Owning a pet is not typically driven by a dislike for animals. Unless the pet serves a specific purpose, most people get them for companionship, affection, walks, and pampering. Their primary role is to give and receive love and, on occasion, be the convenient scapegoat for unpleasant odors. For many, pets become integral family members and are even preferred in some cases.

In Ireland, there seems to be a particular fondness for taking care of furry, fluffy, or fishy friends. According to 2021 CSO research, 52 percent of respondents reported living with a pet, with one in five acquiring their pet during the pandemic.

Of those with pets, 87 percent mentioned that their animal companions had a positive impact on their mental health and well-being.

This is not surprising to anyone who has experienced the joy of being greeted by a wagging tail after a long, frustrating day at work.

While pets undoubtedly enhance our well-being, what about when it comes to caring for their health?

According to a 2023 Petmania survey of 1600 pet owners, one-third of respondents allow their pets to share their beds, and another third let them sleep inside. However, only thirty percent of respondents have some form of pet insurance.

The same research revealed that pet owners can spend over €2,000 per year on maintaining their pets, but this figure could escalate in worst-case scenarios due to illnesses or injuries.

Petinsurance.ie states that their claim values for the previous year averaged €431 for illnesses and €623 for injuries. However, they emphasize that medical treatment costs can vary depending on the circumstances of each case.

For instance, surgery to treat cruciate disease, a common issue in aging dogs, could cost as much as €2,700 per leg for uninsured pets. The spokesperson for Petinsurance.ie stresses the importance of pet insurance, stating that with Premier Plus premiums starting from €13.89 per month, it is something owners cannot afford to be without.

However, given the current cost of living crisis, with people cutting back on various expenses, committing to a monthly fee for pet insurance may seem unaffordable. In a time when many households are tightening their budgets, adding another monthly expense might be a significant challenge. If people are skimping on branded cereals for the kids and cutting out takeaways for themselves, allocating funds for a pet may feel like a step too far for some.

Moreover, with just over half of the population lacking private health insurance for themselves, getting insurance for their pets might not be a top priority.

According to Petinsurance.ie, Ireland's pet insurance rate is relatively low compared to other countries. A 2017 study found that less than 10 percent of pets in Ireland were insured at that time. While these rates may have increased, they still lag behind countries like Sweden, where close to 70 percent of pets are insured. A! A! A! A! A! A! A! A! A!

Petinsurance.ie suggests that the low uptake of pet insurance in Ireland could be due to it being less well-known or widely advertised compared to other countries. Additionally, the pet insurance market in Ireland is smaller, with fewer brands available for consumers to choose from.

Determining whether pet insurance is worth it depends on various factors, including the breed of the pet, the likelihood of injuries, and individual financial circumstances. Vets often ask pet owners if they have insurance when presented with a sick or injured pet, not to maximize profits but to understand the options available for care.

Gold standard pet care involves covering all bases regardless of cost, but this can be expensive. Vets may discuss costs and options early on, as some clients may not follow through on promises to cover expenses, leaving vets with unpaid bills. The increasing use of technology and changing attitudes toward pets contribute to rising vet bills.

While pet insurance can alleviate financial burdens in case of accidents or chronic illnesses, it's essential to shop around and carefully review policy details. There are different types of coverage, including accident-only, time-limited cover, and lifetime cover. The price of premiums can also increase based on the pet's age and health, and some breeds are more expensive to insure due to associated health issues.

Pet owners can take steps to reduce premiums, such as microchipping their pets and bundling pet insurance with other policies. Reading the fine print is crucial to understanding the coverage, including any excess fees and additional benefits like boarding.

Ultimately, the decision to invest in pet insurance depends on individual circumstances and the willingness to prioritize the well-being of furry family members.