Anyone with a pet should realise that taking out pet insurance is a great way to cover the cost of potentially large medical bills for treating their furry family member.

Responsible pet owners should view pet insurance policies as just as important as other ways of caring for their animals including grooming, good diet and regular exercise, especially as vet fees are on the rise.

However, many pet insurance products remain very affordable and shopping around on the net can lead to significant reductions in premiums, especially as many providers are offering substantial discounts to new policyholders. So there is no excuse for pet owners not to make sure their rabbit, cat, dog or horse is fully covered.

Sainsbury's Finance recently announced plans to offer customers three months of free pet insurance cover as well as offering online discounts for those who opt to use the web to complete their new pet insurance policy purchase.

Lucy Hunter, Sainsbury's pet insurance manager, explained: "Despite the increased cost of vet fees over recent years our research shows that over 450,000 people have recently given up their pet insurance in order to save money, which could leave them exposed to potentially very high veterinary bills."

Pet insurance can also cover more than just medical treatment of animals with policies offering rewards for finding lost pets and paying boarding fees if owners need to be admitted to hospital as well as covering damage by your pet to someone else's property.

Some products can also offer compensation if owners are forced to cancel holiday plans if their pet suddenly falls ill and provide cover for animals travelling overseas, including the cost of replacing an animal passport.

Last month, a new £15 million small animal hospital was opened at the University of Glasgow highlighting the ongoing developments in pet care and treatment.