What to do if you have no insurance or savings for your pet

And when it comes to pets being ill, the average claim for a cat is £691 and for a dog it’s £822.

But the survey, carried out by Opinium Research among 2,000 cat and dog owners, found that two-fifths (44 per cent) don’t have insurance for their four-legged friends.

This is despite more than half (56 per cent) of uninsured pet owners having faced a one-off cost for care of their pet in the past, such as an unexpected vet bill.

The total cost of a one-off bill came to an average of just under £393.

When dealing with an unexpected vet bill, a third (34 per cent) of uninsured pet owners say they regretted not having been covered for such costs.

Half (50 per cent) of uninsured pet owners said they’d been financially impacted by spending on their poorly animal.

Those who had been financially impacted in this way were more likely to say they had cut back on spending on themselves (23 per cent) as a result than on their pet (14 per cent).

For a small minority who had been financially impacted by a bill for their pet, it had affected their ability to pay their rent or mortgage that month.

A third (33 per cent) of uninsured pet owners say they do have a specific savings pot set aside to cover any emergency costs, with an average of £778 saved.

Alex Cross, insurance director at Tesco Bank says: “Whether it’s eating something they shouldn’t, having an awkward fall or facing up to a wasp, dogs and cats get themselves caught in accidents or fall unwell more often than we all like to admit.

“And these can be costly incidents which can leave pet owners facing bills well into the hundreds, if not thousands of pounds.

“Some pet owners choose to self-insure, putting money aside in a pot and hope to cover any expenses that come their way. But with the challenging cost-of-living, regular contributions can be tough to maintain, and the savings pot might have even been dipped into in recent months.

“This has the potential to force some pet owners into debt, or even into making hard decisions about their four-legged family member.

“Pet insurance could help mitigate these unexpected costs and give reassurance that both pets and their owners are protected, should the worst happen. It’s worth searching around and looking at types of insurance available on the market, with different levels of protection available that you can adapt as your budget changes, with accident and injury a good budget-friendly option. It’s that peace of mind that you and your four-legged friend are protected that’s invaluable.”

Here are some tips from Tesco Bank Pet Insurance for what pet owners can do if they don’t currently have pet insurance or savings put by:

1. Consider different types of insurance

There are many types of pet insurance available, offering varying degrees of flexibility, so it’s well worth doing your research and shopping around for the level of cover that best suits your budget and pet’s specific needs. From lifetime insurance, the most comprehensive on the market, to accident and injury only, look at how these add up against the potential cost of treatment and your current budget, to find the best option.

2. Always be prepared

Pet accidents or emergency treatments can, in some cases, become expensive, depending on what level of health support is needed. For example, the average claim value for an adult dog that’s been hurt in a road traffic accident is £1,598, while for cats swallowing something they shouldn’t it’s £1,356.

3. Keep your ‘pet savings pot’ separate

If you are going to start building your own pet savings pot, you could open a separate bank account for this or ringfence some savings. Try as much as you can to leave that savings pot untouched.