The color of money: Pet health insurance for Rex and Fluffy might make sense.
TimesDispatch:
Would you spend $20 or $30 a month for pet insurance?
Yes, you read that right. There is health insurance for pets. Sales of pet insurance in the U.S. topped $160 million in 2005, up nearly 25% from $129 million in 2004, according to Packaged Facts, the publishing division of MarketResearch.com.
We are a nation that spends on our pets. 63% of U.S. households own a pet, and last year they spent an estimated $38.4 billion on them, reports the American Pet Product Manufacturers Association. Of that, about $9.4 billion was for veterinary care.
Still, only 3% of dog owners carry insurance on their animals, says the APPMA. Even fewer cat owners have pet insurance, just 1%.
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