New bill seeks to regulate growing pet insurance market in Nebraska
LINCOLN, Neb. (KLKN) — Many people consider pets part of the family.
And like any other loved one, people want to make sure they are covered when it matters the most.
“Pet insurance is not quite as common as human insurance, for example, since you are not required to have one,” said Kelly Bond, office manager for Capitol Animal Clinic. “But it is becoming a bigger portion of the conversation when we are talking about pet health care.”
As this market grows, lawmakers agree there need to be some regulations to protect consumers.
That is why Sen. Beau Ballard from Lincoln introduced the Adopt the Pet Insurance Act.
“This bill just adds up a basic framing for pet insurance,” Ballard said. “It sets up some consumer protection that allows consumers to have some understanding, some piece of mind that they’re getting the best quality product.”
Experts say pet insurance can save people hundreds or even thousands of dollars.
“As veterinary bills increase, this is a needed protection and needed legislation for the people of Nebraska,” Ballard said.
Local animal clinics also support having legislation about pet insurance.
“I would say any sort of oversight on a new market is not a bad thing, as long as they make it with understanding of the market,” Bond said.
If you are a considering insurance for your pet, you should know that prices often range, depending on size and breed.
Bond recommended getting insurance when your pet is young.
“They will cover anything from a car accident to illnesses, but every company has their own specific terms,” she said.