Why Pet Insurance is Becoming Increasing Essential

pet insuranceAs a nation of animal lovers we spend a great deal of time and money on our pets, and thanks to a leading supermarket we now know exactly how much. Research has revealed that we spend a jaw-dropping£5.43 billion a year on our pets and a large part is due to increasing veterinary fees.

Veterinary science has moved forward in leaps and bounds in recent years, and along with advances in diagnosis and treatment comes steeper veterinary bills. In fact, vet’s bills have increased by 10% in the last year and doubled over the past decade. The average payout for a veterinary treatment is now £650 and 96% of vets expect their fees to continue to rise in the coming years.

It’s hardly surprising that more and more pet owners are choosing to insure their four-legged friends. Safeguarding against the unexpected makes financial sense, especially if you consider that claiming on a pet policy isn’t particularly unexpected. One insurer recently found their customers were three times more likely to make a claim on their pet insurance than on their car insurance.

However, pet insurance isn’t just about saving money; it’s also about getting peace of mind. Knowing that your pet will be well looked-after if ill or injured is one thing, but you can expect a host of additional benefits such as help with boarding fees and public liability cover.

Once you have decided to insure your pet it’s essential that you get adequate cover. The research company Defaqto recently reported that in the past year 63% of vets had to perform treatments that weren’t their first choice because the owners didn’t have enough pet insurance.

 


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