In this article, we will cover the 15 best pet insurance companies heading into 2024. If you want to skip our detailed analysis of the pet insurance market, you can go directly to 5 Best Pet Insurance Companies Heading...
In this article, we will cover the 15 best pet insurance companies heading into 2024. If you want to skip our detailed analysis of the pet insurance market, you can go directly to 5 Best Pet Insurance Companies Heading into 2024.
The Global Pet Insurance Market: An Analysis
Driven by economic trends, increasing pet adoption, and changing consumer preferences, the global pet insurance market is expected to reach new heights in the coming years. According to a report by Mordor Intelligence, the global pet insurance market’s value is estimated to have reached $9.57 billion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate of 12.43% from 2024 to 2028 and reach $17.19 billion by the end of the forecasted period. The North American region, where the US accounts for the largest market share, is expected to dominate the pet insurance market during the forecasted period.
In one of our previous articles about the most owned dog breeds in America, we briefly discussed the growing pet population and the increasing humanization of pets. Fueled by urbanization, rising disposable incomes, changing lifestyles, and the emotional benefits of pet companionship, more people are adopting pets. Pets are seen as valued members of the family, and the growing trend of pet humanization means that more pet owners are increasingly willing to invest in the well-being of their pets. Such trends have led to an increased demand for pet healthcare services as well as pet insurance. Moreover, the rising cost of veterinary care and treatments is driving the demand for pet insurance. As veterinary expenses rise, pet insurance offers much-needed financial security and peace of mind, helping pet owners prioritize their pet’s health without having to break the bank.
Major Players in the Pet Insurance Industry
Marketing efforts and educational campaigns are raising awareness about the advantages of insurance coverage. Pet owners are now more educated about the potential financial burden that can come with unexpected illnesses or accidents. This has led to an increase in demand for insurance coverage. The Allstate Corporation (NYSE:ALL) is one of the biggest insurance companies in the United States. It is also one of the best auto insurance companies heading into 2024. The Allstate Corporation (NYSE:ALL) offers pet health insurance that covers unexpected illnesses or injuries. It also offers an optional wellness plan for routine and preventative care. With The Allstate Corporation (NYSE:ALL), pet owners can also get a 10% multi-pet discount for insuring multiple pets. On November 1, The Allstate Corporation (NYSE:ALL) reported strong earnings for the fiscal third quarter of 2023. The company reported an EPS of $0.81 and beat estimates by $0.32. The company’s revenue for the quarter grew by 8.39% year-over-year and amounted to $14.5 billion, ahead of market consensus by $1.06 billion.
Other prominent pet insurance companies that are expected to benefit as the pet insurance market continues to grow include Trupanion Inc. (NASDAQ:TRUP) and Lemonade Inc. (NYSE:LMND).
Lemonade Inc. (NYSE:LMND) is an American digital insurance company that offers renters, homeowners, car, life, and pet insurance. It is currently available in the United States, the United Kingdom, the Netherlands, Germany, and France. On November 8, Lemonade Inc. (NYSE:LMND) reported that it had welcomed its two millionth customer. The digital insurance company achieved this milestone 35% faster than the first million, which was reached in late 2020. The premium per customer also increased by about 70% over the same period. Additionally, net operating loss, as compared to gross earned premium, roughly halved over the same period, demonstrating Lemonade Inc.’s (NYSE:LMND) technological advantage, scalability, and clear progress toward profitability.
Technology is playing a significant role in improving the pet insurance experience. AI-powered claim processing and telemedicine are streamlining the process for both pet parents and insurance companies. Trupanion Inc. (NASDAQ:TRUP) is an American pet insurance company that offers pet insurance in the US, Canada, and Australia. On August 9, Trupanion Inc. (NASDAQ:TRUP) announced that it has achieved a significant milestone by automating over 60% of invoices submitted through its vet portal, enabling lightning-fast invoice processing and direct payments to veterinary hospitals at the time of checkout. This quick and efficient payment process helps alleviate the financial burden on pet parents, allowing them to focus on their pets’ treatment and well-being. Trupanion Inc.’s (NASDAQ:TRUP) vet portal employs state-of-the-art artificial intelligence (AI) to replicate real-world policy decisions and process an invoice at the hospital in just five seconds. Margi Tooth, Trupanion Inc.’s (NASDAQ:TRUP) President, said:
“By removing upfront payments and using AI to eliminate cumbersome paperwork and wait times, pet parents can more easily say ‘yes’ to the treatment their pet needs, regardless of cost. In turn, this removes barriers to care and empowers veterinary professionals to practice their best medicine, unhindered by financial constraints. Happier vets can focus on what matters most: helping pets.”
Now that we have discussed what’s going on in the pet insurance market, let’s take a look at the 15 best pet insurance companies heading into 2024.
Methodology
For this article, we compiled a list of the 15 best pet insurance companies heading into 2024. Choosing the best pet insurance companies requires a number of factors to be taken into consideration and it can still be a matter of personal preference. To provide the readers with an accurate representation, we used consensus picks from different insurance, finance, and review websites that ranked the best pet insurance companies based on factors like available coverage options, customer service, claims filing process, and other related services and products.
We analyzed rankings on Hepper, Pet Insurance Review, NerdWallet, and USA TODAY. We counted the number of times each pet insurance company was listed in these sources. We then also calculated the “Insider Monkey Ranking” for all the insurance companies by adding up their rankings in each of the sources and then dividing that figure by the number of times each company’s name came up. We then ranked the 15 best pet insurance companies heading into 2024 based on how many times their name came up in the sources as well as their average rankings.
