The study, commissioned by financial experts Forbes Advisor, also found that over half of owners admit they underestimated the cost of having a pet.
And with a record number of us welcoming a new four-legged friend into our homes over the pandemic plenty of new pet owners are facing up to unexpected expenses.
Medical costs are the number one expense, costing an average of ÂŁ462.80 each year â even more than food, which sets owners back around ÂŁ340 per annum.
Kevin Pratt, insurance expert at Forbes Advisor recommends owners consider insuring their pets to manage costs, explaining: âOne thing any pet owner will tell you is that a trip to the vet - probably inevitable at some point - can be extremely expensive.
"This makes pet insurance such an important purchase. Having cover in place means animal lovers donât have to worry about paying for the care their pet might need, and they wonât need to raid their savings or even go overdrawn to pay the vetâs bill.â
But pet insurance can vary hugely depending on the breed of dog or cat.
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1. Bulldog
The Bulldog is the most expensive breed of dog to insure - racking up a bill of ÂŁ688.14 each year.
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2. Cane Corso
An average cost of ÂŁ669.29 each year makes the unusual Cane Corso the second most expensive dog to insure.
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3. Hovawart
The elegant and rare Hovawart costs an average of ÂŁ633.94 to insure each year, placing it third on our list.
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4. Greater Swiss Mountain Dog
Greater Swiss Mountain Dog owners shell out an average of ÂŁ588.22 to insure their pets for expensive vet visits - the fourth highest bill.
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