also want their coverage to be broad, yet reasonable in cost and payable monthly, so it fits into their budget.

Of course there are other factors that pet owners take into consideration before purchasing, such as the level of customer service of the company, few plan exclusions, how quickly claims are paid, and options that provide for routine care, to name a few, but these are usually a concern only after they have made the initial decision to buy pet health insurance.

Once a pet owner has made the decision that pet insurance may be right for them, then they begin to seek out information about pet insurance and the different types of plans available. Most pet owners will use the Internet for information, but many will turn to their veterinarian or the pet hospital staff regarding their final decision. If in doubt, ask your vet or their staff for their recommendation. They’ve heard all the stories and can direct you to a plan and company that’s right for you.

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