The UK is a nation of animal lovers with approximately 40% of households owning a pet, giving us a pet population of approximately 57 million (1). However according to a recent Mintel report it is estimated that only 47% of pet owners insured their pet in 2017 (2) covering them for unexpected accidents or illnesses. This could be a worrying trend given the findings that you are three times more likely to claim on Pet Insurance than you are on your Home or Car Insurance (3).
Three key reasons for the rising cost of Pet Insurance
- Rising cost of veterinary treatment
- Veterinary technology and treatments have advanced incredibly in the past few years which is great news for our furry friends. Vets are able to treat a wider array of conditions and diseases in your local practice helping our pets live longer, healthier lives.