WE MIGHT be a nation of animal lovers, but one thing we’re not so fond of is the vet’s bill.
New research by Co-op Insurance shows that with the rising cost of living, nearly a fifth of us have been putting off a visit to the vet, while nearly a third of dog and cat owners say they would need to take out a loan for an unexpected vet’s bill.
The research, conducted by YouGov on behalf of Co-op, also found that 10% of people said they have needed to put off vet visits on more than one occasion due to the increased cost of living.
Based on the last 12 months, data from Co-op Insurance shows the average pet insurance claim for vet bills rising to £532, but some conditions such as cruciate ligament injuries, can cost up to three times that, and other treatments costing more.
While an impact on finances is certainly hard enough for most, even more distressingly, over 4% of cat and dog owners across the South East feel they would have to face the agonising decision of either considering or needing to give up their beloved animal, contrary to their wishes.
There was an average 16% increase in the average pet insurance claim for vet bills throughout 2022. But the Co-op says the average policy premium for pets is around £24 per month – a financial safety net for pet owners.
Andrew Nevitt, Head of Co-op Pet Insurance, said: “It’s well-known that the UK is a nation of animal lovers, however the costs associated with our beloved pets are even more challenging at a time when many are struggling to make ends meet.
“Pet insurance can provide a financial security blanket for pet owners, especially during those times when they might be faced with an unexpected vet bill and being able to spread the cost out across the year means there are more affordable ways of giving pet owners peace of mind.
“Nonetheless, we know from the research that almost half (48%) of dog and cat owners across the South East do not have pet insurance, meaning more people possibly having to face the heart-breaking decisions we are already seeing in these difficult times.”
As well as giving customers the option of paying for their pet insurance policy monthly with no additional costs, Co-op Insurance is also working with FirstVet – a 24/7 independent digital veterinary clinic – offering video consultations, to provide a first point of call during those times when a physical trip to a clinic may not be possible.
This service, the Co-op says, has seen a 33% increase in use since the beginning of the year.
It uses modern technology, including video calls, to see if a problem can be treated at home or, when required, be given an independent referral to a physical veterinarian clinic.
Andrew continues: “At Co-op we want to be able to offer more than just the peace of mind of having insurance for your beloved dog or cat, and that is why a service such as FirstVet is a huge benefit to our customers.
“As a free service as standard to all our pet insurance policy holders, FirstVet can support those facing financial difficulty, or, as an online service, simply provide a more accessible route to a UK-registered veterinarian on those occasions a physical vet visit isn’t possible or needed.”
And David Prien, FirstVet CEO said: “Our vets say that many pet owners put off going to the vets for fear that the costs will be beyond their budget. In many cases, delaying a visit to the vets can lead to further progression of disease processes leading to less favourable prognoses.
“An online consultation with a FirstVet vet can help to alleviate these fears and arm pet owners with a clearer understanding of their pet’s potential problems, whilst ensuring vet care is accessible to all furry friends.”
For more details, log on to: https://www.coop.co.uk/insurance/pet-insurance
