Spot Pet Insurance accomplished a remarkable 72.6% growth in 2024,1 outpacing the industry average of 21.9% for a second year (NAPHIA, 2024). This success reflects the dedication of Spot Pet Insurance in providing pet parents with comprehensive, reliable coverage and excellent customer service.
This article will delve into the key trends from 2024,1 including top claims, cost fluctuations, the most popular pet names, and explore how Spot is setting the standard for pet insurance through standout customer service.
Most Common Claims Received in 2024
While Spot pet plans can help cover the cost of treatment for unexpected accidents and illnesses, base plans also include coverage for microchip implantation. Over 14,000 pet parents benefited from this coverage in 2024.
Other common claims included:
In 2024, the average claim cost was $439, with pet parents receiving reimbursements as high as $23,869 for illness claims and $23,629 for accident claims.1
Pet parents submitted more claims in October than any other month, with just under 60,000 claims received.
The average age of pets at enrollment decreased by 16% between 2023 and 2024 from 4.3 years old to 3.6 years old.
5 States with the Highest Increase in Claim Costs
Claim costs can change for a variety of reasons. According to the U.S. Bureau of Labor Statistics, the cost of veterinary services rose 7% between May of 2023 and May of 2024. While this likely plays a role in claim cost increases, other factors may include (Kohler):
Increasing costs for medical supplies, tests, and medications
The purchase of veterinary clinics by corporations
The five states that experienced the highest increases in average claim costs in 20241 were:
5 States with the Largest Decrease in Claim Costs:
Claim costs can decrease for a variety of reasons including:
The availability of more affordable treatments or generic medications
Decreases in cost caused by competition between veterinary clinics
An increase in preventive care and early diagnoses
A change in the proportion of mild and advanced cases; mild cases are often more affordable to treat.
The five states that experienced the largest decreases in average claim costs in 20241 were:
2024 Breed Statistics
Which breeds do you think are insured more - Golden retrievers or poodles? French bulldogs or English bulldogs? Spot provides the answers, and additional breed statistics below.1
The 10 Most Expensive Dog Breeds to Insure in 2024
Majestic Tree Hound
Spanish Alano
Estrela Mountain Dog
Russian Sheepdog
Lurcher
Entlebuch Mountain Dog
Fila Brasileiro
Spanish Mastiff
The 10 Least Expensive Dog Breeds to Insure in 2024
Austrian Short-Haired Pinscher
Billy
Estonian Hound
Alpine Dachsbracke
Danish-Swedish Farmdog
Bernese Hound
Berger De Savoie
Cirneco Dell'etna
Atlas Dog
Anglo-French Hound
The 10 Most Common Dog Breeds Insured in 2024
Medium Mix (26-50 pounds)
Small Mix (11-25 pounds)
Large Mix (51-100 pounds)
Small Mix (up to 10 pounds)
The 10 Most Expensive Cat Breeds to Insure in 2024
The 10 Least Expensive Cat Breeds to Insure in 2024
European Burmese
Seychellois
Chausie
Cameo Longhair
Cymric
Colorpoint Shorthair
The 10 Most Common Cat Breeds Insured in 2024
Domestic Shorthair
Mixed Cat
Domestic Medium Hair
Domestic Longhair
American Longhair
Pet Name Statistics
Discover the 10 most common pet names for male and female pets in 2024,1 provided below:
10 Most Common Names for Male Pets in 2024
Milo
Max
Charlie
Leo
Teddy
Oliver
Rocky
Cooper
Loki
Bear
10 Most Common Names for Female Pets in 2024
Luna
Bella
Daisy
Lucy
Nala
Coco
Lola
Willow
Stella
Lily
Pet Insurance as an Employee Benefit
The number of employers offering Spot Pet Insurance plans as an employee benefit increased by 64.6% between November of 2023 and November of 2024.5 This trend demonstrates a growing desire for pet health benefits in employee benefit packages.
Industry Comparison
Spot Pet Insurance has earned a Trustscore of 4.7 for the second year in a row, supported by over 6,780 TrustPilot reviews, and over 5,700 five-star reviews, reaffirming our commitment to providing excellent customer satisfaction within the pet insurance landscape.
Spot Pet Insurance is dedicated to providing pet parents with reliable coverage, quick claim processing (averaging less than 2 days1), and unwavering support for beloved four-legged companions. Through transparency, innovation, and a commitment to excellence, Spot continued to set the standard for pet insurance throughout 2024.
12023 and 2024 administrator policy data.[EM3] Claim reimbursement examples are for illustrative purposes only and are based on current administrative claims data. Reimbursement amounts may vary depending on plan selections, such as annual limit, co-insurance, and deductible, as well as the specifics of the claim. Actual reimbursements are subject to your policy terms, including exclusions and waiting periods. Please refer to your policy documents for full details.
2“North American Pet Health Insurance Industry Continued Exceptional Growth...” NAPHIA, 10 Apr. 2024, naphia.org/news/soi-report-2024/.
3“Table 2. Consumer Price Index... by Detailed Expenditure Category.” U.S. Bureau of Labor Statistics, 13 Nov. 2024, www.bls.gov/news.release/cpi.t02.htm.
4Kohler, Judith. “As Veterinary Costs Rise, People Wrestle with High Price of Caring for Pets.” The Denver Post, 20 June 2024, www.denverpost.com/2024/06/20/pet-owners-insurance-cats-dogs-veterinarians/.
5Based on internal data comparing groups won from 1/1/21 to 12/28/23 to 1/1/24 to 12/6/24.
Independent and paid ad from Spot Pet Insurance.
Waiting periods, annual deductible, co-insurance, benefit limits and exclusions may apply. For all terms visit spotpetins.com/sample-policy. Products, schedules, discounts, and rates may vary and are subject to change. More information available at checkout.
Insurance plans are underwritten by either Independence American Insurance Company (NAIC #26581. A Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254) or United States Fire Insurance Company (NAIC #21113. Morristown, NJ), and are produced by Spot Pet Insurance Services, LLC. (NPN # 19246385. 990 Biscayne Blvd Suite 603, Miami, FL 33132. CA License #6000188).
Contact Melina Acra: melina@spotpet.com
SOURCE Spot Pet Insurance
