Pet insurance: A quarter of uninsured Welsh pet owners can’t afford protection

Wales is home to the UK’s highest percentage of pet owners who are unable to afford an insurance policy, according to new research by Go.Compare Pet Insurance.

A quarter (25%) of uninsured pet owners in Wales told the comparison site that the main reason they don’t have a policy is that they simply can’t afford one. This is despite the fact that previous research found that Wales was one of the cheapest regions for pet insurance.

Other areas where owners are struggling to afford insurance include the East of England and the North, where 23.7% and 18.7% respectively cited affordability as the main factor for not taking out a policy. Both of these regions were also among the UK’s cheapest places for pet insurance in earlier research by the comparison site.

Despite once being the most expensive place in the country for premiums, owners in London had the least difficulty with costs. Just 7.5% of uninsured owners in the capital said the reason they don’t have cover is due to affordability. Meanwhile, the Midlands is home to the second lowest percentage, where only 11.5% of uninsured owners gave this as a reason.

The findings come as part of Go.Compare’s latest report which estimates that a shocking 91% of pet owners are uninsured, with prices being listed as one of the key reasons why. Overall, more than one in 10 (16%) uninsured owners said they couldn’t afford to cover.

However, the top reason why owners don’t buy insurance is, astonishingly, that they feel it isn’t worth the money. Over a fifth (22.4%) of uninsured owners told the insurance comparison site that this was the reason they didn’t get covered, even though a policy could save them money in the long run.

Ceri McMillan, a pet insurance expert at Go.Compare, said: “It’s worrying to see that so few owners have a policy in place for their precious pets. What’s especially concerning is that many owners either can’t afford to get cover or feel it simply isn’t worth the money, despite the fact that it could save them thousands in an emergency scenario.

“If you need to reduce your insurance costs, remember to compare policies to ensure you’re getting the best deal possible for your needs. You can also look at bringing down your premium by getting your pet spayed or neutered, as well as choosing a higher excess, although you should only do this if you’ll be able to pay it in the event of a claim.”