Thanks to The Associated Press for this article.
Company Adds Collision Benefit for Pets
By M.R. KROPKO
CLEVELAND (AP) To a dog that loves drives in the car while sticking a head out a window to feel the wind, insurance isn’t a concern.
An auto insurance company is now offering their owners a benefit for pets.
Progressive Corp., based in suburban Mayfield, is providing collision coverage for customers’ dogs or cats at no additional premium cost. It will pay up to $500 if a customer’s dog or cat is hurt or dies in a car accident.
“It’s an unusual and interesting benefit,” said Jean Salvatore, a senior vice president for the New York-based Insurance Information Institute. She was not aware of any other company offering a collision benefit for pets.
“Auto insurance is a very competitive market, and companies are always looking for ways to differentiate themselves. If this becomes popular, I’m sure others may look into it as well,” Salvatore said.
There are over 150 million pets in the U.S., and Americans spend over $40 billion on their pets annually, according to a recent Insurance Information Institute study.
The Progressive benefit has been in place since Sept. 6, and it’s still too soon to determine if the company’s undetermined cost of offering it will be offset by better sales, Progressive spokeswoman Leah Knapp said.