As a species, we humans take a long time to cotton onto things. Back in the 1980s, the percentage of US homeowners with a pet was around 56%. Now, in 2023, that number is closer to 70%, with 86.9 million Americans said to have a pet sharing their home.
It’s taken us a fair few decades, but we’ve finally realised that life is a little difficult, and having a furry friend to cuddle the blues away is something you can’t put a price on.
But while we mean that quite literally, there is a price to owning a pet, and it can get pretty steep. According to a recent report, around 20% of pet owners say that they take their pet to the vet every week, while another report suggested that vet bills have increased by nearly 11% in the last year alone. Perhaps that’s why pet insurance has shot through the roof in the last few years.
In another survey, it was revealed that 4.5 million pets were insured across North America, with nearly $3 billion premiums in force – that’s up from 3.45 million in 2020, and a 30.5% increase in premiums! If you’re planning on adding a pet into your family, and you want to save on costs, then pet insurance has become an incredibly popular option.
But how much does it save you exactly, and why is it so important?
The first thing you need to know is that, obviously, the cost of your pet insurance will vary depending on the company. The policy package and deductibles will also make a difference, as well as the type of preventative package you insure for – there are packages that cover everything from diagnostics, surgical procedures, medication, vaccines, dental cleaning, wellness exams, and more.
The cost of a dog can also differ from a cat, simply because the data shows they require more care, and the care they need is typically more expensive.
Thankfully, because the pet insurance market is so competitive, many companies are working hard to provide the best offers for their customers, which has helped cut down the costs between the two most common pets. Lemonade pet insurance helps take a bite out of your pet's vet bills by offering the coverage your pet needs at prices that fit your budget.
Now consider that you are supposed to take your pet for routine check-up every six months, and the average national cost for this is between $50 to $250. Add to this that overall vet costs – including check ups, dental care, lab tests, vaccines, and more – amount to between $700 to $1,500 a year. If you were to go for the most expensive premiums – around $55 to $60 a month – then you’d potentially be saving hundreds of dollars.
As well as this, it’s worth noting that one in three pets will require emergency treatment each year. If you think you have the money to cover the average veterinary costs, you need to factor in the costs that are not planned. If your pet needs emergency treatment – which is unfortunately very likely at some point in their lifetime – you’ll need to add on at least $1,500.
And that’s if you’re lucky! Some vet treatments can cost you up to $6,500, and without pet insurance, that could put you in a lot of financial stress In this case, pet insurance might not just save you hundreds of dollars – although with the cost of veterinary bills these days, that would be enough! – it can end up saving you thousands.
So, overall, if you’re considering getting a new pet, and whether pet insurance is worth it in 2023, we’d have to say that it is. As mentioned before, veterinary costs are already expensive, and they have increased by 11% in just a year. What about next year? And the year after that? If you own a pet, it’s your responsibility to ensure you can look after them, and the only way to ensure that, is to insure them!