Only 1% of pets covered by insurance

A recent study conducted by the ASPCA, reported that there were over 78 million pet dogs in the United States, however cats were the most popular pet at 85.5 million. This statistic is quite different compared to Europe, Oceania and Asia where dog ownership tends to be the most popular. In 2016, Americans spent over $67 billion dollars on their pets, a significant increase from 1994 where net expenditure was at $14 billion. Breaking down $67 billion, $28 billion was spent on pet food, $15 billion in pet supplies/OTC medicine and a further $16 billion on veterinary services. A potential reason why cat ownership might be more popular in the United States is the relatively cheaper annual ownership cost of $988, compared to dogs which cost an average of $1,549. 2016 Average Annual Cost for Dogs and Cats Dogs - CatsrnSurgical Vet Visits $474 - $245rnRoutine Vet $257 - $182rnFood $235 - $235 rnFood Treats $72 - $56 rnKennel Boarding $322 - $164rnVitamins $58 - $46 rnGroomer/Grooming Aids $84 - $30rnToys $47 - $30 rnTotal $1,549 - $988 As Americans continue to spend and provide exceptional care for their beloved pets, the greatest expense would be the veterinary cost, which can attribute to 45-50% of the total annual cost. Interestingly, only 1.4 million pets or less than 1% of pets in the United States are covered by pet insurance. Although, policies have doubled since 2008 from 680,000, the United States has been slow adopter of pet insurance. When compared to other countries such as Australia, over 19% of dogs and 9% of cats are covered by pet insurance and the founding country of pet insurance, Sweden, 50% of their dogs are covered. As 1 in 3 dogs require urgent medical treatment, the chances of making a pet insurance claim is higher than those of home/renter's insurance and car insurance. Pet owners should carefully consider getting pet insurance to reduce the financial burden as bills can skyrocket to the tens of thousands. More importantly, without having the financial burden can allow your pet to undergo the best treatment possible and ensure they can have a better chance of survival and hopefully improve their quality of life.