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Vets bills rocketing as popularity of Pet Insurance grows

27/04/2004

Vets' bills are rising rapidly, as the number of pets covered by insurance increases.

Since the intrusion of major supermarkets into the business of Pet Insurance five years ago, vets' bills have been rising at around 10 per cent a year.

As Brian Brown, a representative of financial research group Defaqto, says, vets feel able to nudge up their fees in the knowledge that insurers will foot the bill.

As Mr Brown told the Journal: "Nobody would have paid £3,000 to get a dog better a few years ago, but it is quite common today."

However, a recent Defaqto survey suggests that only around 15 per cent of Britain's household pets are currently covered on insurance, leaving, as Mr Brown says, "a large untapped market with huge potential".

And, as more and more pet owners take out cover on their animals, the grip of insurers is set to increase.

Indeed, with rising premiums, more and more claims are set for rejection, and, as their influence grows, insurance firms are set to gain greater say over how and where treatment will take place.

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.