The National Pet Owners Survey in the US reported that 70% of households are home to dogs, cats, fish, birds, guinea pigs, hamsters. That’s around 90.5 million homes! However, seeing a sick pet is one of the hardest things a pet parent must deal with.

If you’re a pet parent without pet insurance, read on because this blog is for you. Did you know that pet insurance can save you thousands of dollars annually on medical expenses for both emergencies and routine checkups?

Pet Insurance Trends to Watch

According to Market Watch, only 44.6% of pet parents have an insurance policy in place for their pets and the rest pay for routine checkups and medical expenses from their savings and credit cards. Some have even gone as far as taking out personal loans to cover the expenses. This is because many pet parents are unaware of pet insurance and how it can save them money.

Among long-standing pet parents, data shared by the NAPHIA revealed that 4.41 million pets were insured in the United States in 2021 alone. This is a growth from the 3.45 million pets that were covered in 2020. This spike is also largely attributed to a wave of pet adoption that emerged during the pandemic, and with it came a growing concern for covering healthcare costs for pets as they become older.

The Pet Insurance industry is growing especially as younger people are choosing to challenge the norm of getting married and having kids right out of college and are giving themselves time to focus on their career first. This shift has been attributed to the largest chunk of pet owners being either millennials or Gen-Z.

Dogs & Cats remain on top

Dogs and cats are the most popular household pets, and they have had a special place in our lives for centuries. In insurance too! If we were to look at the figures, the number of cats being insured has jumped from 290,000 in 2017 to 727,000 in 2021 and the number of dogs insured in 2017 was 1.5 million which increased to 33.25 million in 2021. This comes as no surprise considering that pet parents are over time understanding the cost implications of pet ownership without insurance.

4 Reasons why it makes sense to have pet insurance

1. Coverage for routine visits: When you think about 3-4 routine checkups that are standard for any pet parent, and then multiply that by 10 considering that a loved pet will live a happy, healthy life, the amount spent on just routine checks is staggering. 1000 pet parents were surveyed with regard to their frequency of vet visits per year. 45% of the respondents said they visit the vet at least twice a year. Over time this adds up. Of course, this refers to just routine checkups, which is the bare minimum. Emergency visits to the vet can run up staggering bills in the thousands. This is why the responsible thing to do is pay a small premium. That will go a long way in ensuring that your pets get the care and treatment they deserve, and you can get peace of mind knowing your pet is always covered.

2. Hidden costs of emergencies: The survey also studied the costs associated with these emergency visits and it revealed some staggering facts. 21% of pet parents said that an emergency visit to the vet on one occasion alone has raked up a bill of over $1000 while 25% mentioned that they have spent $200 on an emergency. Around 31% responded that they have spent between $200 – $500 in a single visit. To put things in perspective, an emergency visit to the vet for an ear infection in dogs can cost up to $1290, eye conditions can go up to $7637 and stomach issues can go to $29086. If your pet is diagnosed with cancer down the line, treatment can go up to $21644.

3. Coverage for accidents or damages: Another somewhat hidden cost to pet parents who may be first-timers is damages. So, if your pet causes harm to someone or their property, the property owner has every right to sue, and this is where pet insurance can also cover your dues in case of a lawsuit.

4. For your peace of mind: Any pet parent can relate to the fact that pets are very much a part of the family, and any discomfort they may experience can cause a lot of stress and trauma on the pet as well as the owners, so it’s best to pay a small amount towards the wellbeing and safety of your pets so you’re never in a sticky situation or having to take out a loan to provide medical care for your pet.

Choosing the policy that’s right for you

An ideal policy must adequately cover the projected medical expenses including tests, procedures, and routine checks as well as non-medical treatments like pregnancy, dental care, and so on. We should mention that insurance costs range between $20 – $50 while factoring age, breed, species, and so on. While choosing, remember liability insurance for pets if your pet bites or attacks someone or causes damage to somebody else’s property.

While choosing your pet policy, it makes sense to evaluate every aspect of what the cover offers. An ideal policy will cover medical expenses which include tests, procedures, and checkups as well as non-medical treatments like dental care, pregnancy, and others. Insurance policies typically range between $20-$50 per month which depends on a number of variables such as age breed, species, and prior health complications or existing health conditions. Your cover must include liability insurance as well in case your pets bite or attack someone or cause damage to their property

If you’re looking for a specific, tailored policy to match your pet’s requirements, reach out to us for a custom quote.