Only 12% of pet insurance policies offer adequate cover, according to Sainsbury's Bank.
The bank published a Pet Insurance Charter this week highlighting what it describes as “the shortfalls of many pet insurance providers” to adequately cover the rising cost of veterinary bills.
The bank's research showed:
· Just over 60% of pet insurance policies provide cover for vet fees in excess of £3,500. 556,000 people have had to pay vet fees over this amount, resulting in a collective payment of at least £1.9 billion.
· 4.5 million people have had a pet with an illness or injury that required veterinary treatment that lasted longer than 12 months despite around half of all pet insurance policies not providing cover for long-term conditions.
· One million pet owners say their dog or cat suffers from bad teeth or gums, but around two-thirds of policies don't provide adequate cover in this area
· 18% of vets interviewed by Sainsbury's Bank are expecting fees to increase by 20% or more over the next three years; dog and cat owners will be facing bigger fees for veterinary treatment. Indeed, over 30% said they had noticed an increase in treatments that pet owners cannot afford.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
