John Bower, a practicing vet and past president of the organisation, has said that because of this, it is important to take out cover.
He explained: "It makes sense to pay £100 or £200 a year for this very valuable medicine to make sure that if something really bad goes wrong, you are able to afford it."
According to a study by Datamonitor, the pet insurance market grew rapidly in 2005 due to increasing premiums and a higher level of penetration.
The research also found that across the year, premium income in the sector grew by 17 per cent, while product penetration was around 18 per cent.
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