Pet owners get notoriously attached to their fury, four-legged friends; they buy them Christmas presents, take them for walks and even give them human names and identities.

However, do most pet owners care for their cats and dogs enough to cover them with an insurance policy?

While the idea may seem absurd it is actually a financially pragmatic step to take, when you consider the price of some pedigree dogs or the medical cost of a kitten with cancer.

Furthermore, research carried out by pet insurers esure revealed that most dog owners spend £31,000 on their animal during its lifetime, which makes forking out for some cover not seem quite so lavish.

Those that own Chihuahuas - the most expensive pet to own of them all - may also want to get this cost in perspective given that they are estimated to spend a total of £90,000 on pampering their pets during their lifespan.

Greyhound owners are not far behind, as this type of dog comes with a £82,797 expenses price tag on it, when you take on board the veterinary costs, the price of putting it in a kennel while the owners holiday and buying it food.

Bearing in mind how much money has been invested into the up-keep of these animals, owners would actually be covering themselves by taking out an insurance policy on their pets' lives.

Asia Manzoor, a spokesperson for esure pet insurance, said: "The risk of any dog being kidnapped is always likely and insurers will probably charge extra for pet owners to take out this additional cover.

"However, if your dog is kidnapped, you will be able to claim for the cost of your dog, but not any expensive jewels or accessories they may have had on them."

Despite the financial investment that goes into a pet and the costs they can incur, research carried out by Sainsbury's Finance published this year has revealed that 5.5 million pet owners believe they "do not need" cover for their dogs and cats.

Over 11 million owners of these creatures do not have any cover as 4.5 million of them do not think it is necessary to do so.

Moreover, eight per cent of pet owners thought insurance was unnecessary as their four-legged friends were presently healthy, which missed the point that a policy insures them against the worst case scenario in the future and the medical bill such a scenario could leave them with.

However, with 150,000 of those who have been savvy enough to insure their pets claiming for veterinary treatments every month, the need for such cover is evident.

Mr Manzoor added: "Today's household pets are treated more like members of the family and this new attitude is reflected in the amount owners spend on their pet's lifestyle.

"Despite this, many pets remain uninsured. Vets' fees can be very expensive and owners should bear in mind that, ultimately, their pet's health is more important than the latest dog accessories or expensive treats."

Pet owners pinching pennies might do well to remember that when their pets fall ill and they are staring a huge medical bill in the face, they will be left wondering why they did not care enough about their bank balances, never mind their animals, to cover themselves in advance.