With a boom in financial advice websites and television shows, Britons
are becoming increasingly aware of the importance of insurance, with
this in turn driving premium prices down as insurers compete to get
cautious consumers on board.

An encouraging number of people are therefore now insured should they
break a leg while skiing in the Alps, bump their car in the supermarket
car park or be unfortunate to fall victim to the type of floods seen in
the summer of 2007.

However, new research has revealed that millions of people could be one
mishap or piece of bad news away from a hefty, and largely unforeseen
bill, against which they have forgotten to protect themselves.

In fact, just one in five pet owners currently have an insurance policy
should their extra family member fall ill or go missing, a study
undertaken by the Post Office has revealed.

Though it may seem like an unnecessary expense, given the fact that a
vet's bill could easily amount to more than a lost mobile phone or even
a serious car crash, this is a significant oversight.

This is despite 11 per cent of those questioned saying that they would
be willing to remortgage their homes in order to pay for the medical
treatments for their pets.

However, as with all types of insurance, whether the policy is intended
to cover a caravan or a burglary, consumers have been advised to shop
around when it comes to taking out pet insurance as there is no such
thing as a 'one size fits all' policy.

For example, owners of a dog may be best off taking out a policy which
would cover the cost of printing-out posters or offering a reward should it go missing, a benefit which would be of little use to a tortoise.

In addition, some policies offer cover for long-term illnesses, even if
treatment is required to carry on after the policy was due to expire,
again ideal for those with breeds of animals that are known to suffer
from conditions such as arthritis.

According to the research company Defaqto, in comparison to car
insurance, for which people shop around an average of two times a year,
millions of people could have purchased a pet insurance policy which
will ultimately refuse to payout as insufficient research has been
carried out to ascertain what it does and doesn't cover.

Mike Powell, a consultant at the firm, explained: "While superficially
straightforward, choosing the right pet insurance policy for your
situation will repay the time taken to research what is on offer in the
market."

Furthermore, just as experts point to the increased freedom allowed for
by travel insurance, perhaps the biggest benefit of pet insurance is the peace of mind it gives owners, who may be more comfortable letting their dog off the lead or allowing their cats out at night, safe in the
knowledge that, whatever happens, they won't have to fret over money
matters