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Put your pets – and finances – first

Put your pets – and finances – first

Category: Pet Insurance

Updated: 05/05/2015
First Published: 05/05/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

If you've got pets, you'll want to give them the best life possible. You do everything you can to keep them happy and healthy, but unfortunately, trips to the vet can't always be avoided, and that's when pet insurance comes in. Don't have it? Then you could be putting more than your pet's care at risk…

Average claim costs on the rise

Analysis from the Association of British Insurers (ABI) highlights just how important the right pet insurance can be, by showing how much a typical claim can cost. According to their figures, pet insurers paid out £602 million in claims in 2014, an increase of nearly 15% on the previous year, with the average cost of a claim coming in at £679 (up 7% from 2013).

Could you afford to cover this kind of bill? It could be a huge strain on your finances, and remember that this is just the average. There are even occasions where treatment can tot up to thousands of pounds, and there'd be nothing worse than needing to make the heart-breaking decision of foregoing treatment due to a lack of funds.

Unfortunately, it's something that a worrying number of pet owners could face. Even though the number of animals now covered by pet insurance has surpassed an estimated 3.5 million, there is still a worrying number who don't have it – the figures show that 75% of dog owners don't have suitable insurance, while just 15% of cat owners have the necessary cover in place.

Mark Shepherd, general insurance manager at the ABI, commented: "It's good to see an increase in the number of animals and their owners who are now benefiting from the protection offered by pet insurance. However, it remains a concern that the majority of pet owners in the UK don't have any cover in place.

"The cost of getting quality veterinary treatment for your pet can quickly reach into thousands of pounds, particularly if they have to have surgery or need chemotherapy to tackle cancer. Pet insurance gives you peace of mind that you won't have to deny your pet life-saving treatment because the veterinary bills are too expensive.

"There is a highly competitive market for pet insurance, which means customers can choose from a wide range of products that offer different levels of cover depending on their needs. It's encouraging to see more consumers taking advantage of this, and the hope is that other owners will give more thought to how they would cope if their pet fell dangerously ill or had a serious accident."

Given the potential costs (financial and otherwise) of failing to have insurance, not taking the necessary precautions could be an expensive mistake. This type of cover needn't cost a fortune – and it could work out far cheaper than covering veterinary bills out of your own pocket – so compare pet insurance quotes today and you can be confident that you're putting your pets, as well as your finances, first.

What next?

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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