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Vet bills soar: will pet insurance save you money?
Treating a sick cat or dog could set you back thousands - here's how to avoid getting stung by sky high prices
When a pet falls ill or has an accident, owners have no other choice but to turn to vets. The cost of helping a beloved dog or cat get better can be eye-watering though, with the price of treating a serious condition spiralling into the thousands.
It's not just life-threatening illnesses which can make a dog's dinner of your bank account. Using its own internal data, Tesco Bank Pet Insurance found the average claim for cats is £691 and for a dog it’s £822.
Taking out pet insurance could prevent you from having to pay a sky-high vet bill outright. But given insurance premiums can also add up, should you consider other ways of covering the costs of treating your poorly dog or cat?
Here, Which? takes a closer look at the vet bills you might have to pay and whether pet insurance is worth the money.
Pet owners hit with astronomic bills
About 57% of British households - equivalent to 16.2 million - owned a pet in 2022, according to the latest figures from the UK Pet Food Industry Association.
Government figures show almost a quarter of all consumers accessed veterinary services between April 2020 and April 2021.
A trip to the vet, however, can burn a sizable hole in your purse or wallet. A Tesco Bank Pet Insurance survey, carried out by Opinium Research, found the total cost of a one-off bill came to an average of just under £393.
However, prices can soar for more serious illnesses. Pet insurance claims data from the Association of British Insurers (ABI) showed that, in 2022, spinal surgery on a dog totted up to £10,000. While the cost of a fractured femur for a pedigree cat hit over £8,000.
The most common claims were to treat diabetes and skin conditions. Treatment for arthritis in a dog can cost over £2,000, while owners typically face of a bill of £1,000 to treat a cat with diabetes.
- Find out more: Pet owners struggle with vet bills and advice
Vet probe launched
In September 2023, the Competition and Markets Authority (CMA) announced it was scrutinising the vet industry over fears animal lovers are not getting a good deal. At the time, the regulator found that costs were rising at a faster pace than the rate of inflation.
The CMA is particularly concerned that consumers are not being given easy access to information about pricing and treatment options when deciding which vet to use and which services to buy.
A Which? survey of 2,000 pet owners last summer found vet prices are often not displayed on the individual practice or chain website, and when they are it’s often just for basics like consultation fees.
This is despite most of the cost coming from treatment and medication. More than a third of pet owners said they are usually only informed about the price after the appointment at the reception.
The regulator is also looking into the sharp fall in the number of independent vet practices - which accounted for 89% of the UK veterinary industry in 2013, but only around 45% by 2021. There's been a rise in bigger chains snapping up smaller practices and the regulator is worried about the impact that is having on competition and choice for consumers.
Which? research found shopping around for a vet was a particular struggle for many. Only a quarter of pet owners we surveyed compared prices when choosing their practice. Among those who did compare prices, three in 10 said that they were difficult to compare; pet owners aged 65 and over were more likely to say it was difficult.
- Find out more: Best pet insurance companies
Four ways to cover the costs
An unexpected vet bill can come as a shock, so it's important to think about how you might pay for treatment before your pet gets ill or injured in the first place.
To help you prepare, here are some of the most common ways pet owners can settle the bill.
1. Credit cards
Paying on a credit card means you can repay the full amount in manageable chunks over the course of several months - especially if you get an interest-free purchase credit card.
The danger is that if you don't pay off the balance in full, you'll end up accumulating interest on whatever is still owed and spending a lot more than the original bill.
Credit cards also have borrowing limits and if your vet bill ends up in the thousands, you may find yourself unable to cover the full amount.
2. Vet payment plan
Ask your vet if they have their own payment plan which allows you to pay for treatment costs in instalments. Some may have an initial interest-free period, but remember to read the terms and conditions first.
3. Set up a savings account (self-insure)
One popular way to pay for treatment is to set up a dedicated savings account. You can use this to regularly tuck away money, so if your pet falls ill you have an immediate pot of cash to dip into for any unexpected vet bills.
With interest rates still high, consider opening an easy-access or a regular savings account. Take a look at our guide to finding the best savings account for helpful tips and advice.
The downside to this type of 'self-insurance' is that if your pet needs expensive treatment before you've saved enough to pay for it, you might end up in debt.
Failing to get your pet insured also means you won't be covered for public liability - for example, if your dog causes a car accident, then the driver may sue you for any damages. Cats on the other hand are considered 'free spirits' by the law and owners are not responsible for their actions.
4. Pet insurance
Despite the risk of not being unable to afford to pay for expensive treatment, a third of pet owners we surveyed weren't insured. Nevertheless, it's one of the most common ways to avoid being stung by vet costs is to take out pet insurance.
It involves having to pay a monthly premium but if your pet falls ill or is injured, the insurance company will usually foot the bill.
The average pet insurance premium is £125 a year, according to comparison site Compare The Market. But it could be higher or lower, depending on your pet's individual circumstances - such as age and breed - as well as the type of policy you buy.
Remember it may not cover all the costs. Routine pet healthcare, for example, usually won’t be covered - so that's check-ups, vaccinations, or flea and worm treatments. You will also typically need to pay an excess if you make a claim. If you have a co-payment policy, where you pay a percentage of each claim, you'll need to pay this on top of the excess. Many providers also exclude pre-existing conditions, such as diabetes.
Our expert reviews of pet insurers detail the highlights and lowlights of their policies.
- Read more: best dog insurance policies • best cat insurance policies
Use Which? to research the best provider and policy
Whether you are renewing or buying a new policy, it's always worth shopping around.
As part of your research, make sure you check out how Which? rated providers and policies.
Which? Best Buys are awarded to policies that stood out in our analysis as offering particularly high levels of cover and can help you choose the right cover for your pet.
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