Pet Insurance Rates and How Companies Set Them

admin — Tue, 25 Nov 2008 03:36:41 +0000

Understand How Pet Insurance Companies Set Their Rates At least six factors can come into play when pet insurance companies determine your monthly rates * Age “Rates do go up with age” * Species Be aware that dogs tend to cost more than cats, in terms of insurance rates. * Plan Pet insurance plans are “kind of like human insurance” * State Since the cost of living can vary per state, your location may also come into play when companies set their rates. * Number of pets Does your house look like the pet version of The Brady Bunch? If so, you could be in luck. Many providers offer a multiple pet discount. * Where you work This one might surprise you, but your job could benefit your pet. Certain companies partner with pet insurance providers so that their employees can receive a more reasonable group rate.

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Progressive car insurance adds collision benefit for pets

admin — Mon, 12 Nov 2007 02:39:30 +0000

To a dog that loves drives in the car while sticking a head out a window to feel the wind, insurance isn’t a concern.

An auto insurance company is now offering their owners a benefit for pets.

Progressive Corp., based in suburban Mayfield, is providing collision coverage for customers’ dogs or cats at no additional premium cost. It will pay up to $500 if a customer’s dog or cat is hurt or dies in a car accident.

“It’s an unusual and interesting benefit,” said Jean Salvatore, a senior vice president for the New York-based Insurance Information Institute. She was not aware of any other company offering a collision benefit for pets.

“Auto insurance is a very competitive market, and companies are always looking for ways to differentiate themselves. If this becomes popular, I’m sure others may look into it as well,” Salvatore said.

There are over 150 million pets in the U.S., and Americans spend over $40 billion on their pets annually, according to a recent Insurance Information Institute study.

The Progressive benefit has been in place since Sept. 6, and it’s still too soon to determine if the company’s undetermined cost of offering it will be offset by better sales, Progressive spokeswoman Leah Knapp said.

Auto insurance generally provides property, liability and medical coverage.

Typically, an insured person’s collision coverage pays for the damage to the insured’s vehicle in a collision or other kind of accident, such as when a driver loses control and a car overturns. But usually there’s no payment for pets who may be in the car.

Liability coverage would kick in for any pets hurt in a car other than the insured’s.

The new Progressive benefit is not pet insurance, which some people obtain to help them pay veterinarian costs.

A Progressive strategist said the company saw a pets benefit as an auto insurance market opportunity.

“We found no coverage that was even similar to it,” said Geoff Souser, Progressive product manager for auto insurance. “We have pets, too, and we know how important they are to our families. We are always looking for new and different ways of delivering value to our customers, and this seemed like a logical extension.”

Dog owners regularly drive their pets to a place like U Dirty Dog Pet Grooming, in suburban Lyndhurst, not far from Progressive’s headquarters. Business owner Marcia Fox says the pet coverage has potential to grab the attention of a dog owner, like herself.

Fox, who is not a Progressive customer, said she had never thought about whether her mixed breed dog, Ziti, might qualify for an insurance payment through car insurance.

“People might be hesitant to add something like that if it adds to the cost of auto insurance,” Fox said. “If it’s not added to the cost, that’s great. That’s a no brainer.”

Progressive is the third biggest auto insurer, ranking behind State Farm and Allstate and slightly ahead on National Indemnity (Berkshire Hathaway), which includes GEICO.

State Farm and Allstate confirmed a pets benefit is not in the collision part of their policies. A message was left with a GEICO spokeswoman.

Progressive’s pet benefit is available in 46 states and the District of Columbia; it’s not yet available in North Carolina, New Hampshire, New York and Virginia, but the company hopes to offer it in those states soon.

___

On the Net:

Progressive: http://newsroom.progressive.com/2007/September/pet-injury-coverage.aspx

Insurance Information Institute: http://www.iii.org

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Pet Insurance Rates and How Companies Set Them

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Progressive car insurance adds collision benefit for pets