Articles FinancialInsuranceWhat to do if you have no insurance or savings for your pet
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What to do if you have no insurance or savings for your pet

By The Press Association Jul 14, 2023

You could be at risk of a hefty bill if your pet has an accident or becomes ill – here are some factors to consider

Uninsured pet owners could be putting themselves at risk of hefty vets’ bills, with new research revealing that one in five (21%) have no savings to draw upon if they need to cover fees for treatment.

The research was commissioned by Tesco Bank Pet Insurance, whose own internal data indicates the average claim for cats caught in an accident is £803, while for dogs it’s £879.

And when it comes to pets being ill, the average claim for a cat is £691 and for a dog it’s £822.

But the survey, carried out by Opinium Research among 2,000 cat and dog owners, found that two-fifths (44%) don’t have insurance for their four-legged friends.

This is despite more than half (56%) of uninsured pet owners having faced a one-off cost for care of their pet in the past, such as an unexpected vet bill.

The total cost of a one-off bill came to an average of just under £393.

When dealing with an unexpected vet bill, a third (34%) of uninsured pet owners say they regretted not having been covered for such costs.

Half (50%) of uninsured pet owners said they’d been financially impacted by spending on their poorly animal.

Those who had been financially impacted in this way were more likely to say they had cut back on spending on themselves (23%) as a result than on their pet (14%).

Models of houses on coins

Some people who had been financially impacted by a bill for their pet said it had affected their ability to pay their rent or mortgage

For a small minority who had been financially impacted by a bill for their pet, it had affected their ability to pay their rent or mortgage that month.

A third (33%) of uninsured pet owners say they do have a specific savings pot set aside to cover any emergency costs, with an average of £778 saved.

Alex Cross, insurance director at Tesco Bank says: “Whether it’s eating something they shouldn’t, having an awkward fall or facing up to a wasp, dogs and cats get themselves caught in accidents or fall unwell more often than we all like to admit.

“And these can be costly incidents which can leave pet owners facing bills well into the hundreds, if not thousands of pounds.

A piggy bank

With living costs increasing, it can be challenging not to dip into savings which had been put aside to pay for pet care

“Some pet owners choose to self-insure, putting money aside in a pot and hope to cover any expenses that come their way. But with the challenging cost-of-living, regular contributions can be tough to maintain, and the savings pot might have even been dipped into in recent months.

“This has the potential to force some pet owners into debt, or even into making hard decisions about their four-legged family member.

“Pet insurance could help mitigate these unexpected costs and give reassurance that both pets and their owners are protected, should the worst happen. It’s worth searching around and looking at types of insurance available on the market, with different levels of protection available that you can adapt as your budget changes, with accident and injury a good budget-friendly option. It’s that peace of mind that you and your four-legged friend are protected that’s invaluable.”

Here are some tips from Tesco Bank Pet Insurance for what pet owners can do if they don’t currently have pet insurance or savings put by:

1. Consider different types of insurance

There are many types of pet insurance available, offering varying degrees of flexibility, so it’s well worth doing your research and shopping around for the level of cover that best suits your budget and pet’s specific needs. From lifetime insurance, the most comprehensive on the market, to accident and injury only, look at how these add up against the potential cost of treatment and your current budget, to find the best option.

2. Always be prepared

Pet accidents or emergency treatments can, in some cases, become expensive, depending on what level of health support is needed. For example, the average claim value for an adult dog that’s been hurt in a road traffic accident is £1,598, while for cats swallowing something they shouldn’t it’s £1,356.

While it can be hard to predict exactly what will happen, insurance can offer peace of mind.

3. Keep your ‘pet savings pot’ separate

If you are going to start building your own pet savings pot, you could open a separate bank account for this or ringfence some savings. Try as much as you can to leave that savings pot untouched.

4. Make sure your money works hard

Savings rates are on the increase, so check out the “best buy” savings accounts on offer. Also check the terms and conditions on savings accounts around withdrawals, particularly if you will need to get your hands on the money quickly in the event of an emergency.

5. Be savvy on any pet spending

Keep an eye out for discounts on pet food, toys, treats and other essentials like litter or cleaning products, then divert those savings into your “pet treatment pot” instead.

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