Is getting pet insurance necessary?

Of all those surveyed – which includes non-pet owners – 14% said they got a new pet at the height of the pandemic, with a quarter admitting that the uncertainty caused by COVID-19 had played a major role in their decision.

Financially, the report says owners spent $32.3 billion on pet care and supplies β€” including drugs and other items purchased at hospitals β€” in 2021, an increase of about 3% from $31.4 billion last year.

APPA said that this was not unusual because the cost of veterinary medicine has been increasing every year since the agency began collecting data in 2001.

read more: The pet insurance market is set to double by 2022

The rise in pet care costs comes at a time when the pet insurance market is seeing significant growth.

Data from the North American Pet Health Insurance Association’s (NAPHIA) State of the Industry 2022 report has revealed a booming pet insurance sector, with premiums expected to reach $2.84 billion in 2021, up more than 30% from last year’s $2.18 billion. billion. This equates to more than 4.4 million insured pets and a jump of about 28% from 3.45 million in 2020. All figures include Canada.

“The changing attitudes and behaviors we’re experiencing in our relationship with pets has contributed significantly to the growth of our industry,” said Kristen Lynch, CEO of NAPHIA. “The number of pets adopted and purchased during the pandemic, combined with household activity, and the willingness of pet owners to reduce unexpected pet costs have contributed to the significant growth over the past few years.”

What kind of pet insurance does it offer?

Pet insurance plans are designed to protect pet owners from unexpected financial problems. Most policies follow a reimbursement policy, which allows policyholders to consult or receive treatment from specialists of their choice, but there are also a few providers that offer the opportunity to pay the veterinarian directly.

Read more: Revealed – the top 15 insurance providers in the US

According to the Insurance Information Institute (III), there are three types of coverage that pet insurance in the US provides. These are:

1. Spread of danger and disease

The most common types of protection, accident and disease policies cover injuries caused by accidents – including broken bones, torn ligaments, bite wounds, eye injuries, and poisoning – and diseases – including skin diseases, cancer, arthritis, asthma, infections of ear, diarrhea. , are pathogens.

Experts advise pet owners to get this type of cover when their pets are young as most insurance policies prohibit coverage when they get older. Doing so would also help policyholders to maintain premiums and reduce pre-existing condition waivers.

2. Accidental spread only

Some insurers offer only accident plans, which cover anything related to accidental injuries. These types of policies often cost less than accident and disease plans, and are compatible with pre-existing pets.

3. Explanation of benefits

This requirement covers the cost of general health care, including annual physical exams, spays or neuters, blood panels, heartworm screening and treatment, fecal screening, urinalysis, routine vaccinations, dental cleanings, and flea and tick treatment.

What factors should pet owners consider when purchasing insurance?

In order to find an insurance policy that best suits their needs, pet owners should consider several factors before settling on one. This includes:

Deductibles: These are the costs that pet owners must pay before the policy is issued. There are two types of pet insurance deductibles. The annual deductible – where the policy owner pays the amount for each policy period – and the deductible per condition – where the pet owner pays the amount for each event or event. Deductibles vary between insurance companies but are usually between $50 and $1,000.

Reimbursement: This is the portion of the vet’s medical expenses that the insurance covers. Common return options are 70%, 80%, and 90%. Few insurers, however, offer up to 100% reimbursement for pet expenses.

Coverage cap: This is the maximum amount that the insurance provider will pay for the interest that pet insurance covers. Usually, the amount is fixed at $5,000, but there are also insurers that provide unlimited coverage.

read more: Nation’s largest pet insurer warns of pet obesity epidemic

How much does pet insurance cost?

There are several factors that affect the cost of pet insurance, including the breed of pet, age, gender, pre-existing medical conditions, and where they live. According to NAPHIA, the annual premium for dog accident and disease insurance in the US was $583.91 or $48.66 per month in 2021. Cat insurance premiums are down nearly 41% at $342.84 or $28.57 per month. For accident-only policies, annual premiums cost $239.11 for dog insurance and $130.24 for cat coverage.

The union added that year, about 82% of the money that was underwritten was for dogs.

Is pet insurance a must have?

According to experts, the biggest benefit of getting pet insurance is peace of mind. It gives pet owners the assurance that in the event of an expensive illness or accident, they can afford to take care of their pets.

“You can’t predict when your dog or cat will get sick or injured, but you know it could happen at any time,” pet insurance specialist Embrace wrote on its website. “Pet insurance protects your finances by paying for your pet’s unexpected expenses.”

The Canine Journal added that the biggest problem for owners is “knowing your dog has cancer but refusing treatment because you can’t afford the bills.”

“No one wants to face this decision and applying for pet insurance can cost a fortune,” the review site said. Pet insurance allows you to make the best decisions in the event of an emergency rather than the cheapest.

To give pet owners an idea of ​​the various medical costs they may face when caring for their furry friends, insurance specialist Pets Bests analyzed annual premiums from 2017 to 2021. Here’s what insurers have gathered.


Average cost to treat dogs

Average price of cat medicine




Insertion of foreign objects






A broken bone



Heart murmur






Dental disease



Bladder infection/UTI



Diseases of the eyes



Kidney disease



Source: Best Pets

Meanwhile, many of the veterinarians Pawlicy Advisor spoke to discuss issues with pet owners about the cost of care anywhere from five to 10 times a day.

“While health care costs are rising across the board, pet health care is not the same,” according to the pet insurance market. “The right support system can buy you peace of mind and give you the strength to do what’s right for your dog or cat.”