A Pet insurance provider paid a claim of over $50,000 in New York last year – the biggest in North America, according to a new report
A pet parent in New York had a pet insurance claim for over $50,602.67 paid last year. The staggering sum was revealed after NAPHIA, the North American Pet Health Insurance Association, released its report on the state of the North American industry in 2021.
As well as showing how the size of the market had doubled since 2017, their findings laid bare some of the eye-watering veterinary bills that pet parents can be faced with for accidents and illnesses – and how insurance can pay for them.
The top 10 paid claims for dogs in 2021 came to a total of $402,225, with the $50,602 paid out in Brooklyn, New York, making the number one spot. This claim was made for a five-year-old Terrier Mix, due to the dog suffering injuries from being hit by a car.
We don’t know which company insured the dog or how much the pet parent paid per month for their insurance premium, but by using Petted.com – the leading pet insurance comparison website in the US – we’re able to give you an idea. Check out the video below:
Now, looking at the results for a 5-year-old Terrier Mix in Brooklyn, the most expensive premium is $91.82 with Trupanion, but we can see some really great value plans with the likes of ManyPets and Lemonade. The ManyPets plan is just $15.21 per month for unlimited coverage, while Lemonade’s covers up to $100,000 for just $20 per month. Many insurer plans are unlimited, meaning there are no financial caps – and that an eligible vet bill for $50,000 would be paid.
Many of the plans listed offer a maximum 90% reimbursement, so if this Brooklyn pet parent had chosen a maximum unlimited coverage option, they would only have paid a 10% copay towards the vet bill after they had paid their annual deductible (anywhere between $100 and $1,000).
On this $50,602.67 claim, the copay would work out at around $5,000. Still a lot of money, but much better than having to find the full amount. In short, taking out pet insurance in New York is a smart move.
Some of the other claims showed just how expensive vet bills were all across the US and Canada, with $30,000+ claims for gastrointestinal conditions, kidney disease, anaemia and trauma all covered by pet insurance, showing how important pet insurance is.