Pet insurance helps cover a portion of eligible veterinary bills when your pet gets sick or is injured from an accident. Even the simplest of vet procedures can wrack up an expensive bill, so pet insurance is intended to ease this financial burden when your pet’s health is compromised.
When you take out a policy, you pay an agreed premium weekly, fortnightly, monthly or annually. In return, an insurer provides you with financial support for eligible vet treatments if your pet becomes injured or sick.
It depends on the type of cover you take out and the provider you go with. Generally, pet insurance will cover either both accidents and illnesses to some extent. Opting for higher levels of cover usually means your annual policy limits are greater, meaning more expensive treatments for your pet could be within your reach.
It’s important to read each insurer’s Product Disclosure Statements (PDS) to compare what’s available through different providers and what limits apply to each policy. This way, you’ll know as much about the products as possible before making your decision.
Pet insurance isn’t compulsory in Australia, but it’s something you may want to consider if you don’t think you’d be able to pay for vet bills or medical assistance if your pet needed immediate care. These treatments can cost thousands and pet insurance can help cover a percentage of these costs.
Depending on the level of pet insurance, you may be subject to waiting. While these periods vary between providers, you may need to wait 30 days for most illnesses and up to six months for cruciate ligament injuries.
Yes, you’ll be able to choose which vet treats your pet if you hold a pet insurance policy – provided they’re registered in Australia. It’s important to note that vets can set their own fees for surgeries and procedures, so you may be able to save even more money by choosing your vet wisely.
Whether you’re taking out a new policy or renewing the level of cover you already have, several factors can influence the premiums you pay for pet insurance. These can include:
Premiums vary between providers, so it’s essential to compare what’s out there to ensure you’re paying an amount you’re happy with.
It’s unlikely that pet insurance policies will cover your pet’s pre-existing medical conditions. However, you can insure your pet from eight weeks old and taking out a policy as early as possible can help cover their vet bills if they experience health issues in their later years.
Different providers have their own rules around pre-existing conditions, so be aware of these before purchasing a policy.
If you’re looking to take out pet insurance for your cat or dog – or simply want to know what’s on offer from some of Australia’s leading pet insurance providers – we can help you.
Our pet insurance comparison service allows you to complete a free quote and view a range of policies from several providers. The best part is you can easily compare the features of each policy and find one you’re happy with.
It pays to compare, so what are you waiting for?