Cat Parents Spend This Much on Pet Insurance Each Year

Being a cat owner is rewarding, but it requires work and responsibility. If you're considering adopting a cat or any other pet, don't neglect to prepare financially.

You want to feel confident you can give your furry companion the best life possible. Researching pet care costs before you adopt a cat or dog is a must. Like many other costs, pet expenses have increased recently.

If you plan to get a cat soon, you may want to invest in pet insurance. This insurance can help cover some of the expenses of caring for your favorite pal. Let's take a closer look at what cat parents are spending on pet insurance costs.

Pet insurance isn't a must, but it can be helpful

Some pet care expenses, like pet food, are necessary, while others are not. One extra expense you may want to consider before adopting a cat is pet insurance.

With a pet insurance policy, you can get reimbursed for eligible pet care expenses, like veterinary bills. However, not all policies are created equally, so it's best to research your options and compare coverage between policies and insurers.

Fur parents are spending up to $1,200 annually on pet insurance

A recent study by pet sitting and dog walking platform Rover examined how much money pet parents spend caring for their cats. According to the study, 36% of respondents pay for pet insurance coverage. A whopping 92% of those with insurance agree it's worth the cost.

How much are cat owners paying for insurance? They pay between $10 and $100 monthly or $120 to $1,200 annually to insure their cats. That's a big range, but pet insurance costs can add up quickly and impact pet parents' checking accounts. Make sure you research insurance options and costs well before you buy a policy so you're financially prepared.

Pet emergencies can happen when you least expect it

Why might you want to pay several hundred or even $1,000 annually to insure your cat? Surprise pet expenses due to an unexpected illness or emergency can be a massive hit to your personal finances. Even if you have a seemingly healthy cat, emergencies can happen.

I know this from personal experience. Many years ago, our cat required emergency surgery. We took him to the emergency vet and left with a $5,000-plus bill after he received the surgery and aftercare he needed. Thankfully, he received excellent medical care and lived for several more years.

But that wasn't the only time we found ourselves at the emergency vet for our furry pal. I've owned three cats in my lifetime and never had pet insurance. But now that I know how costly emergency vet bills can be, I plan to buy pet insurance coverage when adopting my next pet.

Always keep your finances in mind

Consider your finances as you make everyday decisions, whether shopping for groceries and household essentials or adopting a furry friend. Are you thinking of adding a new pet to your household? Now is an excellent time to review your finances to see if you can adjust your spending habits to free up extra money to cover your pet expenses.

It's also wise to double-check that you can adopt. Want to prepare financially? Before you become a pet owner, you can use budgeting apps to monitor your spending and set spending limits so you're ready for the expenses associated with pet ownership.

You might also explore whether investing in pet insurance is the right move for you. If you're shopping around for pet insurance, check out our list of the best pet insurance companies.