U.S. Markets close in 2 hrs 29 mins

Data reveals more pet owners purchasing medical insurance for pets, regardless of income

SEATTLE, Dec. 27, 2018 (GLOBE NEWSWIRE) -- A new survey of pet owners throughout the U.S. and Canada found that 58 percent of those with medical insurance for their pets earn less than $50K per year. The research, which was commissioned by Trupanion (TRUP), a leader in medical insurance for cats and dogs throughout the U.S. and Canada, suggests that pet owners understand the value of insurance, regardless of their income or location.

After practicing for nine years in the U.S. and U.K. and founding three hospitals, Dr. Steve Weinrauch, BVMS, MRCVS, chief product officer for Trupanion, isn’t surprised by the survey’s findings. Of all of the locations where he practiced, the hospitals located in the area with the lowest average incomes had the highest percentage of pet owners with medical insurance for their pets.

“Insured pet owners understand the value,” said Weinrauch. “What happens when a pet owner is facing an unexpected veterinary bill? Those with less disposable income, who might live paycheck to paycheck, understand that they need to be covered for the unexpected.”

“According to a recently published study,” added Weinrauch, “57 percent of veterinarians reported that owner-divulged economic limitations affected their ability to provide the quality of care they would like for their patients at least once or multiple times daily.”

“High-quality medical insurance helps pet owners budget for veterinary care if and when their pets become sick or injured,” said Darryl Rawlings, founder and chief executive officer of Trupanion. “This is a problem facing the majority of pet owners today, regardless of the socioeconomic status.”

As more pet owners at every income level provide quality medical insurance for their pets, the cost-of-care factor is removed, enabling veterinary health care teams and pet owners to make the best medical decisions for pets.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance. Trupanion is listed on NASDAQ under the symbol “TRUP.” The company was founded in 2000 and is headquartered in Seattle, Washington. In the United States, Trupanion policies are issued by its wholly owned entity, American Pet Insurance Company. In Canada, Trupanion policies are issued by Omega General Insurance Company. For more information, visit trupanion.com.