Research from comparethemarket found that cat owners were less likely to take out insurance than dog owners. Around 62% of cats had no insurance cover versus 47% of dogs.

For those who have taken out a pet insurance policy, the average premium per month is £19 or around £230 a year – although this varies by region. Londoners pay the highest average monthly premiums at £25, but were found to be the least likely to insure their furry friends.

Meanwhile, Yorkshire pet owners were most likely to take out a policy, while the Welsh paid the least per month at £14.21.

Close to two thirds of policy holders said they took out insurance in order to reduce the cost of vet fees, while 35% said they had a policy because they were worried their pet would fall ill. Finally, a quarter feared their pet would be hurt in an accident.

Of the pet owners surveyed by comparethemarket, 32% said their cat or dog had been taken ill or injured and had to see a vet. Cuts and scratches were the most common reason for vet trips, followed by injuries sustained as a result of a fight with other animals, skin or paw problems, and ear or eye conditions.

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The research also showed that the most popular dog in the UK is the Labrador Retriever, with an average insurance premium of £44.30 a month. Meanwhile, the most popular cat breed was a Moggie with an average monthly premium of £34.13.