A combination of several factors has come together to make this coverage far more appealing.
Pet insurance has seen a steady but rather slow growth rate in the United States, even as countries in other parts of the world, such as Europe, have been purchasing it much more quickly. That said, the trend in the US appears to be speeding up, and there are a number of reasons to explain it.
As inflation sends the cost of food and other necessities upward, many Americans are seeking relief.
This has included everything from diversifying investments and refinancing existing debt, to shopping sales or picking up extra jobs. That said, while it may sound counter-intuitive to add an expense in order to save money, many Americans are finding that the cost of pet insurance premiums are not rising as quickly as the cost of the vet bills they’re paying to keep their furry family members healthy. Veterinary service prices rose by 10 percent last year, which is the largest single-year increase seen in decades.
Buying coverage for a cat or dog often means that owners not only pay more predictable amounts for the health of their animals, but they feel comfort from knowing that if something unexpected happens – such as an injury or the diagnosis of a chronic illness – they won’t need to choose between their financial wellbeing and the life of their beloved furbaby.
The types of benefits available through US pet insurance have expanded notably in the last few years.
From 2018 to 2021, there was a doubling in his coverage category in the United States, according to data from the North American Pet Health Insurance Association (NAPHIA). On the whole, the sector in the US reached over $2.83 billion by the end of 2021.
That said, animal owners need to be aware that each insurer offers its own products with various benefits, advantages and limitations, and each one calculates premiums differently. It is therefore quite important to comparison shop when deciding on a plan as the amount paid for what is received will vary greatly.
On average, coverage for dogs will range between $30 and $70 per month for pet insurance for dogs and between $15 and $40 per month for cats.