Pet insurance provides the basic coverage to the insurance holder’s pet in case of illness, injury or accident. Moreover, some insurance policies provide coverage for the death as well as theft of the pet.
The basic purpose of pet insurance lies in the mitigation of incurred expenses for treatment of pets during injury or illness. There are other variations of pet insurance where pet owners can avail certain payout amount due to pet demise or theft. There is continuous increase in the costs of medical technicalities and drugs which makes it difficult for the pet owners to take care of their pets. People have begun to understand this and there is an increase in the number of pet insurance holders in recent times.