New research (by Research and Markets, www.researchandmarkets.com/reports/c26485) reveals that 15% of all pet owners say they think pet insurance is too expensive and/or a waste of time.
The market for pet food, accessories and insurance continues to be affected by a number of lifestyle trends. Some of these have had an adverse effect. Despite this, owners continue to treat their pet as one of the family, consumers are also increasingly inclined to insure their pet in order to cover veterinary fees.
This original BMRB research revealed that the majority of pet owners like to indulge their pets, saying that they are happy to spend a bit extra on food in order to provide the necessary nutrients rather than insurance.
The research showed signs of a North-South divide among pet owners; for example, Southern pet owners are considerably more likely than those in the North or the Midlands to take their pet to the vet, and are twice as likely to have pet insurance for their dog or cat.
Only a very small proportion of pet owners whose pets are not already insured say that they are considering taking out pet insurance in the future — indicating that the pet insurance market may be reaching a critical mass, with most of those likely to purchase it already having done so. Also slightly worrying for the pet insurance industry is the fact that 15% of all pet owners say that they think pet insurance is too expensive.
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