Although pet insurance has grown in popularity, the number of insured pets is actually quite small: Only about 4% of pet owners carry pet insurance.
With the cost of veterinary care skyrocketing over the past decade, Americans are increasingly turning to pet insurance to help with unexpected – and unaffordable – vet bills. Americans spent roughly $38 billion on health care and related services for companion animals in 2023, up from about $29 billion in 2019, according to The Atlantic.
"READ MORE: Dog that spent 473 days in shelter gets chance at ‘new life’"While pet insurance can be very helpful for covering the cost to diagnose and treat acute illnesses such as these, we’ve found the #1 reason pet parents enroll is for peace of mind over expensive vet bills that can arise from unexpected injuries and chronic conditions, which can cost thousands of dollars out-of-pocket, because pet insurance can make or break the difference between being able to afford the...
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