Pet insurance is a growing industry that saves thousands of dollars each year in pet emergencies and routine care.
We at Guides Home have dug into the numbers to provide you with the most useful pet insurance facts and statistics. Pet insurance companiesClaims and plan types.
We collected data from the North American Pet Health Insurance Association (NAPHIA), the American Pet Products Association (APPA), the Healthy Paws Pet Health Care Report, and our own owner surveys.
Pet ownership by type of animal
According to the APAA 2021 to 2022 National Pet Owners SurveyIn the United States, 90.5 million – or 70% – have pets.
Here’s a closer look at the numbers based on pet ownership:
- dog 69 million
- Cat: 45.3 million
- Fresh water fish 11.8 million
- bird 9.9 million
- small animal 6.2 million
- Reptile: 5.7 million
- horse 3.5 million
- salted fish; 2.9 million
Pet ownership by generation
The APPA survey also looked at pet ownership by generation. More millennials than any other generation have been found to own a pet, at 32%.
14% of Gen X and Baby Boomers report owning a pet, while 14% of Gen Z report owning a pet.
Builders, also known as the silent generation born before 1945, make up only 3% of pet owners in the United States.
How often do pet owners take their pets to the vet?
In our ownership survey of 1,000 pet owners, almost 45% Among the participants, they said that they take their pets to the vet twice a year.
More than 37% of the participants take their pets to the vet every year, while the rest of the pet owners only go to the vet if necessary.
Various pet insurance plans cover routine expenses and unexpected emergency visits to the vet.
The cost of animal emergencies
We asked pet parents how much they paid for pet emergencies. Nearly 21% said they paid more than $1,000 for a single veterinary emergency visit.
Alternatively, 25.1% of pet owners paid $200 or less for pet emergencies, with the majority of participants (31.5%) falling in between. From 201 to 500 dollars.
of Pet Health Care Report Value of Health Paws A visit to the vet will give you more insight into the potential costs.
How pet owners pay for animal emergencies
Our research found that 43% of pet owners use a credit card or personal loan to pay for pet emergencies. Only 12.9% of participants said they rely on a pet insurance policy to pay for expenses, with most pet owners using cash or savings.
Here’s a breakdown of how people responded:
The cost of pet insurance
Some pet parents purchase pet insurance to cover these costs. We surveyed pet owners with policies to measure average coverage costs. Approximately 37% said they pay between $25 and $40 per month for pet insurance.
Check out how much pet owners we surveyed pay for pet insurance each month:
Pet insurance premiums can vary based on your pet’s age, size, breed, location and coverage chosen.
Why people avoid pet insurance
We asked uninsured pet owners why they decided not to get a policy.
34% of survey respondents said they don’t have pet insurance because they don’t know much about it. Another 28% of pet owners passed up a policy because they felt it was too expensive. An additional 16% of pet owners said they did not need a policy because their pet was healthy.
Consider the following five main reasons.
Pet insurance industry trends
So how many pet owners have pet insurance? Half, or 44.6%, of pet owners in our survey said they currently have pet insurance.
On a larger scale, NAPHIA’s 2022 State of the Industry Report I found more 4.41 million pets In the year Insured in North America in 2021, up from 3.45 million in 2020. The report also shows that $2.84 billion in pet insurance will be spent in 2021, a 30.5% increase from 2020.
Napia speculates that some of this growth has to do with the high number of pet adoptions around the time of the pandemic and concerns about pet health care costs.
Number of dogs and cats insured from 2017-2021
Some companies offer pet insurance Plan for extra guest pets, most plans are designed to protect dogs and cats. As dog and cat ownership has increased over the past few years, so has the importance of pet insurance.
Here’s an overview of the increase in dog and cat pet ownership between 2017 and 2021, according to the NAPHIA report.
The future of the pet insurance industry
According to the information in this guide, pet ownership is increasing in the United States. As veterinary costs rise along with the rest of the economy, pet insurance can be a wise investment to protect your pet and avoid high emergency vet bills.
Here are some additional resources to help you learn about pet insurance: