Being a good pet parent starts with pet insurance. In the U.S., 3.1 million pets are covered by pet health insurance. In 2020, U.S. pet industry sales reached $103.6 billion, and $31 billion of that was on veterinary care and products. Depending on the type of policy you choose, pet insurance covers wellness, accident, and illness care and can help you prepare for an unexpected vet visit.
It’s useful to take a look at the cost breakdown of where the costs of pet ownership go towards. This year, the U.S. pet industry is expected to hit $109.6 billion. A breakdown includes $42 billion in food and treats, $31 billion in veterinary care, $8 billion in services such as grooming and boarding, and $22 billion in other services.
Aside from the one-time expenses, such as spaying/neutering, training, initial vaccinations, and a crate, it’s important to establish an emergency fund, or invest in pet insurance, in case your pet becomes injured or seriously ill.
Is pet insurance worth it? Depending on the specific needs of your pet, you may or may not be a good candidate for pet insurance. Last year, pet premiums in the U.S. reached nearly $2 billion, up 26% from the prior year. A total of 3.1 million pets are covered by pet insurance, 83% of the insured pets being dogs. Having pet insurance still comes with a lot of benefits.