More than half (54%) of UK owners have not taken out an insurance policy for their pet.
And research from comparethemarket.com reveals that a large minority (44%) of owners would struggle to afford vet bills out of their own savings. The number is even higher for cats, with 62% not covered compared with 47% for dogs. This equates to about four million uninsured dogs and six million uninsured cats living in the UK.
According to the research, the top three anxieties amongst pet owners are that their animal will be hurt in a road accident (43%), will be injured in a fight with another animal (41%) or will be stolen (30%).
Of those who do have insurance, the average premium per month is £19 or around £230 a year, although this varies by region. Londoners pay the highest average monthly premiums (£25) but are least likely to insure their animals. By contrast, Yorkshire pet owners are most likely to have taken out a policy and the Welsh pay the least per month (£14.21). Pet owners have different levels of concern depending on where they live. In urban areas, anxiety rises to 82%, compared with 76% in the countryside.
THIRD PARTY
Andrew Milburn, pet expert at comparethemarket.com, said: “It’s surprising to see that so many pet owners haven’t taken the steps to protect their pets – and their bank balances – should they get ill or injured. There’s no NHS for pets, and, if you don’t have pet insurance, vet fees can often come to hundreds or even thousands of pounds.
“Pet insurance doesn’t just cover the cost of looking after your pet if they fall ill or are in an accident. Our research suggests that owners are particularly worried that their pet will hurt or be hurt by another animal, but many insurance policies also include third party liability. This covers compensation and costs from accidental injury or damage caused by your mutt to another animal, person or property.
“By contrast, the law considers cats to be ‘free spirits’ so their owners are not accountable for what they do. As with all insurance products, carefully check the terms and conditions to be absolutely sure what your policy covers.”
