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How to Compare Pet Insurance Plans
Bennett Glace
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The cost of pet ownership is rising faster than most dog and cat lovers are aware of. Studies from organizations including the UK-based People’s Dispensary for Sick Animals (PDSA) suggest that prospective pet buyers dramatically underestimate what they’ll spend on pet care. PDSA found that a lifetime of pet ownership costs
seven times more than most survey respondents predicted.
According to the American Pet Products Association, spending on pets topped $100 billion in 2020. That eye-catching figure doesn’t take medical expenses into account, which can also easily take owners by surprise. Pet parents can get help managing some of these emergency and routine expenses by enrolling their pets in pet insurance policies.
Pet Expenses: Can You Afford a Pet?
Bennett Glace
Pet parenthood is a big business. In 2020, American pet owners spent more than $100 billion on their furry, feathered, and scaly family members. That number is expected to rise in 2021 as more people adopt their first pets and the nation’s 85 million pet-owning households continue to purchase essentials, pay medical bills, and splurge on the occasional gift.
Pets Cost More Than You Might Think
According to a Credit.com survey, the majority of pet owners underestimate how much they’ll need to spend both in the first year of pet ownership and throughout their pet’s lives. The site’s data suggests that average pet costs total around $1,000 each year, but a majority of respondents believed they’d need to spend closer to $500.