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Pet insurance industry growth is going gangbusters and can likely be attributed to the increasing cost of veterinary care and the increasing stature of pets in the family unit. Also, the cost (aka insurance premium) remains super affordable for most plans. We review the major players in pet insurance every quarter and thought it’d be fun and helpful for our readers to see the commonalities and stats rather than always focusing on what makes each company different. Below are some pet insurance trends that fascinated us and we think may surprise you too.
38 Pet Insurance Statistics & Facts
- The #1 reason pet owners buy pet insurance is that they, “Want to make decisions about my pet’s health care without worrying about whether or not I could afford the procedure.”
- 91% of U.S. pet parents consider their pets to be family members and 81% consider their pets as equal members of the family
- 50% of pet insurance policyholders file a claim each year
- 35% of pet insurance claims are for chronic conditions (ongoing issues with recurring vet bills)
- Less than 1% of pet parents have pet insurance even though healthcare costs are increasing faster than human healthcare
- Pet insurance is one of the fastest growing voluntary employee benefits
- No pet insurance company covers pre-existing conditions, which is why you should cover your pet sooner rather than later
- Dog owners spend an average of $257 per year on routine vet expenses and $474 per year on surgical vet visits
- Allergies/atopy is one of the most common pet insurance claims for dogs
- In 2015, 1.6 million pets in the U.S. and Canada were insured which is a 12% increase from 2014
- Pet insurance premiums in 2015 were $774 million, a 17.2% increase from 2014
- In 2015, annual premiums averaged $464 per pet in the U.S. for accident and illness plans
- Accident-only average premiums for dogs have increased from $156.60 (2013) to $159.26 (2014) to $164.16 (2015)
- In 2016, $15.95 billion was spent on vet care for pets in the U.S.
- Vet care in America is estimated to reach $16.62 billion in 2017
- In 2017, 68% of U.S. households (84.6 million homes) own a pet
- 85% of all insured pets are dogs, while only 15% are cats
- Comparing pet insurance rates online can save up to 26% on your plan
- Every 2.5 seconds a pet receives emergency care in the U.S.
- A pet owner is given a vet bill of more than $1,000 every 6 seconds
- Every year, 1 in 3 pets need emergency vet care
- 1/3 of dogs get cancer, which can cost more than $10,000 and sometimes up to $20,000
- The average pet insurance enrollment age for a pet is 3 1/2 years
- The annual cost of owning a dog averages $1,843
- Owning a pet has many health benefits including heart disease prevention, stress reduction and lowering blood pressure
- Owners spend an annual average of $474 on dogs for surgical vet visits ($245 for cats)
- Sick pets who visit the vet cost owners $204 per year for dogs ($244 annually for cats)
- Emergency vet visits cost owners $349 per year dogs ($154 for cats and $471 for horses)
- Owners spend an average of $102 per year for heartworm medication for dogs ($65 for cats)
- Flea and tick control products cost an average of $85 per year for dog owners ($77 for cat owners and $102 for horse owners)
- Routine vet visits cost $257 on average for dogs ($182 for cats and $549 for horses)
- Dog owners visit the vet an average of 2.7 times per year (2.2 for cat owners)
- Routine physicals are the most popular service at the vet
- Purebred dogs are at an increased risk for health issues opposed to mixed breed dogs
- The most unhealthy dogs:
- Cocker Spaniel
- German Shepherd
- Golden Retriever
- Saint Bernard
- Basset Hound
- Labrador Retriever
- Miniature Poodle
- Dog breeds with the least health problems:
- Mixed Breed Dogs
- Australian Cattle Dog
- Border Collie
- Siberian Husky
- The 5 most common dog illnesses:
- Skin Allergies
- Ear Infections
- Non-Cancerous Skin Mass
- Skin Infections
- The 5 most common cat illnesses:
- Bladder or Urinary Tract Disease
- Dental Disease
- Chronic Kidney Disease
- Excessive Thyroid Hormone
How Much Does Pet Health Cost Infographic
We put together some of the top pet health stats above in an informative infographic for you to visualize some of these facts.
To embed this infographic on your website, just copy and paste the code below:
Video: How Much Does Vet Care Cost?
This video summarizes some of these stats in visual form, feel free to watch and share with others who you might think could benefit from learning these facts about pet health and its cost.
95% of Americans consider their pet to be a family member, so why don’t you have pet insurance?