Slightly more than half (52%) of dog owners say they are very concerned or somewhat concerned about their ability to pay for an unexpected vet bill in the next three months.
How concerned are you about your ability to pay for an unexpected veterinary bill in the next three months?
Pet insurance is a good way to help offset expensive vet bills for problems like ACL ruptures, broken bones, cancer, heart disease, swallowed objects and common illnesses, such as ear infections and digestive issues.
Majority say vet bill of $2,000 or less is “unaffordable”
An unexpected accident or illness such as a dog’s broken bone, cancer, torn knee ligament or toxic ingestion can cost thousands of dollars in vet bills, according to a Forbes Advisor analysis of the cost of vet visits. Most dog owners (79%) consider various amounts of vet bills of $2,000 or below to be “unaffordable.”
Dog owners without pet insurance are vulnerable to the prospect of racking up debt to pay a surprise vet bill.
How much money would an unexpected vet bill cost for you to consider it “unaffordable”?
Vet-related expenses among cuts for dog owners on a tight budget
Dog owners on a tight budget may have to face some tough financial decisions when it comes to their pups. While 54% of dog owners say they’d cut spending on items such as dog treats, outfits and toys, some dog owners say they’d cut veterinary-related expenses to save money.
Slightly over a quarter (26%) of dog owners said they would not pay for surgery for their dogs (elective or emergency) and 17% said they would reduce veterinary checkups. Vaccinations (5%) and medication (5%) were also on the chopping block.
Which dog-related expenses would you cut if your budget was tight? (Select up to three)
Pet insurance can help cover costs such as surgeries and medication. In addition, you can typically add a wellness plan to cover the cost of routine vet checkups and vaccinations.
Many dog owners are unlikely to buy pet insurance in the next three months
Despite the fears of big vet bills, 48% of dog owners say they are unlikely to buy pet insurance in the next three months.
How likely or unlikely are you to buy a new pet insurance policy in the next three months?
Nearly two-thirds (63%) of pet owners said they would have difficulty paying a surprise vet bill amid inflation, according to a Forbes Advisor survey on pet costs and inflation. More than a quarter of pet owners (28%) said a vet bill of $499 or less would cause them to go into debt, while a bill of $999 or less would cause 42% to go into debt.
Even with so many pet owners concerned that a hefty vet bill would wreak financial havoc, more than three-quarters (79%) of pet owners said they did not have pet insurance, according to a Forbes Advisor survey. Many pet owners are unlikely to purchase pet insurance amid inflation:
- Nearly one-third (30%) of survey respondents said they are much less likely or somewhat less likely to buy pet insurance amid inflation.
- And 22% said they were much more likely or somewhat more likely to buy pet insurance amid inflation.