Report: 13.7 million pet owners are without pet insurance

A YouGov report has shown that only one third of pet owners have pet insurance by disclosing that just 6.6 million of the UK's 20.3 million pet owners have taken out policies to cover the cost of caring for their pet.

Profiling the average pet insurance policy buyer, YouGov found that the a rich/poor divide seemed to be evident, with well-off owners choosing to protect their pet, whilst poorer pet owners felt less able to afford vital pet cover.

According to YouGov's report, a typical insurance policy holder seemed to be affluent 40 to 54-year-old homeowners earning over £35,000 per year. This profile stood in stark contrast to YouGov's findings that a growing number of credit-crunch affected pet owners had cancelled pet insurance policies as their finances had become increasingly strained.

With 50 per cent of consumers said to cite 'cost related issues' as the reason for cancelling their pet cover - a further 18 per cent of those claimed that whilst they did need and want a pet insurance policy, they simply could not afford it.

The news follows independent consumer watchdog Which?'s earlier revelation that consumers who don't have pet insurance could be charged more than twice as much to cure simple pet ailments such as fleas when buying pet medicines directly from their vet.

Whilst Which? found that pet remedies, including eye ointments and flea tablets, could be found cheaper online or on the high street, the watchdog urged pet owners to best protect their purse and their pet by comparing available pet insurance policies.

Thu, 30 Sep 2010 02:00:00 GMT