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Is Pet Insurance Worth It? Insights from Pet Owners

Pets bring joy and companionship, but they also come with financial responsibilities. Emergency veterinary care can be costly, with surgeries ranging from $1,500 to $7,000 and dental procedures costing up to $3,000. Pet insurance can help mitigate these expenses, providing peace of mind for pet owners.

Survey Results: Pet Insurance Adoption and Satisfaction

Experian conducted a survey of 1,279 U.S. adults to understand their views on pet insurance. The survey revealed that nearly 1 in 3 pet owners have pet insurance, and 92% of those with insurance believe it is worth the cost.

Cost of Pet Insurance

The cost of pet insurance is a significant factor for many pet owners. On average, annual premiums for pet accident and illness insurance are $383.30 for cats and $675.61 for dogs. Adding wellness coverage can nearly double these costs. Despite this, 53% of pet owners without insurance still believe it is worth the expense.

Types of Pet Insurance

There are three main types of pet insurance:

• Accident-only insurance: Covers injuries or accidents but not pre-existing conditions or preventive care.
• Accident and illness insurance: Adds coverage for illnesses but excludes preventive care and pre-existing conditions.
• Wellness coverage: Can be added to cover routine vet visits and preventive care.

It’s essential to review the details of each plan to understand what is covered.

Impact of Pet Insurance on Veterinary Visits

Pet insurance typically covers a portion of veterinary expenses, with most plans reimbursing 70% to 90% of covered costs. This financial support encourages pet owners to visit the vet more frequently. Half of the pet owners with insurance take their pets to the vet more than once a year, compared to just 20% of those without insurance.

Financial Confidence and Pet Spending

Pet owners with insurance tend to spend more on their pets and feel more financially confident. Over half of those with insurance spend $100 or more on their pets each month, compared to 24% of those without insurance. Additionally, 41% of pet owners who feel extremely or very confident about their finances have pet insurance, compared to just 12% of those who feel less confident.

The Bottom Line

While pet insurance can be expensive, the majority of pet owners with coverage believe it is worth the cost. To save money, choose your coverage carefully, opt for a higher deductible, and compare prices. If pet insurance isn’t for you, consider building an emergency fund and maintaining good credit to handle unexpected vet bills.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We are here to help you with all your mortgage requirements.

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