These locations are providing agents, brokers and animal owners a substantial opportunity.
A recent study has revealed the parts of the country where dog insurance premiums are the lowest. There, pet owners can purchase coverage for their furry family members in an affordable way.
Pet insurance can come with a hefty cost, depending on where the policyholder resides.
When a beloved pet is injured or falls ill, vet bills can be in the hundreds or thousands of dollars. This can require animal owners to have to choose between their financial wellness and the wellbeing of their dog. Though pet insurance policies can help to cover a significant portion of the veterinary costs, that coverage can be cost prohibitive, too.
That said, some areas of the country have more affordable dog insurance premiums than others. New WalletHub research pinpointed the five cities in the United States where pet insurance was cheapest. They are: St. Paul, MN; Indianapolis, IN; Fort Wayne, IN; Minneapolis, MN; and Atlanta, GA. On the other end of the scale, the most expensive places to insure your pets include: Chicago, IL; Scottsdale, AZ; Irvine, CA; Los Angeles, CA; San Francisco, CA; and New York City, NY.
The difference between the places with the most and least expensive pet insurance premiums was double.
Interestingly, in the case of Fort Wayne, IN, that city was not only among the cheapest places for pet insurance was also among the five most expensive cities in terms of veterinary costs. The most expensive places for veterinary care were also about twice as expensive as the least expensive.
Data from the American Pet Products Association shows that a typical veterinary care appointment costs a dog owner an average of $235 in the United States. Last year, pet owners insured 1.8 million animals. Year over year, this represents an increase of 11.5 percent. However, that figure still represents only 1 percent of the total estimated number of dogs and cats kept as pets in the United States.
In the parts of the country where the dog insurance premiums are the lowest, this presents a considerable opportunity for pet owners, agents and brokers alike. In those areas, the coverage is the most affordable, making it a way for dog families to keep veterinary care affordable, and presenting a reasonably priced product that can benefit the customers of insurance agents and brokers.