The number of mentions is our primary metric and the Insider Monkey Ranking is our secondary metric. A lower Insider Monkey Ranking is better since it means that the insurance company had a better overall ranking among our sources. In the case where multiple companies had the same number of mentions across our sources, tie-breaking was done on the basis of average Insider Monkey Rankings. The 15 best pet insurance companies heading into 2024 are listed below in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
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15 Best Pet Insurance Companies Heading into 2024
15. Hartville Pet Insurance
Number Of Mentions: 2
Insider Monkey Ranking: 11
Hartville Pet Insurance is a pet insurance provider headquartered in Akron, Ohio, and it ranks among the 15 best pet insurance companies heading into 2024. Hartville Pet Insurance offers an informative and transparent enrollment process and great online tools. It offers accident-only coverage and complete coverage, which covers both illnesses and accidents. With Hartville Pet Insurance, there are no age limits and the company also offers flat-rate policies, which makes it one of the best pet insurance companies for older pets.
14. ManyPets
Number Of Mentions: 2
Insider Monkey Ranking: 8.5
ManyPets is a licensed insurance agency that offers pet insurance and wellness services in the US, Sweden, and the United Kingdom. It also offers vet-approved coverage for skin infections. With a hassle-free claims process and no hidden fees, ManyPets is one of the best pet insurance companies heading into 2024. However, unless the pet has been free of symptoms and treatment for 18 months, ManyPets pet insurance policies do not cover pre-existing conditions.
13. ASPCA Pet Health Insurance
Number Of Mentions: 2
Insider Monkey Ranking: 8
ASPCA Pet Health Insurance, as a strategic partner of The American Society for the Prevention of Cruelty to Animals (ASPCA), offers affordable and reliable pet insurance coverage. ASPCA Pet Health Insurance offers a variety of pet insurance plans that cover wellness, illness, accidents, behavioral issues and more.
12. Fetch Pet Insurance
Number Of Mentions: 2
Insider Monkey Ranking: 4
Fetch Pet Insurance is a pet insurance provider in the United States and Canada. Founded by husband and wife entrepreneurs Chris and Natasha Ashton in September 2003 after experiencing a high veterinary bill, Fetch Pet Insurance is now one of the best pet insurance companies heading into 2024. Fetch Pet Insurance offers a variety of plans that cover accidents, illness, dental disease, alternative care, hereditary conditions, physical therapy, and alternative care. It is one of the best options for pet owners looking for a comprehensive coverage plan.
11. Healthy Paws Pet Insurance
Number Of Mentions: 2
Insider Monkey Ranking: 4
Healthy Paws Pet Insurance offers insurance plans that cover accidents, illnesses, emergency care, alternative care, breed-specific conditions, cancer, and genetic and hereditary conditions. Offering a fast and easy claims process as well as no maximum limits on claim payouts, Healthy Paws Pet Insurance is one of the best pet insurance companies heading into 2024.
10. Pumpkin Pet Insurance
Number Of Mentions: 3
Insider Monkey Ranking: 11.66
Pumpkin Pet Insurance offers extensive accident & illness coverage that includes dental illnesses, behavioral issues, and hereditary conditions which may be excluded in other plans. It ranks among the top 10 on our list of best pet insurance companies heading into 2024. Pumpkin Pet Insurance also offers optional benefits, such as a unique wellness package called “Preventive Essentials”, which includes check-ups, vaccines, and parasite testing to make sure your pet stays healthy.
9. AKC Pet Insurance
Number Of Mentions: 3
Insider Monkey Ranking: 9.66
AKC Pet Insurance is the exclusive pet insurance brand of the American Kennel Club (AKC). It offers accident and illness coverage plans as well as customizable plans for pet owners to choose from a selection of policy add-ons and customizable coverage options. With AKC Pet Insurance, new and current policyholders may receive a 5% multi-pet discount for insuring multiple pets. AKC Pet Insurance also offers pre-existing condition coverage for curable and incurable conditions after 1 year of continuous coverage.
8. Metlife Inc. (NYSE:MET)
Number Of Mentions: 3
Insider Monkey Ranking: 6.66
Metlife Inc. (NYSE:MET) is one of the world’s largest insurance providers and through its pet insurance plans, it offers coverage for injuries, illnesses, pet medicines and more. Pet owners will have the flexibility to choose from various levels of coverage with no upper age limits or breed exclusions. Metlife Inc. (NYSE:MET) Pet Insurance also offers family plans to cover multiple pets on one policy. Competitive rates with discounts as well as easy enrollment and hassle-free claims have helped Metlife Inc. (NYSE:MET) rank among the best insurance companies heading into 2024.
7. Nationwide Pet Insurance
Number Of Mentions: 3
Insider Monkey Ranking: 5.66
Nationwide Mutual Insurance Company is one of the largest insurance and financial services companies in the US. Nationwide Pet Insurance offers extensive coverage that includes accidents, injuries, illnesses, chronic illnesses, hereditary conditions, and testing and diagnostics. As one of the best pet insurance companies heading into 2024, Nationwide Pet Insurance also offers coverage for exotic pets that can include a wide range of animals, including small mammals, birds, reptiles and amphibians.
6. Pets Best
Number Of Mentions: 3
Insider Monkey Ranking: 5.66
Pets Best is one of the best pet insurance companies heading into 2024. It offers comprehensive accident and illness coverage for pets. Pets Best also offers pet wellness and routine care coverage as an optional add-on, which includes veterinary visits like annual check-ups, vaccinations, and more.
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