Pet Insurance During Pandemic Times: What You Need to Know
Take a look outside your window. Are you seeing some unfamiliar canine faces? Is the parade of pups getting longer out there? That wouldn’t be surprising data shows that over 11 million U.S. households invited new pets into their lives since the global pandemic began.
The COVID-19 pandemic has affected every aspect of our lives, including our relationships with our pets. With lockdowns and stay-at-home orders in place in many parts of the world, people found themselves with more time and a need for companionship, leading to an increase in pet adoption and fostering.
However, with the added responsibilities of pet ownership also came the need for financial protection, leading to a surge in demand for pet insurance. In this article, we will explore the surge in pet adoption and pet insurance during the COVID-19 pandemic.
Pet Adoption Surged During the Pandemic
The pandemic has led to a surge in pet ownership across the world. As people were forced to spend more time at home, they felt a need for companionship and found solace in adopting pets. According to a survey conducted by Rover, 18% of respondents said they had adopted a new pet since the pandemic began.
The American Society for the Prevention of Cruelty to Animals reported a 70% increase in animals being fostered and adopted from their shelters in New York City during the early months of the pandemic. Similarly, the UK-based animal welfare charity, Battersea Dogs & Cats Home, reported an 86% increase in the number of dogs being adopted during the pandemic.
Emotions are driving the surge
Family gatherings have been canceled. Offices have closed creating a new remote workforce that operates via email and Zoom meetings. Money.com found that all that isolation has led people of all ages to jump into pet parenting, with the GenX and millennial generations leading in new pet acquisition. More than half of survey respondents cited loneliness as their motivation for adopting or purchasing a pet during the pandemic.
The amount of time we’re routinely spending at home was also influential in people’s decision to seek animal companionship: 72% of respondents reported that they’d always wanted a pet and the pandemic finally created the right circumstances. It’s a delightful revelation: despite the difficult circumstances we’ve been living under, more people are realizing at least one long-held dream.
Pet shelters experienced an unprecedented shortage of pets. Purebred breeders’ waiting lists got longer. But regardless of where they came from, more pets have found homes as a result of the coronavirus crisis – a break in the clouds that have otherwise cloaked the globe since early winter of last year.
Attitudes Toward Pet Spending Reflect Our Emotions
While Money.com’s data found that pet parents aren’t necessarily spoiling their pets – pet supply purchases held pretty steady – our deepening attachment may be behind a greater willingness to spend more on healthcare for them.
How’s this for love? Nearly 70% of the study’s subjects said they’d be willing to spend any amount of money to give their pets life-saving treatment.
And pet parents aren’t just willing to spend on life-saving care. They’re keeping up with recommended wellness visits and vaccinations, too. Money.com found that 75% of pet parents report visiting their vets at least once a year. The past decade’s steady increase in the number of pets who are covered by dog insurance or cat insurance is expected to continue, with analysts predicting double-digit growth in the pet insurance category this year.
The American Kennel Club estimates that the lifetime cost of owning a medium-size dog averages $15,000. You’ll spend less if you raise a cat, but not as little as you might think. That’s because cats live longer than dogs. (Keep yours inside and he or she could well live to be 14-years or older!)
The Benefits of Pet Companionship during the Pandemic
With the pandemic affecting mental health and causing stress and anxiety, adopting pets has been a source of comfort for many people. Pets provide companionship, reduce loneliness, and have been shown to have positive effects on mental health. According to the Centers for Disease Control and Prevention, having a pet can lower blood pressure, cholesterol levels, and feelings of loneliness.
Unsurprisingly, Pet Insurance Has Also Surged
As more people adopted pets during the pandemic, there has been a greater interest in protecting their furry companions with pet insurance. According to a survey conducted by ValuePenguin, there was a 30% increase in pet insurance sales in the United States from 2019 to 2020. The pandemic was a key factor driving this increase, as people became more aware of the potential costs associated with pet care and wanted to ensure they were financially prepared. Similarly, in the UK, the pet insurance industry has seen a surge in demand, with some providers reporting a 60% increase in sales during the pandemic.
The Importance of Pet Insurance
Pet insurance can help cover the eligible costs of veterinary care for unexpected accidents and illnesses. With more people adopting pets during the pandemic, the need for affordable and extensive pet insurance plans– like those provided by Spot Pet Insurance – has become increasingly important. Learn more about how much pet insurance is and how to choose the best pet insurance option. Without pet insurance, unexpected veterinary bills can quickly add up and become unaffordable for many pet owners. By getting pet insurance, pet owners have help with peace of mind knowing that they are financially protected in the event of an emergency. Know more about pet insurance reviews and top pet insurance FAQs you need to know.
And You Thought You Couldn’t Love Your Pet More?
It turns out that many pet parents found that, indeed, they can. More than half of survey respondents said they feel more love and show their pets more attention since they’ve been spending more time with them.
How about you? Has the bond with your four-legged buddy grown deeper as a result of COVID-19 and spending more time together? That shouldn’t surprise us, either. Pets and pet parents are getting to know each other more intimately. And, as many pet parents have observed – probably since the dawn of time – to know them is to love them.
So, if you love your pet, make sure that they are well-cared for and protected in the event of an accident or illness. Spot Pet Insurance plans are here to help protect both your furry loved one AND your wallet from unexpected vet bills. By getting a Spot pet insurance plan, you get help with peace of mind knowing that your pet is covered in the event of an emergency.
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