Pet Insurance Australia – Compare To Find Your Best Option
Why get pet insurance in the first place?
Pet insurance is insurance to help cover eligible vets fees, and it exists to give pet owners a peace of mind, knowing they will be covered for any eligible vet fees if their furry companion gets sick or suffers an accidental injury. We all try our best to save money for emergencies, but being human, things always come up that exhaust our savings and leave us at square one. That’s why pet insurance is a great way to know that you can afford to take care of your pet, whether your savings have been exhausted or not. Whilst many are a bit confused about pet insurance we explain it simply here.
Here’s some things to consider when you compare pet insurers and choose the plan that’s right for you.
Is pet insurance for you?
If nothing is too good for your furry friend, then pet insurance could definitely be a worthwhile investment. If your pet is accident prone, or particularly active, then insurance can help cover the cost of the inevitable vet bills that will come up. Securing pet insurance for your little buddy can mean the difference between life and death when a hefty vet bill shows up, if it is something you cannot afford to pay. It’s a difficult choice that not many pet owners want to make, but sometimes pet owners are left with the decision of unaffordable vet bills or euthanasia.
The cost of pet insurance
Premiums are based on the breed and age of your pet, and a range of other factors. Get a quote and compare to see how affordable Petsecure pet insurance can be for you. As a pet gets older, the risk increases and so does the premium.
How much are vet fees?
To give you an idea of the potential cost of vet fees, the following is a sample of pet insurance claims for various conditions from The Hollard Insurance Company for the year 2016/17
Cost of claims
| Average Claim Amount, 2019FY |
Highest Claim Amount | |
|---|---|---|
| Cancer | $3,503 | $34,183 |
| Gastro intestinal | $1,319 | $21,633 |
| Snake bite | $2,133 | $20,147 |
| Pneumonia | $1,610 | $7,316 |
| Arthritis | $688 | $12,460 |
| Diabetes | $1,952 | $16,712 |
| Ear infection | $883 | $14,271 |
| Tick paralysis | $1,156 | $5,293 |
| Multiple fractures | $2066 | $13,902 |
| Cataracts | $1,755 | $14,916 |
| Dermatitis | $832 | $24,354 |
| Urinary Tract Infection | $814 | $12,223 |
Petsure claims data from June 2018 to July 2019, including GST
Are there alternatives to pet insurance?
It’s worth noting that whilst the average claim in some cases is reasonably low, if the costs blow out then the numbers can run into a few thousand dollars. For example the average claim for a dermatitis is just $834 – but it can run into the thousands, with the highest claim being $24,35!! Ouch!! Additionally, there’s been a significant increase in claim costs over the last few years, brought about through both advances in technology as well as the usual inflation.
If you think insurance isn’t for you, it’s a good idea to compare it with the option of setting aside some cash each month to ensure you have money on hand for unexpected accident or illness. You need discipline to ensure that you can build up a fund worth at least a few thousand dollars. Insurance helps in that the amount is automatically deducted without your needing to control your spending and consciously set an amount aside. Of course, credit cards could always pay the bills, but when you factor in the added cost of interest, they can be quite expensive.
Choose your pet insurance wisely
Once you have secured a pet insurance policy, it’s difficult to move from one insurer to the other as pre-existing conditions are generally excluded in new policies. This means that if you switch from one pet plan to another, anything that you have claimed for with your current insurer may not be covered by the new insurer.
So do your homework, review the insurance, and compare the premiums and options available before you make your decision. Choose wisely, taking into account your budget and needs, as you must consider the long term. As your pet ages, the more valuable the cover is likely to be for you.
Things to look at, and questions to ask when you are comparing pet insurance
- The maximum annual benefit payable (Petsecure pays up to $12,000 a year for accident and illness cover, and $8,000 a year for accident only cover)
- Limits on benefits payable (with Petsecure there is no limit on individual claims, with the exception of tick paralysis where the benefit is limited to $500 a year, consultations $300 per year and cruciate ligament conditions $2,600)
- The percentage of the eligible vet’s bill that is payable (Petsecure offers generous 75% or 85% options)
- Excess payments and whether they change with certain breeds or ages (Petsecure has no excess payments)
- Age limits
- Whether chronic conditions (that are not pre-existing) are covered for the life of the policy
- Double dipping – some insurers have an excess as well as limiting the percentage of the vet’s bill that is payable
- Discounts available, and the period for which they apply (Petsecure offers a maximum 10% discount (lifetime) off second and subsequent pets, assistance dogs, and seniors. These discounts continue for as long as the policy is kept continuously in force)
- Whether the policy is renewable for life, or after a pet reaches 9 years of age (Petsecure offers lifetime cover as long as there’s no break, lapse, or change in the level of cover after the age of 9, subject to the terms and conditions of your renewal policy.)
- Whether an option exists to cover routine care benefits, such as vaccinations (Petsecure offers optional Wellness Care with the Accident & Illness plan)
- Whether both Accidents and Illnesses are covered when pets become senior
- Any waiting periods that may apply.