Experian surveyed pet owners to retrieve their views about the financial responsibility of owning pets and whether or not paying for pet insurance is worth it.
Pets provide comfort and companionship, but they can also be a big financial responsibility. Emergency veterinary surgery can run anywhere from $1,500 to $7,000, according to 2024 data from Yelp; pulling a tooth can cost $500 to $3,000. Pet insurance can ease some of the worry of pet ownership by helping cover the cost of veterinary care if your pet gets sick or is injured.
Among pet owners surveyed who have pet insurance, however, 92% say pet insurance is worth the expense. As one respondent said, "I have pet insurance so I don't have to decide between taking care of paying my mortgage." However, since most plans reimburse anywhere from 70% to 90% of the cost of covered care, pet insurance can make a significant dent in your vet bills. That may be one reason pet owners with pet insurance visit the vet more often than pet owners without it. Half of pet owners with pet insurance surveyed said they take their pet to the vet more than once a year, compared to just 20% of those without pet insurance.
Of course, this spending may include pet insurance premiums, which would increase a pet owner's average pet expenses. However, people with pet insurance may also be spending more on veterinary care because they know the bills will be covered.
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