Over 12 million British pets are not covered by insurance

Pet InsuranceDespite the fact that 86 percent pet owners in the United Kingdom consider their animals to be family members, 56 percent of them do not have an insurance policy to cover their veterinary expenses, according to the results of the latest Gocompare.com research.

The study involved a survey of pet owners in the country, and indicated that millions of pets do not have the coverage required to protect owners from extremely expensive vet bills that they could face if their animal family member should ever be injured or fall ill. Moreover, the same research showed that only 11 percent of those whose pets are uninsured have taken the precaution of setting money aside on a monthly basis in order to cover those costs should they ever occur.

The report of the study’s findings also stated that even though pets are considered to be family members, one out of every four pet owners who has not insured their animal would be forced to euthanize the pet in the instance of a serious injury or illness. That said, 58 percent said that they would pay whatever amount was needed in order to bring the animal back to good health again. Forty three percent said that they would be willing to use their savings, while 36 percent were willing to use a credit card and 17 percent said that they would ask for the money from friends and family.

When asked why uninsured pet owners had not purchased pet insurance coverage, 25 percent responded that they couldn’t afford the premiums. However, almost half (42 percent) of insured pet owners in the U.K. pay under £10 per month.

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