The Association of British Insurers has said that pet owners should seriously consider insuring their animal.
Pet owners who take out insurance have been described as "wise" by the Association of British Insurers (ABI).
A spokesperson for the group warned that there are a number of issues involved with owning a pet which could impact on insurance. For instance, most home insurance policies will not cover damage created by a pet.
However, the pet's well-being is another reason for considering pet insurance. The spokesperson explained that pedigree animals in particular can have a number of health problems, but "it is wise to take out pet insurance for whatever animal you have because often pet bills can run into thousands of pounds".
She advised that people consider just how much it may cost them to seek treatment for their animal in the event that they became ill or were injured and decide "whether or not it would be wiser to take out a policy".
However, it is important to note that not all pet insurance policies are the same. "Some policies will, say, treat a condition up to a set amount of money, some will treat conditions up to a certain amount of money per year, some might treat conditions for the lifetime of that condition," she said.
"There are lots of different policies to take out and at lots of different prices."
