A fifth of cat and dog owners can’t afford big vet’s bills
A fifth of cat and dog owners admit they wouldn't be able to pay a significant veterinary bill for their pet, according to research by comparison website, Gocompare.com.
The survey revealed that 60 per cent of cat and dog owners do not have insurance to cover the cost of treating sick or injured pets. So, if faced with a bill of £500 or more, one in five owners would rely on charity organisations such as the PDSA to pick-up the tab or wouldn't be able to pay for their pet to have the treatment they need.
Only 28 per cent of owners of uninsured pets would be able to find the money from their income, while 37 per cent would have to raid their savings. Fifteen per cent would have to use their credit card or take out a loan.
The research revealed that cat and dog owners spend on average £676.92 a year on each pet. The biggest outlay is for food, which costs on average £314.40 a year for each animal, followed by trips to the vet - £241.68, while the average annual bill for bedding, treats, toys and clothes comes in at a surprising £120.84.
John Miles, head of product development, at Gocompare.com, said, "Our research shows that pet ownership can hit your wallet hard and that cat and dog owners are already spending close to £700 a year on each pet. The fact that food and routine vet bills make up the bulk of the cost is to be expected but the outlay on treats, toys and clothes might surprise a few people.
"Our survey also revealed that the majority of owners do not insure their pets, but skimping on insurance can be a false economy. Over the last ten years pet insurance has become more widely available and much more affordable. Premiums can start from as little as £39.60 a year for cats and £44.40 a year for dogs - significantly less than the £120.84 a year some owners spend on treats, bedding and clothes for their pets. Recent technological advances in veterinary treatment have increased the cost of taking a cat or dog to the vets. So, insuring a pet for a few pounds a month makes financial sense and can help take away some of the stress and worry when a beloved cat or dog is ill or injured."
Gocompare.com's pet insurance comparison service is the first true pet insurance comparison to be provided by any UK comparison site. Currently, visitors to Gocompare.com can compare 16 different pet insurance policies and see at a glance which policy gives them the right cover for the right price.