Unforeseen pet costs contributing to debt agony?

People who do not make sure they gain adequate pet insurance could find their debt concerns are worsened if their four-legged friends require treatment, it has been suggested.

New research carried out by NFU Mutual found many animal lovers are putting themselves at financial risk by opting for cheaper policies that do not provide long-term cover.

The organisation stated 20 per cent of all adult dogs suffer from arthritis and its 2009/2010 pet claim statistics revealed the disorder and joint problems are the eighth most common reason for a canine to be taken to the vet.

Moreover, the statistics showed the average cost of a claim for arthritis was £701.

A national survey conducted by NFU Mutual discovered 15 per cent of people in the UK have cancelled some form of insurance – including health and pet – as a result of the recession.

The body noted it is concerned those with animals do not understand the difference between the policies on offer and are therefore selecting the deals on price above suitability.

John Kenny, chief claims manager at NFU Mutual, said buying the cheapest premiums may seem cost-effective at the time of purchase, but could prove to be a false economy in the future.

“As with any insurance policy it’s more important to get the right type of cover,” the industry figure added.

The warning comes as The Co-operative Insurance and the homelessness charity Shelter revealed one-fifth of households in Britain – equating to 5.41 million families – do not have adequate home insurance in place.

By Amy White