Pet insurance falls mainly into three categories with varying costs, according to the head of ancillaries at Hastings Direct.

Dec Fisher explains that the cheapest insurance available for pets is an annual policy. The insurance covers pets for each new condition that they get. However, the claim is capped 12 months after the first treatment is given, which prevents the insurance covering a long-term, chronic condition.

The next type of insurance is per condition, which offers a maximum claimable amount for a single condition.

Lastly, the most expensive form of pet insurance offers lifetime coverage for a single condition.

"The cost of pet insurance will also vary on the age of your pet – generally rising as the pet ages, its breed and whereabouts in the country you live," Mr Fisher said.

"Before choosing, shop around using at least one price comparison website to ensure you have checked the market."

Illnesses and injuries to pets can really break the bank, particularly when the cost of owning a pet is very manageable on a day-to-day basis. Therefore, planning ahead by taking out the right pet insurance policy to suit the needs of yourself and your pet is very important.