Pet insurance could come in handy for the 20 per cent of dog and cat owners who admit they would not be able to pay for a significant bill from the vet, according to Gocompare.com.
Research from the comparison website found that 60 per cent of cat and dog owners do not have pet insurance, and if faced with a vet's bill of £500 or more, their pets might not be able to get the treatment they need.
Of those without pet insurance, some would pay for the treatment out of their income or savings, while 15 per cent would use their credit card or take out a loan, getting into debt in order to care for their pets.
Some pet owners spend more on treats than they do on pet insurance, the study revealed, as the average dog or cat owner spends £120.84 a year on toys, treats, and clothes.
The average owner spends £241.68 each year on trips to the vet for their pooch or kitty.
John Miles, head of product development at Gocompare.com, said, "Our research shows that pet ownership can hit your wallet hard and that cat and dog owners are already spending close to £700 a year on each pet."
"Our survey also revealed that the majority of owners do not insure their pets, but skimping on insurance can be a false economy. Over the last ten years pet insurance has become more widely available and much more affordable."
© Fair Investment Company Ltd