2022 Pet Insurance Facts and Statistics

Pet insurance is a growing industry that saves pet owners thousands of dollars a year on veterinary emergencies and routine care.

At Home Media’s review team, we’ve dived into the numbers to bring you the most important pet insurance facts and statistics, including data on pet insurance companiesclaims and types of plans.

We collected data from the North American Pet Health Insurance Association (NAPHIA), the American Pet Products Association (APPA), the Healthy Paws Cost of Pet Healthcare report, and our own proprietary survey.


Animal ownership by type of animal

According to APPA 2021-2022 National Pet Owner Survey90.5 million – or 70% – of households in the United States have pets.

Here’s a closer look at that number based on the type of pet owned:


Animal ownership by generation

The APPA survey also looked at animal ownership by generation. He revealed that more millennials own pets than any other generation, at 32%.

About a quarter of Gen X and Boomers own pets, with 14% of Gen Z reporting owning a pet.

Builders, also known as the silent generation born before 1945, make up just 3% of pet owners in the United States.


How often do pet owners take their pets to the vet

In our exclusive survey of 1,000 pet owners, nearly 45% of participants say they take their pet to the vet twice a year.

More than 37% of participants take their pet to the vet each year, with the rest of pet owners only visiting the vet when necessary, if at all.

Different pet insurance plans cover routine expenses and unscheduled emergency visits to the vet.


The cost of veterinary emergencies

We asked pet owners how much they paid for veterinary emergencies. Nearly 21% said they paid more than $1,000 for a single emergency vet visit.

Alternatively, 25.1% of pet owners paid $200 or less for a veterinary emergency, while most participants (31.5%) were in the middle to $201 to $500.

The Health Paws Pet Healthcare Cost Report provides more information on the potential costs of vet visits.

How pet owners would pay for veterinary emergencies

Our survey found that 43% of pet owners would pay for a veterinary emergency using a credit card or personal loan. Only 12.9% of participants said they would rely on a pet insurance policy to pay for their expenses, with most pet owners saying they would use cash or savings.

Here’s the breakdown of how people responded:

The cost of pet insurance

Some pet owners purchase pet insurance to account for these costs. We surveyed pet owners who have policies to gauge average coverage costs. About 37% said they pay between $25 and $40 in monthly pet insurance premiums.

Here’s a look at how much the pet owners we surveyed pay each month for pet insurance:

Pet insurance premiums can vary depending on the age, size, breed, location of your pet and the coverage chosen.


Why People Avoid Pet Insurance

We asked owners of uninsured pets why they decided not to purchase a policy.

Some 34% of survey respondents said they didn’t have pet insurance because they didn’t know much about it. Another 28% of pet owners switched to a policy because they felt it was too expensive. Another 16% of pet owners said they didn’t need a policy because their pet was healthy.

Take a look at the top five reasons below:

Pet Insurance Industry Trends

So how many pet owners have pet insurance? About half, or 44.6%, of pet owners said they currently have pet insurance in our survey.

On a larger scale, NAPHIA 2022 State of the Industry Report found that more than 4.41 million pets were insured in North America in 2021, up from 3.45 million in 2020. The report also revealed that $2.84 billion in pet insurance premiums were in effect in 2021, an increase of 30, 5% compared to 2020.

NAPHIA speculates that some of this growth is related to higher numbers of pet adoptions throughout the pandemic and heightened concern about pet healthcare costs.


The number of dogs and cats insured from 2017 to 2021

While some companies offer more exotic pet insurance plans, most plans are designed to protect dogs and cats. As the ownership of dogs and cats has increased over the past few years, the need for pet insurance has also increased.

Here’s a look at the increase in dog and cat ownership between 2017 and 2021, based on NAPHIA’s report.

The future of the pet insurance industry

According to the data in this guide, the number of pet owners is increasing in the United States. As veterinary expenses rise alongside the rest of the economy, pet insurance can be a wise investment to protect your pet and avoid potentially high emergency veterinary bills.

Here are some other resources to help you learn more about pet insurance:

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