How much would you spend on your pet?

By Mike Brown with LendEDU

Whether it be a dog, cat, horse, or bird (or all four), we all love our pets.

I mean, what's not to love about our furry friends? They are smart for the most part (and when they're not, it's hilarious), loyal, loving, and forgiving.

We love our pets so much that we go to great lengths to spoil them, protect them, and sometimes, even save them. And, all of this care can become expensive, really expensive. The toys, food, and veterinary visits rack up quite the tab.

As a matter of fact, those expenses are not even the half of it when it comes to what we spend money on for our pets. In modern times, pet insurance has become a bustling marketplace. According to the North American Pet Health Insurance Association (NAPHIA), 1.8 million pets were insured in 2016 in North America; this represented an 11.5 percent annual growth rate from 2015. In total, $940 million worth of pet insurance premiums were written in 2016, which was up from $774 million in 2015.

As both consumers and companions, we are willing to spend serious money on our pets. But, exactly how much are we willing to spend? And, if we are willing to dole out considerable cash for our pets, does pet insurance become a worthwhile investment?

LendEDU sought to find the answer to these difficult questions in a recent poll. We focused on the two most common household pets: cats and dogs.

Ultimately, Dog Guardians are Willing to Spend More Than Cat Guardians

To find out how much American consumers were willing to spend on either their cat or dog, we ran two individual polls. The first poll was answered by 250 self-identifying dog guardians. The second poll was answered by 250 self-identifying cat guardians.

We first asked respondents that only had a dog the following question: "How much would you be willing to spend to save your dog from a life-threatening illness or disease?" For comparison's sake, we also asked respondents that only had a cat, "How much would be willing to spend to save your cat from a life-threatening illness or disease?"

[Results from the poll showed] if it came down to the ultimate decision, dog guardians were willing to spend more to save their canine than what cat guardians were willing to spend on their feline by an average of $7,271.24.  Specifically, dog guardians were willing to spend $10,725.46, while cat guardians reported that they would pay $3,454.22.

If this data from our poll held true on a broader scale, it would seem that dog guardians would benefit more from having pet insurance.

For more specifics about our poll, please visit us here.

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