Pet insurance is a growing need; pet owners are increasingly turning to insurance to protect their furry friends. In 2022, the pet insurance industry was worth an estimated $15 billion, and it is expected to grow to $24 billion by 2027. People love these furry companions and that doesn’t seem to be changing anytime soon!
Here are some of the factors driving the growth of the pet insurance industry and need for insurance:
- The increasing cost of veterinary care: The cost of veterinary care has been rising steadily in recent years, and this has made it more difficult for pet owners to afford to pay for unexpected medical expenses.
- The changing demographics of pet ownership: In recent years, there has been a growing trend of pet adoption among millennials and Gen Z. These generations are more likely to be single and have less disposable income than previous generations. As a result, they are more likely to look for ways to save money on pet care, such as pet insurance.
- The increasing awareness of the benefits of pet insurance: Pet owners are becoming more aware of the benefits of pet insurance, such as peace of mind and financial protection.
And some statistics about the pet industry:
- The average annual premium for pet insurance is $599 for dogs and $341 for cats.
- The most common claims for pet insurance are for accidents, illnesses, and injuries.
- In 2022, about 44.6% of pet owners in the United States had pet insurance.
- 70% or 90.5 million U.S. households own at least one pet.
- The vet care and product sales segment is the third largest segment of the pet industry, accounting for $37.0 billion in sales in 2022.
The pet insurance industry is a competitive market, with a number of different companies offering a variety of plans. When choosing a pet insurance plan, it is important to compare plans from different companies to find the best fit for you and your pet’s needs.
Some tips for choosing a pet insurance plan:
- Consider your pet’s age and health history.
- Choose a plan that covers the expenses you are most concerned about.
- Read the terms and conditions carefully before you purchase a plan.
Pet insurance can be a valuable tool for pet owners. It can help you to pay for unexpected medical expenses, save money on your pet’s overall healthcare costs, and give you peace of mind. However, pet insurance can be expensive, and it may not cover all of the costs of your pet’s medical care. Read our blog about The Benefits of Early Enrollment in Pet Insurance.
If you are considering pet insurance, it is important to compare plans and rates from different companies to find the best fit for your needs. You should also carefully read the terms and conditions of your plan before you purchase it.
We hope this blog post has been informative. You can begin your pet quote with us today!