Pet Insurance Shunned by 60 Percent of Cat and Dog Owners

60 per cent of cat and dog owners do not have pet insurance to cover the cost of treating their sick or injured pets, new research has found.

Research by GoCompare.com has revealed that nearly two thirds of dog and cat owners are not covered by pet insurance. In addition, a fifth of pet owners admit that they couldn’t afford to pay a large vet bill for their pet.

This means that 20% of dog and cat owners who have not paid for suitable pet insurance would have to rely on charity organisations to pay the vets bills if their pet became seriously ill or sustained a serious injury.

Insurance companies such as M&S Pet Insurance and Directline offer cost effective pet insurance, as does GoCompare who provide the first true price comparisons for pet insurance.

The costs of owning a dog or cat are surprisingly high. The research revealed that cat and dog owners spend on average £676.92 a year on each pet. The biggest outlay is for food, which costs on average £314.40 a year for each animal, followed by trips to the vet – £241.68, while the average annual bill for bedding, treats, toys and clothes amounts to £120.84.

The costs of treats for your pet can actually out weigh the costs of insuring your pet, which is pointed out by John Miles, head of product development, at Gocompare.com, who said,

“Our research shows that pet ownership can hit your wallet hard and that cat and dog owners are already spending close to £700 a year on each pet. The fact that food and routine vet bills make up the bulk of the cost is to be expected but the outlay on treats, toys and clothes might surprise a few people.

“Our survey also revealed that the majority of owners do not insure their pets, but skimping on insurance can be a false economy. Over the last ten years pet insurance has become more widely available and much more affordable. Premiums can start from as little as £39.60 a year for cats and £44.40 a year for dogs – significantly less than the £120.84 a year some owners spend on treats, bedding and clothes for their pets.”

“Recent technological advances in veterinary treatment have increased the cost of taking a cat or dog to the vets. So, insuring a pet for a few pounds a month makes financial sense and can help take away some of the stress and worry when a beloved cat or dog is ill or injured.”