*By Carlo Versano*
It has become a hallmark of the modern millennial: Babies? Maybe later. Fur babies? Absolutely.
Seven out of 10 members of the millennial generation own a pet at an average cost of around $1,000 per pet yearly.
Given that pets are increasingly treated as family members, more animal owners want to insure them against accidents and illness.
Indeed, the gross written premiums for pets in North America doubled ー from $575 million in 2013 to $1.15 billion in 2017, according to the National Association Pet Health Insurance Association.
Whether that's a smart use of funds is another question.
Jeff Blyskal, senior writer for the [Consumer's Checkbook](https://www.checkbook.org/), one of the original consumer review outlets, told Cheddar that pet insurance is often not worth the price.
"You're treating the pets like children, so you want to protect them," he acknowledged. But with premiums costing anywhere from $30 to $60 a month for mixed breed cats and dogs, the totals add up fast.
The average monthly cost to insure a dog against accident and illness is $45, according to NAPHIA, while the average monthly cost for a cat is $28.
Pure breeds, Blyskal noted, will cost far more as they are generally more prone to congenital diseases. A purebred Dogue de Bordeaux (think [Hooch](https://www.imdb.com/name/nm1212798/) from "Turner & Hooch") costs about $400 a month to insure.
Premiums will also skyrocket as your pet ages, Blyskal warns. That's why the [majority of U.S. veterinarians](https://www.checkbook.org/national/pet-insurance/articles/Is-Pet-Insurance-a-Smart-Purchase-7096) don't recommend it.
While accident and illness plans are most common, there's a growing market for wellness insurance for routine pet care. "It's really a waste of money," Blyskal said. If you're going to insure your pet, "buy insurance to protect against the unpredictable stuff."
Even then, you might be better off negotiating with your vet when the bill comes due, Blyskal said.
For full interview [click here](https://cheddar.com/videos/the-costs-and-benefits-of-pet-insurance).
Debt ceiling talks are underway in Washington, DC ahead of a default deadline. Michael Rosen, chief investment officer with Angeles Investments, joined Cheddar News to explain how a potential default could affect investment portfolios, among other items, for Americans.
Australia's government announced regulations for buy now, pay later services, which will be labeled as consumer credit products, which puts them under the country's Securities and Investments Commission's watch.
Walmart is reportedly teaming up with pet telehealth provider Pawp, giving subscribers unlimited access to vet services via video and text, starting on Tuesday.
Cheddar News checks in to see what's on The Day Ahead, which will include earnings from Lowe's, Dick's Sporting Goods, BJ's and AutoZone along with new home sales data. In addition, Microsoft's Build 2023 Developer Conference is slated to kick off for software engineers and web developers.
Amazon will use a new feature in its palm-scanning system to verify one's age to purchase alcohol.
Venmo will soon have accounts for teenagers ages 13-17 but they will have to follow a set of rules, with parents or guardians opening accounts on their behalf under their own accounts.
Rory Harvey, General Motors' incoming North American president, joined Cheddar News to discuss GM's foray into the rapidly-changing electric vehicle market along with what lies ahead. "It's a very dynamic time in the automotive industry," he said. "If you look to the transformation across the EVs, it's happening and it's happening at a pace."
Tesla trimmed prices by offering discounts of around $1,300 for its Model 3 vehicles, continuing price adjustments across its fleet since January.
A new oral weight-loss drug from Pfizer could be more effective than the popular Ozempic injection, based on clinical trial results.
Ford Motor laid out some financial expectations and specific growth objectives for its electric vehicle line at an investors' event on Monday. John Lawler, chief financial officer of Ford Motor Co., joined Cheddar News to explain what lies ahead for the automaker.
