Fur-casting Cost Key To Happy Pet Ownership

Wednesday, 13 April 2022, 4:36 pm
Press Release: Tower Insurance

Tower is calling for Kiwis to financially plan ahead for pet’s sake! While many of us are focussed on the rising cost of living for humans, pet owners need to factor in how to pay for their pets’ health and wellbeing as well.

Tower commissioned research1 to understand how Kiwis are looking after their cats and dogs. Tower Managing Director Tower Direct, Michelle James says they found that while more than half of Kiwis own a cat or dog2, only 36% are ‘very confident’ that they have the necessary funds available for unexpected vet bills and treatments.

Research also showed that to keep up with vet bills, 22% of pet owners are plunging themselves into debt with credit cards and overdrafts, and another 4.5% have asked friends or family to help them out financially.

“When it comes to actual costs, around 35% of cat and dog owners are willing to spend up to $1,000 for veterinary care and another 44% are willing to pay up to $5,000 but, vet costs can exceed these amounts, especially in an emergency situation,” says James.

In partnership with Allianz Partners, Tower launched Pet Insurance in 2021, providing cover for between $5,000 to $15,000 per year, for cats and dogs.

“Our pets are important to us, they’re a part of the family. Pet insurance can help make sure people are prepared, in case their furry friends get sick or are in an accident.”

Tower’s research also revealed a big uptick in pet ownership since the beginning of 2020 – 28% of pet owners surveyed said their pet had joined their family post COVID-19 emerging, with more than 70% listing companionship as the main reason.

“We know from our research that Kiwis are much more likely to assess whether to get a pet, based on their home environments3 and social life4, as well the animal’s general care needs5 - rather than the cost of ongoing health needs6. For nearly 45% of cat and dog owners, things like unexpected vet bills just aren’t on the radar for them but they really should be,” says James.

“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.”

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