Your pet is part of the family, which means it’s your job to ensure their long-term wellbeing. If that pet gets into an accident, you may need to pay thousands of dollars to make them well again. Pet insurance can help you pay such costs, so that you’re not faced with a difficult decision.
In addition, higher levels of cover can help pay for need to vet checkups, vaccinations, medication, and more. Let’s learn a little more about the product.
A typical pet insurance policy helps you pay for healthcare treatment for your dog or cat. It’s a product often sought after because of the sheer expense needed to care for seriously ill or injured pets. The expense is greater than you may realise. A good insurance policy will help allay those costs.
A pet insurance policy can be inexpensive, although you can pay a little more if you want added benefits. The price varies, depending on your pet, but insurance can cost as little as $20 per month for accident only cover and as high as $60 for comprehensive cover – according to MoneySmart^.
It’s an expense many of us are happy to pay, too. As of 2016, 26% of households with a dog, and 18% of cat owners, held a pet insurance policy – according to Animal Medicines Australia.
We encourage you to conduct a pretty simple needs analysis before getting your pet insurance by considering the following:
In summary: look for a pet insurance policy that is affordable month-on-month, and can cover significant expenses in the event of an accident. You should also decide whether or not you’re happy to pay a little extra to get subsided benefits.
Why wouldn’t you be able to claim on your insurance? It’s a fair question: you pay premiums each month and take care of your pet, only to be denied a claim at a crucial time. These exclusions and restrictions are easy to spot when taking out cover – they’re listed in your Product Disclosure Statement. Please be aware that pre-existing conditions, certain dental treatments, and more may be excluded from cover.
Your pet insurance premium is calculated by your insurer determining how likely you are to claim on that policy. The following factors have an impact on premium prices:
It is recalculated each year at the time of renewal.
A Porsche 911 costs more to replace than a Toyota Corolla, which means it will likely cost a little bit more to insure. This is because replacing it (or repairing it) will cost your insurer more money.
It is a similar story with your pets: rare breeds, and ones prone to certain healthcare conditions, will cost more to insure. For example, dogs born from unintended breeding tend to cost more to insure.
Ready to cover your favourite furry family member? Spot a great pet insurance policy by comparing with us; it only takes a few minutes!