Related Articles for you
- Pet Insurance: What does it Cost Cover in 2022?
- How does Pet Health Insurance Plan work in 2022?
- How to Find the Best Pet Insurance For You
Vet medical bills for injuries and illnesses can be very costly, and pet insurance can be a good way to cover some of these costs.
Pets surgery could cost thousands of dollars. Let’s suppose the total cost for surgery is $3,000 and you have coverage with a $500 deductible and 90% reimbursement level. In this instant, your out-of-pocket cost would be $750 ($500 deductible + 10% of $2,500 = $750).
Some pet owners prefer to set aside money in a savings account for a pet’s medical needs. But if you can’t afford a surprise vet bill that could be thousands of dollars, pet insurance is a way to guard against racking up a credit card bill or finding another way to pay.
Pet Insurance Ownership Gap
Nearly four-quarters of pet owners currently do not have pet insurance despite a high awareness of its availability, according to a national survey of 1,000 adults by Liberty Mutual Insurance in 2021. Unfortunately, 53% of pet owners say they wouldn’t be able to afford unexpected medical care for their pets.
Pet insurance can be an affordable solution for veterinary bills. For example, an accident and illness pet insurance plan pay for medical expenses for accidental injuries like a broken bone or treatment if the pet has a skin condition.
“We often hear how surprised people are when they see their vet bill after an accident, illness, or even a wellness appointment, but these costs could be greatly reduced with pet insurance,” says Luke Bills, a spokesperson for Liberty Mutual.
Spending on Pets Is Up, But So Is Poor Pet Behavior
A recent survey found that pet owners are spending more on their pets during the pandemic, but pets are still reacting poorly as their owners spend more time away from home.
Two-thirds (66%) of pet owners say they are spending more on their pets as their time away from home increases. Folks who live in the Northeast are the most likely to admit spending more on their pets (78%).
Despite the extra spending and lavish gifts, pets are still showing their displeasure about their increased alone time. Most pet owners report an increase in undesirable behaviors like barking, chewing, pacing, and peeing or pooping indoors.
Pet owners ages 17 to 28 are more likely to report that their pets are trying to escape (60%), are pacing (54%), or are sitting in a corner (29%). Pet owners ages 48 to 75 report the fewest pet behavior issues.
Pets Best and Embrace offer the best pet insurance based on coverage features and cost. Figo, Lemonade, ManyPets, and Spot also offer superior plans.