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2024 Pet Insurance Survey: Fear of Cost, 30% of Pet Owners Switch Pets Last Updated: August 7, 2024
How Much Should You Spend On Pet Insurance Dog
People are spending more money than ever on their pets, and more owners are insuring their furry family members as the pet insurance business grows. According to the North American Pet Health Insurance Association (NAPHIA), $3.2 billion was spent on pet insurance in North America in 2022, a 24% increase over 2021.
Average Cost Of Owning A Pet Dog, Cat Or Small Animal
Surprisingly, it is younger pet owners who show the greatest interest in advocating for their pets’ rights. So why do so many pet owners, especially younger ones, choose to keep their pets? In this study, Group Guides surveyed 1,000 dog and cat owners to better understand the financial motivations and motivations behind obtaining insurance. Check out our findings below and check out our Methodology section to learn more about the data.
Written by Kristina Zagame Learn more about Kristina Zagame Written by Kristina Zagame Author Kristina Zagame is a multi-talented journalist with experience covering a variety of topics including news, finance, the environment and solar technology. Her work has been broadcast on multiple platforms, including ABC and NBC affiliates, EcoWatch and Ramsey Solutions.
By Stephanie Horan Learn more about Stephanie Horan By Stephanie Horan Principal Data Analyst Stephanie Horan is a principal data analyst specializing in analyzing trends in personal finance and home purchasing. A certified personal finance educator (CEPF®), she is passionate about translating information into financial understanding for a broad audience.
Review by Angela Beal, DVM Learn more about Angela Beal, DVM Review by Angela Beal, DVM Veterinary surgeon Angela Beal, DVM, loves using her writings to help pet owners provide quality care, especially for their furry friends. Angela has been practicing and teaching veterinary medicine for 15 years. As of 2020, she has worked full-time at Rumpus Writing and Editing, a company specializing in veterinary writing and editing. Angela lives in Columbus, Ohio, with her husband, two children, and their Chihuahua mix, Yogi.
The Cost Of Owning A Dog
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Most pet owners will do whatever it takes to make sure their pets get the care they need, financially or otherwise. But some simply cannot be supported. According to our research, 16% of pet owners said they lost a pet because they couldn’t afford veterinary care. One interviewee shared the following story:
“My neighbors have three other large wells. They got out of the crate and into my yard, and my dog was fighting. He lost so much blood that we didn’t think he would make it because we couldn’t afford what it would cost. It will cost more than $3,000. “
Unfortunately, the cost of care is a big issue for pet owners. Below are other statistics obtained from our research:
Average Cost Of A Vet Visit For Dogs: Must Know Facts And Figures
The statistics change little if we compare pet owners with insurance and those without insurance. The chart below shows how, in general, pet owners insurance is cheaper in terms of veterinary care.
The biggest difference between insured and uninsured pet owners is how often they choose to take their pet to the vet. Nearly 33% of uninsured pet owners said they avoided taking their pets to the vet due to high costs, compared to 22% of those with pet insurance.
The majority (50.8%) of pet owners said one of the reasons they purchased insurance was to be able to provide the best care for their pets without worrying about the price. The second most popular reason, again linked to costs, is “trying to avoid high medical expenses” (40.4%).
Other reasons for taking out pet insurance include concern about pets aging and needing more care (33.5%) and taking the pet to the vet too often (24.2%).
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Pet insurance was introduced in 1982, with TV dog Lassie receiving the first pet insurance policy. But it has been removed in recent years. NAPHIA data shows a nearly 125% increase in pet insurance between 2018 and 2022.
Our survey data shows that the rise in pet insurance is driven by Gen Z. Nearly 42% of Gen Z pet owners have pet insurance, compared to less than 3% of baby boomers.
Baby boomers are more likely to say they don’t have pet insurance because it’s too expensive or because they don’t think it’s worth it for their pets. Nearly one in five baby boomer pet owners (19.8% specifically) say pet insurance is not necessary.
Dog owners are more likely to insure their pets than cat owners. Our research found that about 24% of dog owners have pet insurance, compared to less than 15% of pet owners.
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Gen Z and Millennial pet parents are more likely to hold their dogs and cats than adults. However, our Gen X respondents are from the same generation with a higher percentage of cat insurance owners than dog insurance owners.
Does size matter? Most medium-sized dogs will have insurance, but owners of large dogs say it’s too expensive
Insurance costs vary depending on the size of the animal. Our data revealed that owners of medium-sized dogs (25 to 59 pounds) were most likely to have pet insurance, with 32 percent of these pet owners having insurance.
For example, 19% of owners of large dogs (over 60 pounds) and 17% of owners of small dogs (under 24 pounds) have pet insurance.
How To Know If You Can Afford To Own A Dog
Notably, nearly 30% of large dog owners say they don’t have pet insurance because they think it’s too expensive, even though larger dogs often have higher vet bills. And another 13% said they didn’t think it was appropriate for their large dog.
Although many pet owners, with and without pet insurance, report not taking their pets to the vet due to cost, veterinarians aren’t all that different from most pet owners.
Our research found that about 83% of pet owners have taken their dog or cat to the vet in the past year, and nearly 25% reported having an emergency vet visit in that time. Only 2% of respondents said they had never taken their pet to the vet.
Interestingly, nearly 25% of pet owners say they get pet insurance because they take their pet to the vet more often. Most veterinarians recommend taking your pet to the vet at least once a year, with more frequent visits for younger and older pets.
Cost Of Owning A Dog: From Initial Cost To Annual Essentials
Most pet owners treat their pets like family; when there is an emergency, they bring the animal for treatment. Unfortunately, this treatment often comes at a high price.
We asked our respondents if they were disappointed with their vet bill and received hundreds of responses. One pet owner even reported a $5,800 bill for antibiotic treatment after a snake bite. Below are some of the other answers. (Note: Answers have been edited for clarity.)
“I have a $1,600 bill because of his back legs. There are so many things I have to go to the payment plan”…
“My dog came in because he ate too much chocolate, so I carried him in my belly and then… they gave me a bill of 300 dollars!! I was shocked, but I had to pay. I don’t have to pay a ridiculous amount.”
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“My pet just had his annual checkup and I got a $500 bill in the mail.”
“I had to take my cat to be checked because he had eaten something that wasn’t good for him and the bill was very high. But it was worth it for my cat.”
While many pet owners are still considering insurance for their furry friends, many of these responses indicate that the high – and perhaps surprising – costs may dissuade them from seeking insurance advice.
If this discovery has made you think about insuring your pet, you may be wondering how much it costs. Using cost information collected from the top ten pet insurance companies, we calculated the cost of pet insurance:
Here’s How Much People Spend On Pets Every Year
However, the cost depends on your vet’s insurance, coverage, and the specific characteristics of your pet. Pet insurance policies generally cover the following visits:
The Guides team surveyed 1,000 North American users of Pollfish, a third-party survey and research platform, to better understand the factors that influence pet ownership decisions in the environment. We collected survey data for this report from June 19, 2023 to June 21, 2023.
Approximately 71% of respondents own dogs, while 29% own cats. Below is the distribution of interviewees by generation:
Using raw survey data, we tailor responses to demographics by age, gender and income levels to be representative of all Americans.
How Much Do Pets Cost?
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