Tesco Bank launches Pet Accident & Injury Insurance
Tesco Bank has announced the launch of Tesco Pet Accident & Injury Insurance in response to research that reveals more than two thirds (70 per cent) of pets are uninsured.
Tesco Bank's research showed that for many the pet insurance market is seen to be a potential minefield. There is such an overwhelming choice of complex policies that many pet owners simply choose to ignore getting cover, risking hefty vet bills if their pet has an accident.
Tesco Pet Accident & Injury Insurance has been developed as a deliberately simple product which is easy to understand and offers a transparent pricing structure with a fixed price for cats (£4.00 per month) and dogs (£6.25 per month).
The cover insures pets for a broad range of incidents including injuries resulting from accidents, attacks and bites from other animals, poisoning and treatments for cuts and wounds.
Tesco Bank data shows that accidents and injuries are a common source of pet insurance claims, with £2.3 million worth of claims made between September 2010 and August 2011. During this period, over 4,500 claims were for dogs, averaging £330 per claim and just under 2,500 claims for cats, averaging £325 per claim.
Julie Hopes, Managing Director of Insurance at Tesco Bank, said: "At Tesco Bank, we know that looking after pets can be very expensive, especially if an uninsured pet has an accident.
"The Tesco Pet Accident and Injury insurance is a simple, straightforward product that has been designed specifically to suit our customers' needs. Tesco Pet Accident & Injury insurance is a flat-fee pet insurance product, helping our customers protect their pets in an affordable way."
Tesco Pet Accident & Injury insurance is provided by Royal & Sun Alliance Insurance plc.