Owners spend an average of £981 a year on their dog, Sainsbury's Bank has found.
Cats cost less, at £476 a year, but overall Sainsbury's estimates Britons spend £11 billion a year on their pets.
However, pet owners spend four times as much on treats and presents for their cats and dogs than they do on insurance for them.
“Around £1.24 billion is spent on vet fees every year and some 625,000 pet owners will spend £500 or more a year on this,” said David Pickett, Sainsbury's Bank pet insurance manager.
“Despite this, and the fact that insurance premiums for quality cover can start from just £4 a month for cats and £7 for dogs, only around 12 per cent of pets are insured.
“When buying pet insurance, as well as ensuring that it is competitively priced, you also need to make sure that it offers adequate cover and benefits. We estimate that up to 13,000 pet insurance claims are turned down every year, often because some policies offer inadequate cover.”To find out more about pet insurance, click here.
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