With only 15% of cats and 25% of dogs covered by pet insurance*, new research from Gocompare.com Pet Insurance has found that many pet owners are missing out on a helping hand from their insurer if their cat or dog ever gets lost or stolen.
In a study of 277 dog and 269 cat insurance policies**, the comparison site found that the majority of pet insurers (72% of dog and 71% of cat policies) will pay for pet owners to advertise their missing pet, or offer reward money for their return.
Most pet insurers (59% of dog and 58% of cat insurance policies) provide advertising and reward cover as standard, with less than a third (28% of dog and 29% of cat insurance policies) not offering this sort of cover at all.
Whether it’s a poster or even a fully-fledged social media campaign, many pet insurers will provide a big financial boost to aid the search for a missing pet. Gocompare.com found that the majority of policies (71% of dog and 63% of cat) will pay £500 or more to cover the costs of advertising a lost or stolen pet, with two fifths of policies (40% of dog and 39% of cat) willing to pay out £1,000 or more.
Ben Wilson from Gocompare.com Pet Insurance added: “We know that Britain is a nation of animal lovers, but it’s worrying that so many of the UK’s pets are not covered by adequate insurance.
“Not only can pet insurance provide cover for veterinary costs in the event of illness or injury, but it can also help towards the cost of advertising and reward money if your cat or dog is missing.”
Gocompare.com has created a beginners' guide to pet insurance.
Notes to editors:
**Source: Defaqto Matrix of 277 dog and 269 cat insurance policies - instant and unbiased market and competitor intelligence, from independent financial researcher Defaqto (correct as of 16th September 2015).