Trupanion Pet Insurance Unveiled in South Carolina

Trupanion pet insurance has just launched in the state of South Carolina. Pet insurance through Trupanion is currently available in many states across the U.S., with plans to rapidly expand to the entire U.S. in the next few months.

In 2007, the US pet market industry totaled more than $41 billion, according to the American Pet Products Manufacturers Association (APPMA), roughly a quarter of which was spent on veterinary care.

The US pet insurance market has reportedly only captured about 1% of the pet population, compared to 18% in the UK and 48% in Sweden. Prior to Trupanion, U.S. companies have reportedly not been able to effectively inspire trust in a pet insurance product. Trupanion said it believes that the U.S. penetration rates will increase as customers discover the value in knowing their pets’ health needs will be met, and the APPMA estimates that by 2010 the amount of pet insurance subscribers will increase to 5-7%.

Trupanion has recently received $22 million dollars in financial backing lead by Seattle-based Maveron LLC.

Trupanion enrolls puppies and kittens that are under a year old and offering them up to $20,000 of lifetime coverage. Pet owners with Trupanion lock in their lifetime comprehensive coverage at the time of enrollment and will reportedly never see a premium increase due to their pet aging or from filing claims.

Trupanion offers additional benefits including dedicated, local Trupanion experts to serve veterinarian clinics, no per incident or yearly limits, and a quicker claims payout where 9 out of 10 approved claims are reportedly paid within 24 hours. Trupanion also owns the underwriting insurance company.