More Pet Owners Looking for Petcare Insurance

If you own a pet and have had to endure the shock of paying off your vet bill, you're probably among the many who have purchased or who are considering pet health insurance.

Pet health insurance is not a new concept. It has been slowly growing in popularity throughout the U.S. for the past three decades. As the price tag associated with many pet treatments and procedures continues to escalate, and as consumers continue to struggle financially, the need for pet health insurance has growth dramatically over the past couple years.

Even with the current surge in pet healthcare insurance sales, only about 3 percent of the country's 78 million dogs; and around 1 percent of the nation's 93 million cats are covered by pet insurance, according to the American Pet Products Association.

Pet insurance is far more popular in some other countries. In the UK, for example, about 20 percent of pets are insured; and in Sweden approximately 30 percent of pets have healthcare coverage.

There are around a dozen insurance companies that provide pet health insurance products. Some of the major players in the industry include VPI Pet Insurance (which was the first company to offer pet coverage and still boasts around half of the market), Nestle Purina, Petco, PetPlan USA, Affordable Pet Insurance and Pets Best Insurance.

Montly pet insurance rates vary considerably, depending on the insurer and the coverage options. Premium could cost as low as $6 per month, and as high as around $75 per month.