Who is Shopping for Pet Insurance?
How would you pay for a surprise $5,000 veterinary bill? According to a new survey, half of pet parents who were asked this question said wouldn’t be able to cover the cost.
The report, compiled by insurance broker Pawlicy Advisor, is based on data from 20,000 people who expressed interest in pet insurance and illustrates “both the importance and the urgency of having pet insurance as COVID-19 pushes many into financial insecurity,” said the company’s CEO and co-founder Woody Mawhinney.
According to the data, some pet parents (31%) are willing to seek financing options, like a loan or payment plan, to cover unexpected veterinary expenses. Only 20% said they had the funds to pay the costs upfront in full.
The report also revealed that most of the pet parents (82%) who recently shopped for pet insurance owned dogs. However, this is not evidence that dog owners love their pets more than cat owners, but rather that dogs are more likely to suffer from breed-specific illnesses.
Unfortunately, it’s incredibly difficult to get coverage for pets with pre-existing conditions, so it’s imperative that owners seek insurance early, when their pet is young and healthy. Most owners seem to understand this, as 90% of those who were shopping for insurance had pets with no health conditions.
Other findings from the report covered lighter subjects, such as the data on pet names. Some of the top names among dog owners searching for a pet insurance quote included: Bella, Max, Charlie, Luna and Coco. The top five for cats were Zoey, Stella, Tucker, Teddy Bear and Toby.
You can find the full lists, as well as the report in its entirety, here.