New Data Reveals the Soaring Cost of Owning a Pet

New research from a price comparison website shows that the cost of owning a pet has increased dramatically, adding further financial pressure to many UK households. 

  

Data from pet insurance comparison site Quotezone.co.uk, based on a sample of 100,000 pet insurance policies, shows that the average cost of purchasing a pet has increased by 31% in 2022, compared to the same period in 2021.  

  

While it’s difficult to suggest what exactly is causing this increase, it’s likely the surge in demand may be responsible, as 3.2 million households bought a new pet during the pandemic.* 

  

This increase, coupled with the soaring cost of pet food and veterinary bills – has put pressure on many a pet lovers pocket – sadly meaning that owners across the UK are already leaving pets at rescue centres, citing cost of living strains as their main reason – and with household costs set to rise further, it is feared this trend may continue.

  

Insurance is an incredibly important aspect of pet ownership, pet insurers processed a record 1 million claims in 2021, that’s £2.4 million a day, with the average claim up 4% to £848, most likely due to the rising cost of veterinary treatments.

  

Quotezone.co.uk has created tips on how to help keep the cost of insurance down: 

  

·        Ensure they are up to date with vaccinations/booster shots (neutering can help too)  

·        Think about lifestyle – house pets are less likely to be stolen or run away  

·        Consider opting for a lifetime pet insurance policy, because the higher upfront cost could save you more as your pet ages  

·        Insure multiple animals under the same multi-pet insurance policy 

Greg Wilson, Founder of pet insurance comparison website Quotezone.co.uk comments: “Welcoming a pet to the family has never been more expensive. As people look to rein in the budget, work longer hours and even take up second jobs, many are going to think twice before adopting or buying a furry friend but there are ways to help keep costs down, especially when it comes to insurance. 

  

“It’s important that people do their research beforehand and learn about the type of animal and breed they’d like to adopt, to ensure it’s a good fit for the family, and give themselves an idea of costs for that particular animal.  Some animals can cost up to £30,000 across the course of their lifetime, so it’s crucial owners realise the scale of the commitment.   

  

“Unexpected vet bills have the potential to be quite sizable if the pet suffers an accident or is diagnosed with an illness so a pet insurance policy is sensible, to ensure they are well looked after and the owners finances are protected.  Especially as we enter the hot summer months where increased temperatures can cause issues for many animals.” 

  

The RSPCA has revealed, across the country, the charity received 3,644 calls in 2021 asking for help with vet bills.  It said this was a growth of 12% on the year before when 3,241 calls were received.** 

  

Quotezone.co.uk is one of the leading insurance comparison websites in the UK, helping over 3 million users find a more competitive deal on their insurance.  Compare specialist quotes for puppy insurance, older dog insurance, kitten insurance or cat insurance.