Although 80 percent of pet owners would definitely describe their pet as a member of the family, almost half (47 percent) do not have an insurance policy in place for their pet, according to research from M&S Bank.
40 percent of dog owners and 53 percent of cat owners do not have any insurance to help pay for treatment should their pet become ill or injured
The most common reason for not having pet insurance is that it isn’t considered to be worth the money, with over a third (36 percent) of pet owners without insurance in agreement. However, if unexpectedly faced with the average veterinary bill of £600, 34 per cent of pet owners admit they would not be able to afford it.
Another common reason for not having pet insurance is thinking it won’t be needed (34 percent without insurance agree) – yet almost one million (911,0002) pet insurance claims were made in 2015, suggesting paying for costly veterinary treatment is more common than expected.
Paul Stokes, head of products at M&S Bank, commented: “Most UK pet owners consider their pets as members of the family, so it’s perhaps surprising that so few pets are covered by pet insurance.
“Having a happy, healthy pet is a top priority for every pet owner, but coping with an unexpected veterinary bill can be difficult. Having pet insurance in place helps to take away the worry of covering costly vet’s fees.”