Released: January 21, 2007

Buying pet insurance can save on vet bills

Source: Michelle Singletary, Boston Globe (Free Registration)

Would you spend $20 or $30 a month for pet insurance?

Sales of pet insurance in the United States topped $160 million in 2005, up nearly 25 percent from $129 million in 2004, according to Packaged Facts, the publishing division of MarketResearch.com.

Pet insurance covers the veterinary expenses of primarily cats and dogs, although coverage is available for other animals such as birds, reptiles, and certain exotic pets.

Sixty-three percent of US households own a pet, and last year they spent an estimated $38.4 billion on them, reports the American Pet Product Manufacturers Association. Of that, about $9.4 billion was for veterinary care.

Still, only 3 percent of dog owners carry insurance on their animals, says the association. Even fewer cat owners have pet insurance, just 1 percent.

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