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.
