Do you insure your pets?

AD |Tesco Bank launches ‘Our Best Pets-timate’ hub

It’s no secret that dog ownership has skyrocketed over the last few years (we totally get it; they’re amazing), but with an ongoing cost of living crisis, it is worth considering the whole picture and the costs you become responsible for once you own a dog: our four-legged friends don’t come cheap!

Tesco Bank has put together stats and research in a new information hub to help potential pet parents consider all the cost implications before taking the plunge. Their ‘Our Best Pets-timate’ hub can be found here. They’ve collected responses about how pet insurance and the current cost of living crisis have impacted pet owners. This research is based on a survey conducted via Opinium, which obtained over 2,000 respondents.

Pet insurance: is it worth it?

The million-dollar question! We’re not here to tell you one way or another, and we’ve experienced both sides of it. 44% of respondents in the research carried out by Tesco Bank said they didn’t have pet insurance, leaving them and their pets at risk of high vet costs.

Our dogs have been insured since the day we brought them home. With our cockapoo Poppy, we’ve never had to make a claim in her lifetime; however, with our highly energetic Irish Setter Maple, we’ve experienced first-hand how much we value having health insurance for her.

According to internal Tesco Bank data, the average cost of an unexpected vet bill was £392.90, though from our recent personal experiences, it’s been a much higher figure than this. The cost of pet insurance put off 39% of respondents, but over half also said they’d had to pay a one-off vet fee, sometimes higher than insurance.

59% of those with pet insurance said it was worth the money and helped them avoid hefty vet bills. For us, pet insurance offers that peace of mind that if anything happens to either of our dogs, we know that we’ll be able to fund it and get them the care they need as quickly as possible, wherever we are in the world.

Caring for our pets in a cost-of-living squeeze

Pets are part of the family, and it’s safe to say we treat Poppy and Maple like our children! But it’s crucial to fully consider the financial impact of a new pet. Caring for pets is a big responsibility, and 17% of pet owners admit to not calculating the cost of getting a puppy before becoming an owner.

There are so many cost factors associated with having a dog that you might not even think about at first glance. We know budgeting can be tricky for us, having two dogs of a very different size, age and activity level. From vastly differing amounts of food for each dog to grooming, insurance, essentials, toys, and care during working hours, we soon found that the costs piled up quickly.

While we all want the best for our pets, it’s clear to see that times have gotten more challenging with the current financial climate, where 49% of dog owners and 36% of cat owners have cut how much they spend on their pet due to the rising cost of living.

The Tesco Bank Best Pets-timate Hub could be a handy resource for finding cost-of-living tips and ways to cut back on pet care costs while ensuring your dog still enjoys a healthy and happy life.

Thanks for reading,

Cara, Andy, Poppy & Maple