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Tesco Bank launches Pet Accident & Injury Insurance

Research reveals two thirds of pet owners are uninsured.

Tesco Bank has announced the launch of Tesco Pet Accident & Injury Insurance in response to research that reveals more than two thirds (70 per cent) of pets are uninsured*. 

Tesco Bank’s research showed that for many the pet insurance market is seen to be a potential minefield.  There is such an overwhelming choice of complex policies that many pet owners simply choose to ignore getting cover, risking hefty vet bills if their pet has an accident. 

Tesco Pet Accident & Injury Insurance has been developed as a deliberately simple product which is easy to understand and offers a transparent pricing structure with a fixed price for cats (£4.00 per month) and dogs (£6.25 per month).    

The cover insures pets for a broad range of incidents including injuries resulting from accidents, attacks and bites from other animals, poisoning and treatments for cuts and wounds. 

Tesco Bank data shows that accidents and injuries are a common source of pet insurance claims, with £2.3 million worth of claims made between September 2010 and August 2011. During this period, over 4,500 claims were for dogs, averaging £330 per claim and just under 2,500 claims for cats, averaging £325 per claim.

Julie Hopes, Managing Director of Insurance at Tesco Bank said, 

“At Tesco Bank, we know that looking after pets can be very expensive, especially if an uninsured pet has an accident.

“The Tesco Pet Accident and Injury insurance is a simple, straightforward product that has been designed specifically to suit our customers’ needs. Tesco Pet Accident & Injury insurance is a flat-fee pet insurance product, helping our customers protect their pets in an affordable way.” 

Tesco Pet Accident & Injury insurance is provided by Royal & Sun Alliance Insurance plc. 

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors: 

Most Common Cat Claims

Condition          Tesco Claims      Total Costs      Average Cost

Road Traffic 

Accident                  550                £323,789.19         £588.71

Wound                    545                £121,246.69         £222.47

Cat Fight                  135                £21,938.11         £162.50

Foreign Body            51                  £29,330.20         £575.10

Cut Pad                   53                  £10,262.61         £193.63

Most Common Dog Claims

Condition             Tesco Claims       Total Costs     Average Cost

Road Traffic 

Accident                        248             £134,963.61             £544.21

Foreign body                  460             £197,188.38            £428.67

Grass seed                    373              £68,116.42             £182.62

Cut Pad                         363              £71,911.88             £198.10

Bite wound                    344              £79,921.80             £232.33

Based on Tesco Bank internal data: September 2010 – August 2011

* Mintel Market Report 2010

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

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