2. “The Financial Benefits of Pet Insurance: Survey Results”

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Nearly 1 in 3 Pet Owners Have Pet Insurance; 92% Say It’s Worth It

Experian’s survey of 1,279 U.S. adult consumers reveals that nearly one-third of pet owners have pet insurance, and a remarkable 92% of those with coverage believe it’s worth the cost. The survey, conducted on July 3, 2024, highlights the financial benefits and peace of mind that pet insurance can provide.

Vet Visits More Frequent Among Those With Pet Insurance

Pet insurance can significantly reduce the financial burden of veterinary care, covering 70% to 90% of the costs. This financial support encourages pet owners to visit the vet more frequently. Half of the insured pet owners reported taking their pets to the vet more than once a year, compared to just 20% of uninsured pet owners.

Types of Pet Insurance

There are three main types of pet insurance:

• Accident-only insurance: Covers injuries or accidents but not pre-existing conditions or preventive care.
• Accident and illness insurance: Adds coverage for illnesses like cancer and diabetes but excludes preventive care and pre-existing conditions.
• Wellness coverage: Can be added to cover routine vet visits and preventive care, such as dental cleanings and vaccinations.

It’s crucial to review the details of each plan to understand what is covered.

Financial Confidence and Pet Spending

Pet owners with insurance tend to spend more on their pets and feel more financially secure. Over half (55%) of insured pet owners spend $100 or more monthly on their pets, compared to 24% of uninsured pet owners. Additionally, 41% of pet owners who feel extremely or very confident about their finances have pet insurance, compared to just 12% of those who feel less confident.

The Bottom Line

While pet insurance can be expensive, the majority of insured pet owners find it worthwhile. To save on pet insurance, choose your coverage carefully, opt for a higher deductible, and compare prices. If pet insurance isn’t for you, consider building an emergency fund and maintaining good credit to handle unexpected vet bills.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you with all your mortgage requirements.

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