I recently spoke to the rspca about insurance and the bloke said with all the small print your better off putting the ammount you would pay for insurance in a separate account and save it up.
Insurance by its very nature is a gamble but, vet bills can be obscenely high. My friend's dog died yesterday after 9 months of quite a nasty disease. She was paying £9 a month and that covered £7,000 of bills. If I had an animal, I wouldn't want to risk not having insurance.
And let's not forget that interest rates are almost on the ground so he's really talking out of his arse!