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Cancelling Pet Insurance Is A ‘False Economy’

pet insuranceIn the wake of worrying recent figures regarding people cancelling their pet insurance as a result of attempting to save money in the recession, NFU has sent out a warning to anyone with pets that this tactic could end up actually costing the pet owner more money.

Over the last twelve months, figures show that the cost of pet claims has risen by an extra-ordinary 12 percent in the last month, a figure which implies that whilst a pet insurance policy might be cheap, it is nothing compared to paying for treatment without it.

The research by NFU mutual shows that the average claim for a dog is currently £660 – a figure which is potentially three times more expensive than an approximate yearly claim for pet insurance.  These prices will inevitably concern those people who have already cancelled their pet insurance policy, a figure which is currently up to 15 percent of policy holders since the recession kicked in.

Speaking on behalf of NFU, their Chief Claims Manager John Kenny noted that ‘buying the cheapest pet insurance policy or cancelling the cover all together may seem cost effective at the time, but in the long run it could prove to be a false economy.’
Mr Kenny finally noted that whilst pet insurance can be pricey, there are different policies to suit different budgets, and that even the cheapest insurance would usually be far cheaper than paying for full price treatment.

For more news on pet insurance and advice on how best to care for your pets, visit Simply Pet Insurance here.

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Category: Insurance Tips

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