According to a new study, a domestic pet can set you back around £31,000 pound during its lifetime. This will be majorly spent on veterinary bills, toys and food. What probably isn’t included in this figure is the amount of torn up money that thousands of people claim on their insurance for after their pet has eaten its way through a healthy amount of their owner’s cash.

A staggering 32,418 claims were made last year for the replacement of £33.9 million worth of bank notes. Unfortunately, bank notes are just pieces of paper which have been given a price tag, and are prone to be in accidents. One of the most common reasons to claim was for bank notes which had been carelessly ripped or torn into pieces. After a tear has taken place, many outlets will refuse to take a badly put together bank note, which is being held together by cello tape. Another popular claim is for notes that have been contaminated, perhaps when notes had been hidden for safe keeping. It was found that many of these claims were due to people keeping money under floorboards, or hidden in the garden, both of which makes the cash subject to damp, causing the notes to decompose. Washing money in a washing machine is also a popular cause for a claim, as is staining the notes with ink.

Even though the number of claims has decreased by 5% in the past two years, the number of claims related to pets has risen. People are forever leaving their purse or wallet in a place which is easily accessible to dogs, cats and even hamsters, resulting in these feisty pets munching their way through countless banknotes. Pet owners have been urged to keep their money in a safe place away from their pets, and away from places where money is likely to get damages, for example, anywhere which is damp or subject to high levels of heat.

As well as insuring your money, make sure you buy some quality, but cheap pet insurance. Compare pet insurance using an online comparison tool to get the best pet insurance plans for your pets. Veterinary bills can cost you a fortune at unexpected times, so being prepared for your animal is very important.