If you want to avail collision coverage that covers you pet as well at no added charges, then, you should consider getting insurance from Progressive Corp. If your loved cat or dog is either injured or dead in case of an accident, you will be paid up to $500.
Jean Salvator, Senior VP of Insurance Information Institute operating out of New York says agrees that it is an innovative benefit which is unusual as well and not offered as a part of collision coverage by any other company.
Salvator also says “In the highly competitive auto insurance industry, all insurance providers are on the lookout for options to stay ahead in this rat race by offering unique benefits to their customers. Other companies may also consider offering this benefit if this is embraced well by the people”.
A research conducted by Insurance Information Institute states that each year Americans end up spending more than $40 million on the 150 million pets that have found their homes in the United States.
Generally, coverage for medical, liability and property damage costs is provided under auto insurance.
Insurance companies covers the damages caused to the vehicle in the eventuality of an accident or collision caused due to overturning of the car or the driving losing control over it; however, pets traveling in the car are excluded under collision coverage.
It is the liability coverage in the policy that has to cover costs if any pet has been injured or dead during the collision.
The unique benefit that is being offered by Progressive is being used by policy holders to cover the charges of taking the pet to the veterinarian; however, it cannot be termed as pet insurance.
A strategist working for Progressive said that they cashed in on the business opportunities they saw in pets.
Product Manager, Geoff Souser, who works for the auto insurance section of Progressive says “We realized the significance of pets since most of us have one and saw no other insurance company offering this coverage. This seemed like a golden opportunity to offer something new and unique to our customers and add value”.
GEICO spokeswoman mentioned that companies like Allstate and State Farm have verified that their collision coverage does not cover pets traveling in the car.
District of Columbia and 46 other states, excluding New York, New Hampshire, Virginia and North Carolina can avail the benefit for pets offered by Progressive.
Check your car insurance coverage now.