The average cost of pet insurance for dog and cat owners is $50 per month, fairly minimal compared to the average vet bill for dogs, which averages upwards of $1,500 for common medical issues. Yet only 1% of cat and dog owners have bought pet insurance, according to the Humane Society of the United States.

With about 180 million pet owners in the U.S., there's certainly an opportunity for agents to raise the issue with clients. But pet insurance may not be best for everyone, according to a story by NerdWallet's Alice Holbrook.

“It's important for pet owners to know the risks that come with their breed,” Dr. Peter Weinstein, executive director of the Southern California Veterinary Medical Association, tells Holbrook. “All breeds have risk factors. Then find out which policies cover or don't cover these risks.”

Some breeds, such as labradoodles, Bernese mountain dogs and Siberian huskies, tend to find themselves in the vet more often than other mixed breeds and would require a heftier out-of-pocket cost without insurance, according to pet insurer Trupanion. Cat bills, however, are noticeably smaller and may not require such an expansive policy.

Research into the right policy for a client's pet and breed is key, and there are more options today than there were a few years ago. Some pet-insurance providers offer “Final Respects Coverage,” which can pay for urns and cremation, and some insurers work within a veterinary “network,” allowing a client to shop around. It may even benefit agents to work with clients' current auto-insurance providers to see if they cover animal injuries.

Even a minimum insurance policy is best, but pet owners need to sign up when the pet is in its infancy, says Weinstein.

“I suggest that pet owners maintain their insurance from womb to tomb,” Weinstein says. “You should have it to protect yourself against unexpected situations. Without pet insurance, vet bills are an out-of-pocket expense.”

Special Reports /

Odds are your clients own pets; are you talking about insurance?

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