Chewy expands offerings with pet insurance

Online pet retailer Chewy has expanded its pet health offering with a range of pet insurance and wellness plans.

The program, known as CarePlus, is currently available in 31 states and will be introduced nationwide in the later part of this year, Chewy said in a press release Thursday (August 4).

The Florida-based company said CarePlus is the latest addition to its portfolio of health and wellness services, giving pet parents 24/7 access to its customer care team, and the ability to instantly connect with vets via its online healthcare service. Dimension, 100% coverage with prescription eligible purchases of medicines, nutritional supplements, and veterinary diet foods at Chewy.com.

“CarePlus also provides a seamless and comprehensive user experience for veterinary and customer interactions with the option of direct payment at participating clinics via the patented Trupanion program, reducing personal expenses and enhancing access to care,” the statement read.

“Ultimately, CarePlus is well positioned to increase the percentage of insured pets that pass through veterinary hospital doors and ensure they receive the best possible care.”

Wellness plans start at $20 per month and cover preventative care such as yearly checkups, vaccinations, and parasiticides, depending on version. Insurance plans range from $20 to $100 per month and provide coverage against things like accidents, unexpected illnesses, and surgeries, and insurance and wellness plans can also be grouped together.

Chewy last week saw some analysts cut its stock. As reported by Alpha Search, Wedbush analyst Seth Basham said the company’s shares have risen more than 70% since late May while adding that “we see more downside risks for stocks after the latest round.”

Read more: Inflation rocks the dog because pet accessories bring in fewer sales

Wadboush pointed to the uncertainty in the numbers of active clients, noting that “this risk is increasing with the continued high rates of inconvenience for recently acquired clients, [and] Cost-effective customer acquisition remains a challenge.”

This comes as pet food outperforms the broader economy, in terms of growth and higher prices. Pet food inflation rose 10.3% in June, compared to the Consumer Price Index (CPI), which was up 9.1%.

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