BRISBANE, Australia, July 30, 2024 /PRNewswire/ -- Rising cost of living has seen over half of Australian pet owners surveyed decide not to insure their pets, potentially putting them at risk of high vet and medical costs.

While the average cost of acquiring a pet has risen 196% since 2020, new survey data from Budget Direct shows pet owners have had to draw the line at their pet's protection when counting the dollars.

Budget Direct's Chief Growth Officer, Jonathan Kerr, said that while no pet owner wants to jeopardize their pet's wellbeing, having uninsured pets can come back to hurt owners in the long run.

"Pets are more than just another expense, they are members of the family," he said.

"No one wants to anticipate something happening to their dog or cat, but when things do happen, uninsured owners are forced to make difficult decisions motivated by financial pressures."

Of the Australians surveyed, almost a quarter have paid up to $5,000 out of pocket at the vet to treat their pet.

Drilling down into the largest expenses associated with keeping a pet, the cost of food was the largest investment (69%), with vet bills, which were the second largest expense, making up 18% of total expenses.

"When Australians are weighing up the cost of insurance against vet bills and general costs associated with their pet, there are no easy alternatives," Mr Kerr said.

"There are no public health systems in place for pets, so owners really can only choose between paying vet bills and fees out of pocket, or looking to recover costs through private pet insurance.

"Pet insurance is one way that dog and cat owners can manage the cost of treating their pets at unexpected vet visits due to an illness or accident."

See the results of Budget Direct's Pet Costs Survey here.

DISCLAIMER

Budget Direct Insurance is arranged by Auto & General Services, ABN 61 003 617 909, AFSL 241411. Registered Office: 13/9 Sherwood Road, Toowong 4066 on behalf of the insurer, Auto & General Insurance Company Limited ABN 42 111 586 353.

This is general information only, and does not take into account your particular objectives, financial situation and needs and you should consider whether it is appropriate for you, having regard to these factors before acting on it. Read the Product Disclosure Statement, Target Market Determination, Financial Services Guide, Key Fact Sheets available at budgetdirect.com.au, and consider if the product is right for you before deciding to purchase or continue to hold the product.

While Budget Direct has endeavoured to ensure the information we've relied on is accurate and current, we do not guarantee it. Budget Direct accepts no liability for this information.