Lemonade.com performs analysis of 2024 pet insurance price predictions

Published February 21, 2024

Pet insurance continues to be a hot commodity in today’s landscape and Lemonade.com, a leading pet insurance provider in America, has the results of their price predictions for 2024. 

“Prices rise and fall along with the economy, when the demand does not meet the supply, the costs go down and vice versa,” explains an expert at the agency, “with the high demand driving up the price of supply, we will be seeing an increase in the price of pet insurance, but there will likely be a ceiling price as the industry grows and more competitors emerge.”

This increase in price is reflected in the average prices for pet insurance, which are expected to adjust according to these market trends. According to another expert, it is not just the supply and demand that determines the price, but the “cost of services rendered, the medical expenses, all these have to be taken into account.”

According to another expert, it is not just the supply and demand that determines the price, but the “cost of services rendered, the medical expenses, all these have to be taken into account.”

Pet ownership has seemingly increased post-Covid, as many owners realized how much they valued the companion of their pets during lockdown, with reports in 2020 pointing that more than 30% of pet owners welcomed their first pet during the pandemic in search of companionship. Paired with the prevalence of social media that celebrates pets and pet ownership, more and more owners are aware of what constitutes responsible pet ownership.

As pets are becoming regarded more as family members and less as pets, it is no surprise that more resources are being poured into pet care and medical technology for domestic animals. While these medical advances may lower the costs for existing procedures such as neutering, deworming, or vaccination, as new and more effective methods are discovered, it may also increase the price, depending on how easily a drug is synthesized, or how simple the procedure is.

“AI has also made its way in the pet care sector and it is being implemented in diagnostics. Hopefully this would be able to lower the expenditure for medical treatments as animals cannot tell us where it hurts, vets or medical personnel are only able to hypothesize based on the physical symptoms that the animal presents. With AI, we will be able to rule out human error and find the root cause more effectively, eliminating unnecessary diagnostic tests and treatments,” explains the expert at Lemonade.com, “in the current climate of overpriced medical bills and medicine, it is expected that costs will continue to climb in 2024.”

Insurance is a given for many industries, whether education or construction, and it is something that can protect individuals and businesses from financial ruin. Pet insurance operates in a similar fashion, protecting pet owners from veterinary costs, from emergency runs to annual vaccinations. Depending on the policy, various features such as dental cleaning or prescriptions may be included. Bearing in mind that the costs of keeping a dog (or any other pet) healthy can often incur unexpected expenses, insurance is one way to safeguard against large medical bills.

Pet care is becoming increasingly expensive and while the cost of pet insurance is rising, it can also provide other benefits such as cash rewards, wellness rewards, and other incentives. Some companies are also offering pet insurance as a workplace benefit and is something that may be able to offset any future increments.

Media contact 
Name: Natalie Johnson
Email: natalie@open-zurich.com

Release ID: 910254

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