While it may have been unheard of only a few decades ago, pet insurance is alive and kicking in the 21st century. Pet insurance is mostly taken out for cats and dogs, although some insurance providers will allow other domestic animals to be included in pet insurance policies. Pet insurance is fairly easy to understand, and is a basic variation on property insurance. Although many pet owners might like to think of it more as a type of health insurance for animals, it is based more on a property model for the financial coverage of veterinary bills and associated medical costs.

Pet insurance was actually first invented way back in 1890, although it was very different then than it is today. The first pet insurance policies were used for livestock and horses, and were only latter made available for dogs, cats, and other domestic animals. While pet insurance is available around most of the world, individual contracts can differ quite widely with regard to the levels of coverage on offer and the way that payouts are made. For example, in Britain 100% of veterinary bills are normally paid by insurance companies, although this is not always the case. In the United States however, the base rate is more like 90%, although again this can differ depending on deductibles, excess, and other variations.

Pet insurance for cats and dogs is widely available over most of the world, although many developing and undeveloped nations will not have access to these types of insurance services. When pet insurance is available, policies can differ from one another in many regards, with many companies also providing a level of customisation based on deductible levels and co-insurance. Pet insurance plays a vital role in the lives of many pet owners, who no longer have to worry about the implications of expensive veterinary bills in the case of accidents and sickness.

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