A survey conducted for Fairinvestment.co.uk* in August last year revealed that just over 25 per cent of pet owners have pet insurance policies in place, leaving almost 75 per cent of pets in a vulnerable position.

Since then, the economy has declined, and Brits are making cutbacks – recent research from Sainsbury’s pet insurance revealed that two million pet owners have been forced to forgo pet insurance since the credit crunch began.

It is for these reasons that as RSPCA week begins Fairinvestment.co.uk is urging pet owners not to cutback on pet insurance.

According to figures from the RSPCA, almost 50 per cent of UK pets will require medical treatment this year at some point – at an average cost of £220, and for pet owners with pet insurance, this cost could be covered, but those without could be hit with huge unexpected and unfeasible costs given the current financial climate.

Commenting, Sharon Bratley, chartered financial planner at Fairinvestment.co.uk said: “Pet insurance can cost from around £5 a month, which is nothing compared to the average treatment costs of £220.

“Although first priorities should be essentials like paying the mortgage, cutting back on pet insurance could prove to be false economy, which could actually leave them more out of pocket than they were before if a pet were to fall ill.

“RSPCA week is designed to raise awareness of animals in need, and having adequate pet insurance like RSPCA pet insurance could prevent some pets going without expensive treatment,” Mrs Bratley added.

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*Research conducted by OnePoll for Fairinvestment.co.uk with 2,511 respondents