Can You Put a Sticker Price on Your Furry Friend's Life? Here's How Much Americans Will Pay to Save Their Pets

Would you take on debt to save your pet?

He tripped over a curb in broad daylight. That was the first sign something was wrong with our yellow lab Maestro, who was only 3 years old. We took him to the vet, who told us Maestro was going blind. Surgery might fix him -- maybe -- but it would cost us over $10,000.

We paid up, but boy, did it hurt.

Soon after, Maestro relapsed. After conferring with our vet, we decided not to pay for another round of treatment. Would a lethal diagnosis have changed things? Maybe. American pet owners like to tell themselves that pets are family, and there is nothing they wouldn't do for family, but is that true?

According to a recent survey by Lemonade Insurance, pet owners will go far to save their pets in a life-or-death situation. Different factors influence their decision. Are they saving a dog or a cat? How old are the owners?

Here's how much Americans would pay to save the lives of their furry friends.

Dogs vs. cats

On average, pet owners would spend $6,060 to save their pet's life. That's over $1,500 more than the average American has in savings. Americans value their pets' lives highly -- possibly enough to take on debt.

Dog owners would pay the most. On average, a dog owner would pay $8,292 to save their dog in a life-or-death situation. Of those surveyed, labrador retriever owners were willing to spend the most ($27,500). That's more than it costs to buy a new Toyota Corolla!

While not as generous, cat owners are still willing to spend big. On average, cat owners would pay $3,828 to save their cat in a life-or-death scenario. Russian blue owners would go so far as to pay $18,226 on average: premium treatments for a premium cat.

Before we go pointing fingers -- are dog owners better than cat owners? -- it's important to remember that many factors influence how much owners are willing to pay. For example, dogs are typically more expensive than cats when it comes to food and healthcare. Dog owners might be used to paying more for their pets in general.

I can attest to that. My family's dogs have gone blind, battled cancer, and had their stomachs sliced open. Cha-ching. Cue the vet visit.

Older vs. younger owners

Younger owners claim they would pay more to save their pets. A lot more. Here's a quick breakdown of how much each generation is willing to pay:

Non-parents surveyed were willing to pay almost twice as much as parents. That's not too surprising. Kids are expensive; the cost of childcare has risen throughout the COVID-19 pandemic. Though pets are important, they typically take second place to kid-related expenses like housing.

Pet ownership is expensive

It's getting pricier to own pets. According to data from Rover, the cost of owning dogs and cats has risen by 12% and 8% this year. What was once $1,000 worth of care now costs as much as $1,120.

Each year, pet parents must pay more to access life-saving treatments.

Pet insurance can bring down costs

More than 4 in 10 pet owners doubt they could afford to save their pet's life, according to Lemonade. At its best, pet insurance makes ownership cheaper. Accident policies pay for emergency treatments, and preventive policies pay for regular maintenance like checkups.

Pet insurance makes some of the costs of pet ownership more predictable. Rather than pay colossal lump sums -- and potentially take on debt -- owners mostly pay for what amounts to a monthly subscription.

Another option is creating a pet emergency fund. Budget a small amount each month toward saving for emergency pet expenses. Keep the money in a high-yield savings account to earn interest on cash held. It's a flexible way to save for long-term costs.

Consider shopping around for the best pet insurance if the following is true: (1) you can afford a monthly insurance subscription, and (2) you cannot afford to pay for expensive pet treatments. Slapping a sticker price on Maestro's eyesight sucked. My family could have avoided choosing between that and our financial health if our dog had been appropriately insured.