More than half (57%) of cat and dog owners don’t have pet insurance, research has found.
The Asda Money study also revealed that most people underestimate vet costs for injury treatments.
Pet owners are often shocked about how much they have to shell out for their beloved animal but for many, pet insurance is one expense too far.
More than two-fifths of those without pet insurance said it was too expensive, while just under half (47%) said they would cough up the costs if they needed to.
With owners having two pets on average, an unforeseen accident could mean a huge vet bill they have not planned for.
To treat most cuts and bites, pet owners should be prepared to pay up to £3,722, according to Asda Money.
But its research revealed owners expected to pay a maximum of £100.
Kirsty Ward, head of Asda Money, said: “We all want our pets to run free and enjoy themselves but sometimes these adventures can result in injury for the animal and an unexpected bill for their owners.
“We know budgets are tight and the thought of taking out pet insurance could be seen as a stretch too far for many families.”
Asda Money recently launched accident-only pet insurance for people who don’t want to buy a comprehensive policy but want quick and easy cover for their pet in the event of an injury.
Ms Ward said: “We hope this new product allows for flexibility and offers protection against unavoidable treatment costs.”