Just in time for National Pet Day on April 11, Mississippi became the second state in the nation to pass legislation outlining regulations for the sale of pet insurance.
After July 1 Senate Bill 2228 It allows pet owners to purchase pet insurance on a monthly basis, with prices expected to vary by breed, breed, sex, age, location and level of coverage.
According to Mississippi Insurance Commissioner Mike Chaney, pet insurance — just like human health insurance — includes exclusions, different levels of coverage, deductibles and payment limits.
“Pet insurance may seem like a joke to some, but it’s big business,” Chaney said. As of 2020, 3.1 million pets have been insured. This is a multi-billion dollar premium and big business is coming to Mississippi.
Chaney cautioned that the monthly cost of policies can depend on a number of variables, including animal, breed, sex, age, location and the coverage and deductibles you choose. Most pet insurance companies can cover pre-existing conditions and hereditary or congenital conditions, as well as not accepting certain animals after a certain age.
Chaney added that it is up to each Mississippi owner to decide whether or not to purchase pet insurance for their animals, as it can help individuals save money in some cases.
“Pet owners have to decide for themselves whether insurance is right for them. In some cases, it can save you money,” Chaney explained. So is the number of companies that offer these types of policies.
According to a Consumer Reports report, the average accident and illness bill will cost $594 for a dog and $342 for a cat in 2020.
Three years ago, 3.1 million pets were insured in the U.S. alone, a number expected to rise with the passage of Mississippi’s SB 2228.