Despite Rise in Adoptions, Only 1 in 4 Pets Are Covered for Medical Expenses
BOSTON (April 27, 2021) – Ahead of National Adopt a Shelter Pet Day on April 30, Liberty Mutual Insurance is releasing survey results revealing the majority of pets who found their forever home during the past year’s pandemic are not covered by pet insurance.
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.
The Liberty Mutual Pet Protection Index reveals the following data:
1 in 3 consumers adopted or considered adopting a pet during this past year’s pandemic.
Most pet owners (67%) are aware of pet insurance but only 26% have it.
Pet owners are unaware of the rising cost in veterinary care: only half of respondents agree with the fact that the cost has more than doubled over the past decade. (American Veterinary Medical Association, 2019)
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.”
Liberty Mutual’s customizable Pet Insurance delivers multiple policy options with affordable coverage, allowing customers to choose the best policy to protect their pets. These plans are there when expenses arrive around preventative healthcare, accidents, or injuries.
You can learn more about protecting your pet with Liberty Mutual pet insurance here.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2020, we had $43.8 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
Contact: Greg Kessler