One in five uninsured pet owners have no savings to cover emergency fees

• More than half (56%) of uninsured pet owners have in the past faced an unexpected cost for the care of their pet
• Average cost of accident claim for a cat is £803, while for dogs its £879
• 44% of pet owners don’t have insurance for their four-legged friends, leaving them susceptible to unexpected costs 

Uninsured pet owners are putting themselves  at risk of unexpected vet bills, with 21% having no savings to draw upon if they need to cover  fees for treatment, according to new research from Tesco Bank Pet Insurance.

Analysis of Tesco Bank’s Pet Insurance internal data reveals that these unsuspecting pet owners may find themselves significantly out of pocket should they be faced with an unexpected vet bill, with the average claim for cats caught in an accident being is £803 and £691 for illness. For dogs, the average accident claim is £879, while illness could cost owners an average of £822. 

The research, which also found that as many as two in five (44%) pet owners don’t have insurance for their four-legged friends, revealed that more than half (56%) of uninsured pet owners have faced a one-off cost for care of their pet in the past, such as an unexpected vet bill. 

Of those who have had to meet a one-off cost for their pet, 64% of pet owners said they have had to meet an unexpected bill once or twice, while 22% said they’ve had this happen three or four times. Looking at the costs of these unexpected vet bills, the research revealed the total cost of a one-off bill came to an average of £392.90.

With people also navigating the high cost of living environment, including higher energy bills, interest rates and inflation, pet owners could be put in a precarious position if they have to choose between the cost of their pet or other emergency items, which could easily amount to hundreds or thousands of pounds.

When dealing with an unexpected vet bill, 34% of uninsured pet owners regretted not having insurance to cover them for such costs.

This is understandable, with half (50%) of uninsured pet owners having been financially impacted by spending on their poorly animal. Nearly one in four (23%) said they had to cut back on spending on themselves the month the bill was received. 14% had to reduce other spending on their pet, 20% were worried about future unexpected bills they may face, and really concerningly, 6% said they weren’t able to afford their mortgage or rent that month.

Looking at what emergency savings pet owners do have, 46% said they do have some form of savings if needed, though admitted these funds are not specifically set aside for their pet. 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.

The findings come as the second part of Tesco Bank’s new Pet Index, which combines consumer research and internal data to take a comprehensive look at pet ownership in the UK and track how the nation is caring for its dogs and cats.

Alex Cross, Insurance Director at Tesco Bank, commented: “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. 

“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.”

ENDS 

Notes to Editors:
For more information please contact:
Teamspirit:
Olivia Nelson / Sofia Cerchiai
tescobank@teamspirit.co.uk 

Methodology
Research conducted by Opinium Research on behalf of Tesco Bank. Sample was 2,000 UK cat and dog owners (aged 18+). Fieldwork was undertaken 3rd April – 7th April 2023. All data has been weighted to be representative of the UK population.

*Tesco Bank Pet Insurance is arranged, administered and underwritten by Royal & Sun Alliance Insurance Ltd. Tesco Bank analysed claims made in 2022 by Tesco Bank pet insurance customers including 6,985 accident claims. 

About Tesco Bank 
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