The take-up of pet insurance has been low bearing in mind the increase in treatment costs, according to a report by Datamonitor.
Datamonitor's report finds that cats and dogs are living longer than ever before as a result of better diets and improved medical care. Pet owners consequently face higher costs for looking after their animals, but are reluctant to make any further expenditure in the form of an insurance policy. Only 10% of cats and dogs are covered.
Premiums are typically £7.50 a month for a cat and £16 a month for a dog, which makes good financial sense compared with the £1,000 that consumers may have to shell out to treat their dog's broken leg, said Datamonitor.
Other common ailments are arthritis and diabetes, which can cost up to £450 a year to treat for the duration of the pet's life, it added.
UK Pet Insurance 2003/4 is available from Datamonitor priced £1,195.
