Chris and Natasha Ashton, owners of the Newtown Square’s pet insurance company Petplan, are celebrating its 10^th anniversary this month by completely revamping their services to offer fully customizable pet insurance plans, writes John George for the Philadelphia Business Journal.

The pair, who believes they have only scratched the surface of their potential market, has decided to pull all the stops in an effort to reach new customers, and differentiate from the rising number of competitors in the field.

The Ashtons decided to offer the customizable plans, because people looking for coverage had different levels of needs and resources. A cat with a chronic illness will have costs far higher than a young, healthy puppy.

Chris noted that, while annual premium costs for its pet health insurance plans vary greatly, the average Petplan policyholder currently pays $400 a year for $15,000 worth of coverage and 10 percent co-payments.

But he acknowledges the challenges ahead.

“Less than one percent of the people with pets have pet insurance,” said Chris. “In Europe, it’s something like 30 percent.”

Read more about the new pet insurance options in the Philadelphia Business Journal by clicking here.