The latest research commissioned by Tower Insurance served as a reminder that pet owners must factor in how to pay for their pets’ wellbeing, especially amid rising cost of living for humans.
Managing director of Tower Direct Michelle James said their research found that 56.5% of Kiwis owned a cat or dog, but only 36% were “very confident” they would have the necessary funds for unexpected vet bills and treatments.
The same research revealed 22% of pet owners plunged into debt with credit cards and overdrafts to keep up with vet bills, while another 4.5% asked friends or family to help them out financially.
Around 35% of cat and dog owners were willing to spend up to $1,000 for veterinary care, while 44% would pay up to $5,000. “[But] vet costs can exceed these amounts, especially in an emergency situation,” James said.
Tower’s research also found that 28% of respondents said their pet had joined their family after the emergence of COVID-19 – and most (70%) for “companionship”.
Around 83% of cat or dog owners said whether their home environment was suitable for their pet and how the pet would fit into their lifestyle were either very important or somewhat important factors in their decision to get a pet. Eighty-five per cent considered the pet’s general needs – for example, the cost of food, water, and shelter – another important factor.
In contrast, only 55.5% said the cost of health needs and ongoing care, such as medication, vet visits, and surgery, was an important factor when deciding to get a pet.
“We know from our research that Kiwis are much more likely to assess whether to get a pet based on their home environments and social life as well the animal’s general care needs… For nearly 45% of cat and dog owners, things like unexpected vet bills just aren’t on the radar for them,” James said. “But they really should be.”
Tower launched Pet Insurance with Allianz Partners in 2021, providing cover between $5,000 to $15,000 per year for cats and dogs.
“With so many new pet owners in New Zealand, our focus is on helping Kiwis think ahead, so they can take care of their pets without the stress and financial burden of big vet bills,” James said.
