Most Consumers Forego Insurance Protection for Pets Adopted During Pandemic, Liberty Mutual Survey Finds
1 in 3 consumers adopted or considered adopting a pet during this past year’s pandemic, according to new survey data from insurer Liberty Mutual.
Most pet owners (67%) are aware of pet insurance yet only 26% have it. In other words, the majority of pets who found their forever home during the past year’s pandemic are not covered by pet insurance.
Liberty Mutual Insurance is releasing survey results head of National Adopt a Shelter Pet Day on April 30.
The Liberty Mutual Pet Protection Index, a national survey of 1,000 US adults, shows that despite high awareness of pet insurance 74% of pet owners do not currently have coverage.
Liberty Mutual’s pet insurance offering reduces the financial burden of expected medical costs as well as unexpected costs due to illness or injuries.
Nearly two-thirds of pet owners (63%) admit they couldn’t afford unexpected medical care for their pet.
“It is no surprise we saw pet adoption rates increase as Americans had more time in their homes amid the pandemic lockdowns and hopefully we’ll see many more family connections made on National Adopt a Shelter Pet Day,” said Liberty Mutual Chief Product Officer, Global Retail Markets US, Luke Bills. “We often hear how surprised people are when they see their vet bill after an accident, illness or even a wellness appointment, but these costs could be greatly reduced with pet insurance.”
Copyright Today’s Credit Unions