Research reveals 81% of pet owners think pet insurance is worthwhile

Veterinary care was often cited as the largest pet-related expense among survey respondents. Additionally, 38% of respondents have gone into debt to pay for their pet’s medical expenses.

The majority of those surveyed said that routine veterinary care, like annual wellness exams and vaccinations, typically cost them the most at the vet. Respondents usually pay mid $200 and $499 per year for general veterinary care alone.

Considering the average emergency vet visit for a dog costs around $1,500, pet insurance can reduce the amount you pay by covering the costs associated with care and treatment. treat.

Respondents typically pay a premium of $41 to $50 per month for pet insurance. However, the average cost of pet insurance can vary depending on the provider, plan, level of coverage you choose, and the breed, age, and species of the pet.

The most popular pet insurance providers among our survey participants were Healthy feet, Best pets And ASPCA.

If you’re unsure about which pet insurance provider is best for you, we recommend comparing the leading providers to learn more about the pros and cons of each company, your options Insurance and costs.

You can also learn more about the best policies for senior dogs, pre-existing conditions, multiple pets, and pet owners on a budget.

While cost is an important factor to consider when looking for pet insurance, pet owners who responded to our survey rated coverage and customer reviews most highly when choosing a supplier.

Considering pet insurance is most beneficial if your insurer actually approves claims and provides reimbursement, it is reasonable for customers to carefully consider the coverage offered. level and what customers are saying about the brand.

In most cases, pet owners must pay their veterinarian directly before filing for reimbursement from their pet insurance provider.

According to our survey results, 77% of respondents have filed a pet insurance claim in the past year. Of those who filed a claim, respondents typically received reimbursement from their pet insurance provider within one to two weeks.

Among those who filed a claim, 67% of respondents had at least one claim denied. According to our survey results, claims for pre-existing conditions, cosmetic or routine care, or lack of documentation are most often denied.

Paying out of pocket for veterinary care and waiting for reimbursement can cause financial stress for some pet owners. Most pet insurance companies do not cover pre-existing conditions or routine care. However, many providers allow you to purchase an additional wellness plan to cover annual veterinary visits, vaccines, parasite prevention and more.

Before signing up for pet insurance or filing a claim, it’s important to read and understand the details of your plan. Your plan will explain what diseases and treatments your provider covers and what documents to submit with your claim.

According to our survey, 81% of people own pets believe pet insurance is worth it and 74% gave their pet insurance provider four or five stars for overall satisfaction.

Additionally, 78% of respondents plan to renew their pet insurance plan with their current provider after the policy term ends.

Pet insurance can provide financial peace of mind if your pet becomes unexpectedly ill or injured. Emergency vet bills can cost hundreds or thousands of dollars, and you can’t predict every health problem your pet will encounter during its lifetime. Pet insurance allows you to prepare for the unexpected and can even help cover the cost of routine pet care.

The MarketWatch Guides team surveyed 1,000 U.S. pet owners with pet insurance. The poll was conducted via Pollfish on August 14, 2023.

The survey was designed to gain a deeper understanding of how much pet owners pay for veterinary care for their animals, what they look for in a pet insurance provider, and satisfaction their common.

Of the pet owners surveyed, 35% purchased insurance for one pet, 39% purchased insurance for two pets, and 26% purchased insurance for three or more pets. Among respondents, 55% of insured pets were dogs, 21% were cats and 24% were birds, hamsters, horses or some other pet.

Note: Figures are expressed as percentages rounded to the nearest whole number.