Why are more people buying pet insurance?

with bacca Inflation, High cost of food And products and high interest rates, many Americans are looking for additional ways to protect their wallets. This can take the form of refinancing existing debt, diversifying investments or even seeking additional work opportunities.

It may also include adding insurance protections where they may not otherwise exist. For dog and cat owners, Pet insurance is at the top of the list. to a provider in exchange for a monthly fee (often discount (if paid annually) owners can keep their pets covered For a wide range of illnesses, visits and emergencies.

Due to the unique benefits that a pet insurance policy provides, the field has grown significantly in recent years. The pet insurance industry has more than doubled between 2018 and 2021. North American Pet Health Insurance Association (NAPHIA). By the end of 2021, the sector as a whole has crossed $2.83 billion.

If you’re thinking of joining the millions of owners who currently insure their pets, get started by getting a free price quote so you know exactly what to expect.

Why are more people buying pet insurance?

Here are two main reasons why more owners are getting pet insurance.

rising costs

Grocery shopping isn’t the only thing that costs more than in recent years Veterinary costs have also increased dramatically. “The cost of vet services rose 10% in the past year, government data shows – the biggest such spike on record going back two decades,” Associated Press October report.

Fortunately, pet insurance can alleviate much of this new financial burden by covering pets for extensive trips to the vet. And it doesn’t have to be expensive. Owners can usually expect to pay For $30 to $70 monthly the dog and for $15 to $40 the cat.

Compared to the thousands of dollars it usually costs to raise and care for a pet, pet insurance is a valuable alternative to paying cash for each visit. You can get by choosing a pet insurance policy that works for you compensation After your pet’s treatment – put some unnecessary money back in your wallet.

You can get a free pet insurance quote from Pet Insurer Spot in 30 seconds.

More pets

There has been a spike in pet ownership in recent years due to the pandemic and the dramatic increase in work-from-home arrangements. This led to a reevaluation of how pets are cared for – and how that care is paid for

Many have since turned to pet insurance to help.

“The social and behavioral changes we’re experiencing around our relationship with pets have contributed to an unprecedented growth for our industry,” said NAPHIA Executive Director Kristen Lynch. “A record number of domestic pet adoptions and purchases during the pandemic, combined with continued work-from-home arrangements and a desire to reduce unexpected veterinary costs for pets have contributed to even higher growth rates over the past few years.”

“In 2020, 45% of households owned a dog, up from 38% at the end of 2016,” American Veterinary Medical Association (AVMA) As mentioned recently. “The pet dog population was projected to be between 83.7 million and 88.9 million in 2020,” the association claimed.

All of these animals will need care at a reasonable cost – both things a pet insurance policy can easily provide.

Bottom line

Pet ownership has skyrocketed in recent years and the price tag of veterinary care and services has jumped along with it. Fortunately, pet insurance has also grown, offering a wide range of policies and services for owners to choose from.

So, if you Own a new dog or cat – or simply use the support that a pet insurance policy provides – it makes sense to move You can now get a customized price quote online or you can explore some of the top pet insurance providers on the market using the table below.