The study, commissioned by financial experts Forbes Advisor, also found that more than half of owners admit to underestimating the cost of having a pet.
Medical costs are the number one expense, costing an average of £462.80 a year – even more than food, which costs owners around £340 a year.
Kevin Pratt, insurance expert at Forbes Advisor recommends that owners consider insuring their pets to manage costs, explaining, “One thing any pet owner will tell you is that a visit to the vet – probably unavoidable at some point – can be extremely expensive.
“This makes pet insurance such an important purchase. Having coverage in place means pet lovers don’t have to worry about paying for any care their pet might need, and they won’t have to. no need to dip into their savings or even go overdrawn to pay the vet bill.
But pet insurance can vary wildly depending on the breed of dog or cat.
Here are the 10 most expensive dog and cat breeds to insure.
The Bulldog is the most expensive dog breed to insure – racking up a bill of £688.14 every year.
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An average cost of £669.29 per year makes the unusual Cane Corso the second most expensive dog to insure.
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The elegant and rare Hovawart costs an average of £633.94 to insure each year, putting it third on our list.
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Owners of Greater Swiss Mountain Dogs pay an average of £588.22 to insure their pets against costly visits to the vet – the fourth highest bill.
Photo: Canva/Getty Images
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