A Remedy to Unexpected Vet Visits
Obtaining pet insurance is a crucial part of pet ownership. The U.S. is home to 3.1 million insured pets. In 2020, a whopping $103.6 billion was spent on pet-related products and services in 2020, and $31 billion alone was invested in veterinary care. Depending on the type of policy you choose, pet insurance covers wellness, accident, and illness care and can help you prepare for an unexpected vet visit.
The U.S. pet industry is projected to generate $109.6 billion this year. Taking a look at where the costs of pet ownership are spent, food and treats accounted for $42 billion, veterinary care for $31 billion, grooming for $8 billion, and other services accounted for $22 billion.
In addition to budgeting for one-time costs associated with vaccinations, a crate, spaying/neutering, and training, it is essential to allocate emergency funds in case your pet becomes injured or seriously ill. Even with the best care for our pets, things like this happen, with three of the most common pet illnesses being poisoning ($1,783), torn ACL ($3,300), and cancer treatment ($5,000).
Is pet insurance right for you? Your pet’s specific needs may or may not make you a good candidate for pet insurance. U.S. pet insurance premiums reached nearly $2 billion last year, an increase of 26 percent over the prior year. With 83% of insured pets being dogs, many owners are reaping the plentiful benefits of pet insurance.
Parenting a pet is a lot of responsibility. Be responsible by staying ahead of the game proactively, obtaining the best vet care, and finding the right pet insurance. Be there for them, and they’ll be there for you in return.