The cost of insuring pets in the United States is on the rise, with the average accident and illness premium for dogs now exceeding $675 per year and cats costing more than $383 annually. This increase has led to a total of $3.9 billion in premiums being paid out in 2023, up nearly 22 percent from previous years. The number of pets insured has also increased, with close to 5.7 million pets now covered by insurance. This growth is driven by owners seeking to mitigate the rising costs of veterinary care, as pet insurance provides financial protection to cover unexpected illnesses and injuries.
A recent survey conducted on behalf of Newsweek found that 43 percent of eligible U.S. voters are concerned about their financial ability to care for their pets. Insurance costs have risen significantly in the past five years, with owners now paying an average of $80 more per year for dog insurance and $27 more annually for cat insurance. The cost of pet insurance has increased by between 8 and 14 percent for accident and illness policies over the past five years, with accident-only insurance for dogs seeing the highest jump at 27 percent. The survey also revealed that 37 percent of respondents would struggle to afford a minor surgery for their pet, highlighting the financial strain that pet care expenses can place on owners.
Experts point out that low-income households are particularly impacted by the rising costs of pet care. Approximately 20 million pets live in homes affected by poverty or in underserved areas with limited resources, making it difficult for owners to afford necessary veterinary care. Organizations like the Humane Society of the United States are working to increase access to care for pets in need, recognizing the challenges that many families face in providing for their animal companions. As the cost of pet insurance continues to rise, it is important for owners to consider their financial ability to provide necessary care for their pets and explore options for managing these expenses.
Overall, the pet insurance industry in North America is experiencing strong growth, with more families recognizing the value of coverage for unexpected veterinary expenses. The rise in insurance premiums reflects the increasing costs of caring for pets, as veterinary care becomes more advanced and expensive. Pet insurance provides owners with peace of mind and financial protection, ensuring that they can provide necessary care for their animals without facing overwhelming expenses. As the industry continues to evolve, it is important for owners to weigh the benefits of pet insurance against the rising costs and make informed decisions about protecting their furry companions.
