As many as two in five (44%) pet owners don’t have insurance for their four-legged friends, according to new research from Tesco Bank Pet Insurance.
The findings come as part of Tesco Bank’s new Pet Index, which combines consumer research and internal data to take a comprehensive look at pet ownership in the UK and track how the nation is caring for its dogs and cats amidst the cost of living crisis.
The findings reveal it’s cat owners that are taking a riskier approach to caring for their animals, with over half (51%) admitting they have no insurance in place. For dog owners, over a third (35%) say they have no cover for their pooch.
For pet owners with no insurance in place, cost is a key driver as the cost of living crisis continues to put pressure on people’s finances. Two in five (40%) pet owners haven’t purchased an insurance policy because they think it’s too expensive, 20% are unable to afford it and 19% believe, with the cost of excess, it isn’t worth paying for.
However, analysis of Tesco Bank’s Pet Insurance internal data reveals that unsuspecting pet owners may find themselves significantly out of pocket if their dog or cat is caught in an accident or gets struck down by illness.
Analysis of claims data from 2022 shows that for cats caught in an accident, the average claim paid is £803, while for illness it’s £691. For dogs, the average accident claim is £879, while illness can cost owners an average of £822.
Of those pet owners who have had to meet an unexpected vet bill and didn’t have insurance at the time, a third (34%) regretted not having it. Half (50%) said it impacted them financially, with 23% having to make additional cut backs to meet the bill, while 14% had to scale back on other spending for their pet. And a fifth (20%) were left concerned about unexpected vet bills that could crop up in the future.
Tesco Bank is urging pet owners across the UK without insurance to look at the options available to them to make sure the nation’s pets are covered. For example, there have been some consumers insuring their pet for the first time online that have been able to find new policies costing on average £9.93 a month for dogs and £5.56 for cats.
Alex Cross, Insurance Director at Tesco Bank, commented: “Speak to any pet owner and they’ll tell you that vet bills for scans, x-rays and treatments can start in the hundreds and quickly turn into thousands. And unsuspecting, and uninsured, pet owners can easily be caught out. This can cause worry, not only for how they will keep their four-legged friend cared for, but also how they will cover the necessary costs for treatment.
“It’s startling that such a significant proportion of pet owners aren’t taking out insurance, and while cost is a key driver of this, a shock vet bill will likely be harder to meet than the monthly cost of pet insurance. Insurance could reduce financial stress for pet parents and also provide emotional peace of mind that their pet will be well cared for should anything unexpected happen.”
