Pet insurance: can it save you thousands in vet bills?

While many Irish households embrace pet ownership, with over half reporting having a pet, the concept of pet insurance remains surprisingly underdeveloped compared to international standards. A 2021 survey revealed that 52% of Irish people own pets, a figure that rose during the Covid-19 pandemic. However, only an estimated 12-15% of these owners opt for pet insurance, a stark contrast to countries like Sweden, where nearly 90% of pet owners are covered, and the UK, with a 25% rate.

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Fifty-two per cent of respondents to a 2021 Central Statistics Office survey reported having a pet in their home, with one in five having acquired theirs during the Covid pandemic.

The reluctance to insure pets may stem from an underestimation of potential veterinary expenses. Beyond routine costs like food and vaccinations, unexpected illnesses or injuries can lead to eye-watering bills. Common procedures such as cruciate surgery for dogs can cost up to €4,000, while treating a severe stomach bug might require blood tests, IV fluids, and medication, potentially reaching €600. These costs escalate further during emergencies, especially on weekends.

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The numbers can be eye-watering – €4,000 for a cruciate surgery for a dog, one of the most common orthopaedic procedures for our canine friends.

Furthermore, veterinary costs are on the rise, with routine visits reportedly 50% more expensive than just a few years ago. This increasing expense makes the prospect of a large, unforeseen vet bill particularly daunting for pet owners. The insurance market itself is substantial globally, projected to reach $25.9 billion by 2033, indicating its significance elsewhere.

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Fees can reach up to €600 for a bad tummy bug, where your pet might need bloods taken, IV fluids, medications and follow-up visits.

Irish pet insurance policies, like those found internationally, offer a range of coverage options. Most policies cover veterinary fees for illnesses and injuries, and some extend to boarding costs if the owner is hospitalized. More comprehensive plans can include benefits such as holiday cancellation if a pet goes missing, rewards for lost or stolen animals, and third-party liability coverage if the pet causes damage or injury to others. However, consumers are advised to check if their home insurance already covers third-party liability, as recommended by the Competition and Consumer Protection Commission.

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Having pet insurance remains, by international standards, quite unusual in Ireland.