Record numbers take out pet insurance with £3.2m in claims paid out every day
New figures from the Association of British Insurers (ABI) found 4.4 million policies were taken out in 2023, up 1.7m in 10 years.
More than £1 billion was paid out in claims for the second year running, equating to £3.2m every day.
And with budgets stretched in the cost of living crisis, pet insurance is helping families. The average claim in 2023 was £668, nearly 50% higher than the cost of the average policy, according to the ABI.
Insurers have also seen the number of claims made rise 32% year on year to 1.8m - their highest ever on record.
Out of the claims, 4,730 a day were to treat ill or injured cats and dogs.
Meanwhile, the cost of pet insurance has only risen 4% year-on-year, with ABI figures showing the average premium was £389.
Pet insurance can be much cheaper than this though, NimbleFins research shows, meaning the value for money is greater if you make a claim.
The cost of cheap pet insurance for a dog starts at £11 a month or £134 a year for lifetime cover.
For cats, our research shows the average cost of a lifetime cover policy starts at £10 a month (or £125 a year).
Read more: Pet costs: 9 ways to save money on your pet
Specific breeds and the age of your pet affect the price, with an English Bulldog costing about £66.50 a month and a Border Terrier £17.84 a month.
Jonathan Purvis, senior policy adviser, general insurance at the ABI said those without cover "could find themselves in a tricky position".
When it comes to vet bills, surgery for a cruciate rupture in a dog can cost between £3,000 and £5,000.
Patella luxation - a knee issue in cats and dogs - can cost £2,000-£4,000 to correct.
Mr Purvis added: “With a variety of pet insurance policies available, it is important to get the best policy for your needs, not just based on price. You should always read your policy carefully, so that you understand exactly what you are covered for."
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