BREA, Calif. (Jan. 10, 2006) – In an effort to prepare would-be pet owners for the possible costs they could incur over the lifetime of a brand new pet — and in response to lawsuits involving the negligent care of animals — veterinary consultant Jim Wilson, DVM, JD has put his findings into an easy-to-follow spreadsheet that owners can customize to calculate the lifetime costs for their own pet. The research includes the typical costs associated with owning a pet, from pet food and vaccinations to chew toys and household damage.

A young puppy at a local shelter may cost just $100 to adopt, but could end up costing its owners $23,000 over its lifetime if it’s a larger breed that lives to 12 years, Dr. Wilson’s research suggests.

Veterinary Pet Insurance Co. (VPI), the nation’s oldest and largest provider of health insurance for pets, supports the research and results that Dr. Wilson has accumulated; the company is a strong advocate for responsible pet ownership, a concept that begins with a firm grasp on the costs a pet owner should be prepared to allocate for adequate care of that pet. VPI aided Dr. Wilson’s research by supplying actuarial data relevant to the spending figures and patterns of pet owners for various veterinary services.

“It is important for veterinary professionals to share this new information with their clients, emphasizing the costs related to health care and recommending pet insurance as a key method for assisting with the lifetime veterinary costs for their pet,” said Dr. Carol McConnell, manager of veterinary education for VPI.

“My initial work on this formula for determining one’s investment in a pet was to show owners, attorneys, judges, and juries that the old ‘market value’ rule was out of touch when it comes to the ownership of pets,” said Dr. Wilson, who worked on the project with the Pennsylvania Veterinary Medical Association, veterinary students and others over the course of 1.5 years. “Once we began working on the spreadsheet, it became obvious that this would be a useful exercise to show current and potential pet owners that pets are much too expensive to be treated as disposable property. In fact, projecting the costs of owning different species, sizes, and breeds of pets should be an important step considered by people before they purchase or adopt a pet.”

Dr. Wilson’s cost model will be integrated into the VPI-sponsored Veterinary Career Development University Series curriculum, in an effort to convey to future veterinarians the fiscal responsibilities that pet owners should be prepared to burden. Various segments of the University Series is offered at 19 veterinary colleges and is designed to expose students to a wide variety of business and personal financial management skills critical to a successful veterinary career. Dr. Wilson hopes veterinarians can use this cost model to prepare prospective owners for the lifetime costs associated with the pet they envision for themselves or their families.

“When prospective owners start tabulating first year acquisition costs, intermittent expenses, and total expenses ranging from $10,000 to $35,000 for many of their pets, shouldn't they purchase a pet health insurance policy to protect their beloved new family member?” said Dr. Wilson. “When owners can't afford such care, they elect to pursue an inadequate course of medical care or, alternatively, what the veterinary profession terms ‘economic euthanasia,’ defined as a financially driven decision not to pursue treatment. Thus, the purchase of a pet health insurance policy is a way of protecting one's investment in a beloved pet.”