- Monday, 1 February 2010IVA help may be needed by the significant number of people who claim they cannot afford to pay their pet's large vet bills.
New research by comparison website Gocompare.com reveals that a fifth of cat and dog owners admit they wouldn't be able to afford the costs of a significant veterinary bill for their pet.
Only 28 per cent of owners of uninsured pets would be able to fund the bill from their income, while 37 per cent would have to dig into their savings, the study found. Some 15 per cent would have to use their credit card or take out a loan.
What's more, cat and dog owners were found to spend an average of £676.92 a year on each pet.
John Miles, Gocompare.com head of product development, said the research indicates that pet ownership "can hit your wallet hard", and advised people to take out pet insurance to avoid financial stress.
According to the RSPCA, about one in every two UK households owned a pet in 2009.
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