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Pet insurance is a form of insurance that pays, partly or in total, for veterinary treatment of the insured person's ill or injured pet. Some policies will pay out when the pet dies, or if the pet is lost or stolen.

As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets' health care and standard of living than previously, the market for pet insurance has increased^{[as of?]}.^[1] Prices for veterinary care have increased significantly.^[2]

History

The first pet insurance policy was written in 1890 in Sweden by Claes Virgin. Virgin was the founder of Länsförsäkrings Alliance, at that time he focused on horses and livestock.^[3] In 1947 the first pet insurance policy was sold in Britain.^[4] As of 2009, Britain had the second-highest level of pet insurance in the world (23%),^[5] behind only Sweden. In the United States in 2020, 2.3% of all dogs and 0.4% of all cats. were covered by an insurance policy.^[6]

Policies

Pet insurance is a form of property insurance rather than health insurance.^{[citation needed]} Insurance companies may limit coverage for pre-existing conditions, giving owners an incentive to insure even very young animals, which are not expected to incur high veterinary costs.^[7] Some British policies for dogs also include third-party liability insurance. For example, if a dog causes a car accident that damages a vehicle, the insurer will pay to rectify the damage for which the owner is responsible under the Animals Act 1971.^[8]