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Well, paying for human health insurance is expensive, but should you also be insuring your furry friend? Nearly three out of every 100 US dogs have health insurance, according to the North American Pet Health Insurance Association. To break down everything you need to know, Trey Ferro Spot Pet Insurance CEO joins us now. Trey, thank you so much for joining us. I do not have a dog but or a pet, but my brother does have a puppy. What is the benefit of having pet insurance?

Thanks so much for having me. Uh simply put pet insurance is health insurance for your cat or dog. Uh pet owners are spending on average $1,500 a year on their vet bills. Uh every six seconds a pet in America has an emergency vet visit. Uh so pet insurance is there to help with the financial implications of owning new furry family members and making sure they have the care that they need.

Now Trey, we've also seen high inflation across the board. We've seen Americans really pull back some of their spending. How has that impacted your company? Are you seeing less consumers purchase pet insurance?

On the contrary, we're seeing a lot more. Uh people are understanding that pets are expensive, you know, vet health care has increased in price, uh, higher than the national inflation rate. You know, there's not that many vets coming out of veterinary school anymore. Uh people are very, you know, cautious of these vet care needs and they're expecting more from their vets. People are now expecting childlike care for their family members and these pets are family members. Let's get that straight. You know, we love and care for them like they're our own children and we want the best care for them and I think that, you know, that 3% number could really grow in these coming years.

There's also different types of pet insurance. So can you break down what those two or three or four different types are and what's what's more popular?

Sure thing, the two main types are preventative care. So think dental cleanings, vaccines, uh, anything like that. And then there's accident and illness, which is broken bones, you know, ingesting a sandwich with a toothpick in it, emergency surgeries, uh, getting allergies, all of that stuff would be covered by the general accident and illness. And you can bundle them to have both, so that you have preventative care coverage and the larger insurance coverage.

So, like you were just mentioning, is it is expensive to take care of any pet. Outside of pet insurance, what are some other ways that folks can really manage their expenses when it comes to their furry friend?

I think it's important to get, you know, your pets trained these days, making sure that your dogs don't eat random objects on walks, making sure that you invest in the best type of food for your cat or dog, making sure that, you know, you're providing them with a healthy and safe environment both at home and outside of the home. You know, we never want there to be any accidents or illnesses, but we understand that mistakes happen and we just want to make sure that, you know, as a pet insurance company, we're there to help you focus on the care that your pet needs and deserves and not the financial costs that come along with it.

Now spot also has various pricing tiers that are customizable. So what is the range of those tiers and what do they typically include?

Yeah, so the tiers are dependent on the pet's age, the pet's breed, and location. Uh so larger breeds, more luxury breeds like a cane corso or a French bulldog might be a little bit on the more expensive side, but those dogs need regular routine checkups. Uh and it's a great investment to get pet health insurance for them. Some of the more affordable breeds might be, you know, a mixed breed or a smaller, you know, uh, less injury prone breed. Uh, the different tiers that we offer is we offer up to 90% reimbursement on all vet bills. Uh you can change your annual deductible anywhere from $100 to $1,000. Uh, and then we also have that add-on preventative care, which is optional, but highly recommended to keep your pets safe.

I think I know the answer here and I'm going to guess dogs, but is there a type of pet that that you see is more popular when it comes to getting that insurance? And all there are some pets that maybe wouldn't think of that that their owners really want that insurance and that help and that lifeline there.

Yes, so our most popular breed uh actually is French bulldogs. Uh so I'm glad that people understand that, you know, those are expensive pets and they need the best kind of coverage. Uh, but our next most popular breed is a Chihuahua. So I was not expecting that. Uh so it's French Bulldogs, Chihuahuas, and golden retrievers are our top three. Uh the healthiest breeds, like I said, are usually the mixed breeds. Uh so those adopted shelter dogs, you know, we love finding homes for them and they usually have really healthy lives, so adopt don't shop, highly recommend. Uh but it really differs just where you are, how you take care of your animal, uh, and just giving them the best care.

All right, Trey Ferro Spot Pet Insurance CEO. Thank you so much for joining us.

Thank you.