BUFFALO, N.Y. — Many pet owners face the unfortunate reality of unexpected veterinary costs. As in human medicine, advances in veterinary care are excellent, but can be expensive.
“Certainly enough to be quite a bit of a shock so to be able to have insurance around, ready for if an accident happens to your pet or it develops a serious disease, we just think it’s great because it saves so much heartache in that time,” said Tim Atkinson, Executive Director of the New York State Veterinary Medical Society.
While pet insurance has been available in New York for years, it has lacked specific state-level regulation. This is set to change with a bill sponsored by State Assemblywoman Pamela Hunter, D-Syracuse.
“(We) wanted to make sure that there are consumer protections relative to this insurance, not anything dissimilar to what you would get for maybe car insurance or homeowners insurance, that there needed to be some consistency across the board relative to pet insurance,” Hunter explained. The legislation, now awaiting the governor’s signature after passing both legislative houses, establishes clear rules regarding carrier disclosures, defines terms like preexisting conditions, and mandates standardized training for insurance company employees.
New York is following the lead of several other states that have passed similar laws based on a model developed by the National Council of Insurance Legislators and the Association of Insurance Commissioners.
“Some people just get accident insurance. Some other people get accident insurance and illness insurance and some offer wellness programs as well so we wanted to make sure that if you’re interested in getting a pet insurance policy you understand fully all the disclosures,” Hunter elaborated.
Hunter noted that currently, only 7% of pets in New York are insured, a figure that trails behind other states and nations. “I think this elevates the conversation for New Yorkers,” she said.
Atkinson, while acknowledging his expertise lies in veterinary medicine rather than insurance, expressed optimism that the legislation could increase pet insurance utilization. “I think anything that can increase the consumers trust in insurance and knowing that they can clearly see what they’re getting and then they get that is always a good thing,” he stated.
Some veterinary practices offer their own pet insurance or provide recommendations. However, Hunter pointed out that by the time a pet owner is seeking care, it is often too late to secure coverage. She highlighted that many people are unaware that pet insurance policies are available through major national auto and homeowners insurance providers as well.
