Could you afford a £3,000 vet bill? The true cost of owning a pet

Here's what you need to know about taking out pet insurance and what the experts say about the finances of looking after an animal.

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Published: September 12, 2026 at 5:00 PM

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Owning a pet can be hugely rewarding, but if your pet falls ill, you’ll need to be prepared for the possibility of eye-wateringly high veterinary bills.

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Almost a quarter (24%) of owners admit that, had they known the true lifetime cost of veterinary care beforehand, they probably would not have taken on a pet, according to new research from Investec Save.

A similar number (26%) of owners said that they would outright refuse to get another due to the costs involved in owning a pet and rising vet fees. Just over half (55%) claimed that they feel financially secure enough to consider committing to another pet in the future.

It’s hardly surprising when vet bills regularly run into thousands of pounds. Analysis by insurer Insure Your Paws found that the average cost of treating common pet conditions is £3,142 for cruciate ligament damage, £1,321 for foreign body ingestion, £1,168 for gastroenteritis, £704 for a urinary tract infection and £635 for an accidental injury.

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Pet insurance provides one way to protect yourself from hefty costs, although there can often be exclusions or steep excesses to pay which mean owners can still be left out of pocket. For example, most policies won’t cover routine costs such as check-ups, flea treatments, neutering or dental work, while pre-existing conditions are generally excluded.

A spokesman for the Association of British Insurers said: “Insurers may include exclusions, limitations, or conditions that are specific to your particular insurance policy. These could include inner caps or limits on conditions or treatment.

“For example, £10,000 of cover may have a limit of £2000 per condition, meaning once the limit has been reached there is no more cover for future treatment costs. These will vary between insurers and policies so it is important to always read your policy’s terms and conditions and if in doubt, speak to your insurer.”

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If you’re reluctant to buy pet insurance, then an alternative might be to consider self-insuring, by paying into a savings account each month to cover vet bills. The drawback is that it can take years to build up a substantial pot, leaving you exposed if your pet needs expensive treatment soon after you start saving.

David Hunt, Head of Savings, Investec Bank, said: “With the lifetime cost of owning a companion rising, pet owners need to plan ahead not just for routine costs, but for unexpected vet bills too.

“Pet insurance can be a valuable safety net, but there may still be bills that are not covered by a policy, or an excess that needs to be paid. That means pet owners may need cash available at short notice.”

For many owners, the most comprehensive approach may therefore be to combine pet insurance with regular savings. That way, insurance can cover eligible major treatment costs, while a savings pot can help meet the excess or pay for treatment and other costs excluded from the policy.

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*This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.

Radiotimes.com is published by Immediate Media Company London Limited, a wholly owned subsidiary of Immediate Media Company Limited. Immediate Media Company London Limited is an Introducer Appointed Representative of Seopa Ltd (trading as Quotezone) (FRN: 313860).

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