Exploring the Reasons Why So Few Pet Owners Have Insurance Policies in Place
Key Highlights :
A new report from Go.Compare Pet Insurance has revealed that a shocking 91% of pet owners in the UK do not have insurance policies in place for their beloved animals. This means that the vast majority of pet owners are not protected in the event of an emergency, potentially costing them thousands of pounds.
When asked why they hadn’t taken out cover, 22.4% of uninsured pet owners said that they didn’t think it would be worth the money, while 16% said that they simply couldn’t afford the premiums. 14% stated that they planned to use savings or a credit card to cover any emergency expenses instead, and 11.5% felt that they wouldn’t need a policy.
The research also found that affordability was a more prominent issue for dog owners than for cat owners. 28.6% of uninsured dog owners said that the reason they didn’t have a policy was because they couldn’t afford it, compared to just 19% of uninsured cat owners. This is likely due to the fact that cover for dogs tends to be more expensive than for cats, with the average for dogs costing £19.68 per month, compared to £10.84 on average for cats.
Younger pet owners also had a much harder time paying for insurance than their older counterparts. 23.2% of uninsured 18 to 34 year olds stated they couldn’t afford a policy, compared to just 19.5% of 35 to 54 year olds and 12.3% of over 55s who weren’t protected.
The research also found that 21% of uninsured female pet owners said that the reason they don’t have a policy is they can’t afford it, which is almost double the percentage of men who gave the same answer (11.2%).
Ceri McMillan, pet insurance expert at Go.Compare, said: “It’s worrying to see that so few owners have a policy in place for their precious pets. What’s especially concerning is that many owners either can’t afford to get covered or feel it simply isn’t worth the money, even though it could save them thousands in the long run.”
McMillan went on to advise pet owners to compare policies in order to ensure they are getting the best deal possible for their needs. She also suggested that pet owners can bring down their premium by getting their pet spayed or neutered, as well as choosing a higher excess.
It is clear that more needs to be done to ensure that pet owners are aware of the importance of having a pet insurance policy in place. Without it, pet owners could be faced with huge financial costs in the event of an emergency, which could be avoided with the right cover.
