New research shows that 73 per cent of pet owners don’t have their pet insured, with Baby Boomers being the largest generation cohort who don’t have pet insurance.

Data from Compare the Market revealed that 81.75 per cent of Baby Boomers don’t have pet insurance, with Gen X, Gen Z, and Millennials following with 74.17 per cent, 68.09 per cent, and 66.13 per cent respectively.

Adrian Taylor, General Manager of General Insurance and pet insurance expert, said the findings are worrying.

“Most of us know how mischievous pets can be, especially puppies and kittens, from digging holes in your backyard to tearing into your sock drawers or finding a hidden box of treats. However, as much as some of these behaviours can be seen as cute or funny, one wrong move and your pet could become critically ill or injured.”

On average, Australian pet owners took their pet to the emergency vet 1.8 times in the 12 months prior to May 2023, with the average largest bill being $2,171.

“We’ve seen time and time again just how far people are willing to go to save a family pet, yet not everyone can splash thousands of dollars at the drop of a hat.

“This is why pet insurance is so important. It can come in and cushion the financial strain that may be holding people back from making life-saving decisions quickly. And while people may be paying just over $70 a month for peace of mind, we know that there are some great pet insurance policies that are out there for cheaper or maybe better value than their current policy,” said Taylor.

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