Insuring a cat or dog can leave change from a fiver every month but scandalously only 5% of domestic cats and dogs are currently insured. If you are a pet owner sitting in the 85% camp, make it your priority to purchase insurance.

As there is no National Health Service available for pets. And a visit to the vet does not come cheap, which makes it worthwhile considering pet insurance.

As well as covering the cost of unexpected vet's bills (not those for vaccinations, spaying, neutering or nailclipping), pet insurance also provides a range of other useful cover - pet insurance cover for legal fees if your dog upsets the postman, the cost of advertising if you happen to lose your pet and kennel fees if you have to go into hospital and there is no one available to look after your pet.

A number of pet insurance companies now offer pet insurance cover including many household names such as Churchill, Direct Line, Nationwide and Woolwich.

Although dogs and cats form the bulk of pets insured, some insurance companies will cover any pet - from rabbits to snakes.

Although pet insurance premiums are not expensive, it will pay you to compare policies using our pet insurance comparison service. Policies do differ markedly. Ensure before you sign on the dotted line that you are happy with the excess you will have to pay if you make a claim.

Also check out the maximum amount it will pay for the vet's fees - some pet insurers cap individual claims or set a limit on the amount that can be claimed per year.

Finally, check through the policy details so that you know what is and what is not covered by your pet insurance policy.