A recent study has found that veterinary practices are making returns of around 37 percent, a superb result for any business. It is felt that this is down to improved pet insurance cover, Tesco Finance being a good example.
More people in the UK now insure their pets so there is a much greater likelihood that the animals can receive the treatment they need rather than miss out on it due to affordability. The costs of treatment are also increasing, partly because of general inflation but primarily because there are many more intricate and specialised treatments now on offer. Tesco Pet Insurance, as well as many others, give pet owners the chance to give their animals the best possible chance now.
As an indication of rising costs, a survey showed that around GBP380 million was spent through pet insurance cover in 2006, though this is projected to be more like GBP600 million by 2010. Tesco Finance and other pet insurance providers will certainly aim to keep treatment prices in check to maintain low premiums, though it is the welfare of the animal that is first and foremost so premiums may well have to increase a little to cover the additional expenses.
Sainsburys Bank has conducted a study into the cost of pet ownership to tie in with the pet insurance they offer. Findings show that owning a dog can take up around GBP9,000.
The figure quoted is the lifetime cost of ownership which includes the initial purchase of the dog as well as food, accessories vet bills and pet insurance. Sainsburys Bank also looked at the cost of owning a cat, which came in slightly lower at just over GBP7,000.
The survey also showed that pet insurance can actually reduce the overall cost of keeping a pet, since the survey included those without it who had to pay all vet bills themselves. Sainsburys Bank want all pet owners to consider the cost aspect of keeping an animal before going ahead to ensure both pet and owner have a long and pleasant relationship.
The common idea that pet insurance is needed more for when an animal gets older is a perspective Churchill Insurance would like to change.
The head of Churchill Insurance pet division has suggested that the need for protection is something pets of all ages can benefit from. We never know when something is going to happen that may need vet care so it is better to have the peace of mind that pet insurance provides.
Financially he felt it would probably work out cheaper too since most pet insurance providers will only offer cover for animals under the age of 8, for dogs, and 10 for cats. Whether it is with Churchill Insurance or a different company the important thing is to get that insurance in place.
