Dog Owners Face ‘Hefty Price To Pay’

Not having insurance for a pet could put many consumers under further financial pressure, it has been suggested.

January 12, 2008 (FPRC) -- According to Tesco Pet Insurance, the cost of keeping a dog can already be an “expensive business” due to costs such as kennels, food and having injections. Overall, it was suggested that about half (47 per cent) of British households own a domestic animal, with some 5.2 million Britons having at least one dog.

Citing figures from the Dogs Trust, the largest canine welfare charity in Britain, the financial services company pointed out that the typical mutt lives for between 13 and 15 years. And with the animal costing about 1,000 pounds each year, depending on its size, it was suggested that pet owners are already contributing a “sizeable investment in your pampered pooch”. However, by having an inadequate policy, or not purchasing cover at all, it was put forward that people could find themselves under more monetary pressure if their animal unexpectedly falls ill or has an injury and so needs medical attention.

Indeed, should a lack of insurance mean that people are forced to meet the costs of veterinary treatment themselves, then they could well develop problems in meeting other demands on their spending. Such areas could well include mortgages, personal loans, utility bills and credit and store cards.

Pointing to research by Mintel, Tesco asserted that more than a third (38 per cent) of all pet owners believe that they can not easily afford to meet all medical expenses that their animals may incur. Meanwhile, findings from the company itself revealed that only 12 per cent of owners have taken out cover. It suggested that those who fail to get insurance are potentially facing “large bills - or worse if their best friends fall unwell”.

Commenting on the study, Allan Burns, spokesperson for Tesco Pet Insurance, said: “Sadly this is quite common. More than half of dog owners have taken their dogs to the vet in the last two years - if you are not insured, there’s a hefty price to pay.”

As a result, the firm suggested that consumers do more to make sure they cover “their loved ones’ illnesses and injuries” and consequently purchase a comprehensive pet insurance policy. By doing so, it was claimed that people may be able to manage the cost of vet bills, as well as other sources of financial strain.

For those who find that they are struggling to meet the expense of paying for medical treatment for their animals, cheap loans might prove to be useful. Such a form of borrowing may not only allow owners to afford the care and attention that their animal needs but also to leave them with disposable income to purchase insurance. Research by Sainsbury’s Bank indicated that the average vet bill costs about 300 pounds. However, with one in 26 trips setting people back by more than 1,000 pounds, a loan might be an effective way in which to pay for such costs. The firm also suggested that consumers should make sure they research the insurance options available to them, as 37 per cent of premiums for dogs do not cover conditions which last for more than a year.

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