Gocompare.com is promoting its pet insurance compare  service, which offers details of 16 different policies.

The price comparison website said it provides dog and cat owners with the chance to compare the policies by seeing at a glance which one will give them the right cover for the right price.

It is putting the spotlight on this area of its business as it unveils research showing the average cost of owning a pet is £676 a year.

And while the animal's food makes up the biggest expenditure at £314 a year, trips to the vet proved the second most expensive outgoing with an average of £241 being spent annually.

Despite this 60 per cent of dog and cat owners admitted they did not have pet insurance, and a fifth said they would not be able to afford a significant vet bill for their animal.

John Miles, head of product development at Gocompare.com, said: "Skimping on insurance can be a false economy. Over the last ten years pet insurance has become more widely available and much more affordable.

"Premiums cans start from as little as £39.60 a year for cats and £44.40 a year for dogs – significantly less than the £120.84 a year some pet owners spend on treats, bedding and clothes for their pets."