Insurance Company’s Best Friend

Your home is insured. Your car is insured. Your life may be insured. Your dog is insured?

Recent insurance industry headlines discuss insurance companies and the growing trend of policies insuring man’s best friend with coverage for pets injured or killed in a crash or other covered loss. One company providing pet coverage to its customers is The Chubb Group of Insurance Companies. Vice President at Chubb, and new products and services manager, Christie Alderman states, “As an industry, we need to look at what matters most to customers and what they are passionate about and how can we help those protections.” Chubb is adding $2,000 in coverage which will help pay to treat, board or replace domestic pets, even if they were pulled in trailers.

However, Chubb is not the first insurance company to provide insurance for pets. According to an article posted on the website for Progressive Insurance on December 17, 2007, most insurance companies would cover pets under liability insurance, but only if you were not at fault as the driver. Progressive Insurance’s website claimed to distinguish itself from other insurance companies as follows: “If you have Collision coverage on your Progressive policy, up to $1,000 of our exclusive Pet Injury coverage is automatically included. No other insurance company offers this, and what makes this coverage unique is that it protects your pets in accidents, even if they’re your fault.” Id. If your dog or cat is injured in a car accident, theft, fire or flooding, Progressive will pay vet bills up to $1,000.

Recently, Progressive upped the ante by adding pet coverage to their commercial auto insurance policies. Progressive previously provided the $1,000 in pet coverage free to their auto, RV, and boat policy customers. Cory Fischer, Progressive’s product manager, discussed the fact that one (1) in five (5) companies now allow dogs at work as a reason for extending pet coverage policy to commercial auto policies. Id.

In times where the market is flooded with television and radio commercials with all companies claiming to have the best rates, many insurance companies seek to differentiate themselves by discussing that which appeals directly to the customer. Though pet coverage may have existed previously, bringing this to the public’s attention may certainly entice the pet-loving public and provide an extra “leg up” on the competition.

Author: Drew M. Rothman

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