Pets or companion animals, especially dogs and cats are a lot more than just animals. They are a part of our families and deserve the same love and affection that is shared with other family members. For the last few years, the concept of pet insurance is becoming popular and animal lovers are not hesitating to spend heavily to get their pets insured. Animal healthcare across the globe is becoming a very personal affair with pet owners taking a keen interest in the health of their pets.
Veterinary costs have already gone sky-high. In such situations, if companion animals become ill or get injured owners have to shell out a hefty sum for treatment. Pet insurance policies take care of veterinary expenditure and avoid putting a financial burden on pet owners. The insurance policies of companion animals not only cover medicinal treatment costs but also cover disabilities and death. Across the globe, different types of companion animal insurance policies are available and pet owners have the option to insure their pet dogs and cats for a lifetime or for a certain period of time. The concept is not yet popular in Asian countries. However, in regions such as North America, Western and Eastern Europe and Japan where the per capita income is on the higher side, a large number of animal lovers are getting their pets insured, which is ultimately driving the growth of the global animal healthcare market. High costs associated with drugs, vaccines and other medicines for pets is further creating a lucrative market for animal healthcare across the globe.
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However, there are certain restraints in purchasing pet health insurance policies. Insurance companies generally do not encourage pet insurance as identification of pets has always been a challenge. Insurance policies for pets are expensive and therefore not many pet owners want to purchase these policies. Despite these constraints, animal lovers are leaving no stone unturned when it comes to the well-being of their pets and companion animals and the concept of pet insurance is likely to witness increasing adoption in the years to come.
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