Pet insurance is now a $4 billion market. But as the industry grows, it's becoming as confusing and messy as health insurance for humans.
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The Lede
People love their pets, and they're willing to do a lot for them, financially and otherwise. This level of attachment has helped turn the pet insurance industry into a lucrative and rapidly expanding market. As pet insurance becomes more prevalent, so too do the questions about it. While some people swear by it, others think it's a scam. One thing is for sure: As the industry grows, pet insurance is becoming as confusing and messy as health insurance is for humans.
Key Details
- The American Pet Products Association has estimated that Americans spent $147 billion on their animals in 2023, including $38 billion on their healthcare.
- Just like regular health insurance, coverage for pets often winds up being riddled with loopholes and fine print that allows insurers to deny claims.
- "The big problem with pet insurance is it's just an expensive product," said Kevin Brasler, the executive editor of Consumers' Checkbook, a consumer watchdog group.
