Recession 'has made pet insurance market stronger'

Britain's pet insurance market has gradually become stronger throughout the recession as people recognise the dangers of not having cover for their furry friends, an expert believes.According to Chris Newnham, marketing manager at Animal Friends Insurance, householders are now being much more careful with their money due to the effects of the downturn, meaning they see a pet plan policy as a worthwhile investment.Mr Newnham explained that annual insurance is regarded as a "fall-back feature" of many animal owners' lives, as it gives them peace of mind in terms of knowing they will have financial support should their pet be involved in an accident.In addition, the professional said this sector has also benefited from the fact providers are targeting their advertising at price comparison websites.This comes after research by Sainsbury's highlighted how important a policy can be, as a study found the average lifetime cost of owning a dog is now £16,900.Pet insurance should be one of the first things on anyone's mind when they get a new furry friend, new research has suggested.According to a study published recently (September 26th) by Sainsbury's, the average lifetime cost of owning a dog is now £16,900 - while this figure rises to £17,200 for a cat - due to expenses such as vets bills.With this in mind, it is likely that effective annual insurance will be high on the list of an individual's priorities once they welcome a critter to their home.Furthermore, the survey warned that vets bills are set to climb by as much as 15 per cent across the country in the near future, which, Sainsbury's indicated, makes a strong pet plan policy even more important for animal owners.Taking out pet insurance need not be a confusing or stressful activity for animal owners, a specialist in the field has said.Many people may be put off signing up for pet plan cover for their furry friend on the presumption that this area of the annual insurance market has too many options for them to be sure which policy is best suited to their needs.However, Isabella Von Mesterhazy, head of marketing at Petplan, has insisted this is not necessarily the case as "all pet owners need to do is work out how long their insurance company will pay out for any illness or accident", as this is the most important aspect of insurance to concentrate on.Ms Von Mesterhazy explained there is a growing realisation among Britons about how important getting proper cover for their animal is.This comes after Veterinary Pet Insurance revealed it is to sponsor a competition to find the oddest claim ever made on such policies in the UK.