Most Pet Owners Will Spend Anything to Save Pet's Life
According to a survey of Veterinary Pet Insurance (VPI) policyholders and other pet owners, 70 percent of those who responded said they would pay any amount to save their pet's life.
Veterinary Pet Insurance
If you would pay any amount of money to ensure a long and happy life for your pet, you are not alone.
According to a recent survey of Veterinary Pet Insurance (VPI) policyholders and other pet owners who visited the VPI website, 70 percent of those who responded said they would pay any amount to save their pet's life.
The latest opinion poll was delivered to VPI Pet Insurance policyholders through its quarterly newsletter, The Retriever, and was also accessible on the company Web site, my.petinsurance.com/newsletter.
Of the more than 5,200 responses to the latest survey, just 3 percent of respondents said they would pay up to $500 to save their pet's life. Ten percent of pet owners would pay up to $1,000, and 17 percent would pay up to $5,000.
The findings are in line with national surveys on the topic. According to the American Animal Hospital Association (AAHA) 2002 Pet Owner Survey, about half of the pet owners surveyed said they would spend any amount to save their pet's life. The following year, 73 percent of pet owners said they would go into debt to extend their pet's life, (published in the AAHA 2003 Pet Owner Survey).
On a popular finance blog, freemoneyfinance.com, pet owners were posed the same question and had varying responses. One pet owner writes, "I would spend whatever it took to save my pets," while another capped the spending at $15,000. Other bloggers reported that they would spend between $2,000 and $3,000 to save their pet's life.
While costs of veterinary services vary region by region, pet owners are spending more annually on such services than they have in the past. Between 1994 and 2003, aggregate U.S. household expenditures on veterinary services rose 76 percent, from $4.8 billion to $8.5 billion, according to "Pet Insurance in North America" (a November 2005 Packaged Facts study).
"This latest survey of our policyholders and pet owners everywhere underscores what we have known for a long time - that the human-animal bond is stronger than ever," said Dr. Carol McConnell, director of veterinary education and services for Veterinary Pet Insurance. "It is increasingly more common for pet owners to view their pet as a family member. As such, pet owners are willing to do whatever it takes to keep them happy and healthy for as long as possible. Cost of veterinary services is becoming less of an issue for them, especially when they have the financial assistance of pet health insurance."
Veterinary Pet Insurance is the nation's oldest and largest health insurance provider for pets. Selling policies since 1982, the company is committed to making the miracles of veterinary medicine affordable for all pet owners. VPI Pet Insurance plans cover dogs, cats, birds and exotic pets for thousands of medical problems and conditions relating to accidents, illnesses and injuries. Optional Vaccination & Routine Care Coverage is also available.
By VPI Pet Insurance. This insurance program for pets is available in all 50 states and the District of Columbia. Policies are underwritten by Veterinary Pet Insurance Company in California and in all other states by Madison, Wisconsin-based National Casualty Company, an A+XV A.M. Best rated company and a subsidiary of Nationwide Mutual Insurance Company. For more information about VPI Pet Insurance policies, call 800-USA-PETS (800-872-7387) or visit www.petinsurance.com