There’s insurance for yourself, your car and your house, so it makes sense that you want to protect your furry friends too.
That’s where pet insurance comes in. With so many different options on the market right now, it can be hard to know what the best pet insurance is. To help you figure that out, we’ve put together a handy guide covering everything you need to know when choosing the right pet insurance for your pet.
Pet insurance
How does pet insurance work?
When your pet is sick or injured, the last thing you want to think about is an expensive vet bill. Thanks to pet insurance, you can focus on your furry friend and let the pet experts – vets – do all they can to make them well again.
What does pet insurance cover?
Pet insurance is designed for unexpected veterinary expenses – hospitalisation, vet consults, medication, diagnostic tests, surgery, etc. Some policies may also cover vaccinations, microchipping, desexing, prescription diets and dental procedures.
When to sign up?
Purchase the insurance early in your pet’s life to get the most coverage and to avoid denied claims during traditional waiting periods or for pre-existing conditions present before or while serving out waiting periods. Costs vary depending on the level of cover, the animal type (dog/cat), age and breed.
Compare the market
Getting an online quote for an insurance policy to suit your pet and budget is easy. But read the policy thoroughly, including the fine print, and don’t be shy to ask questions. Lastly, compare policies at Compare the Market.
Is pet insurance worth it?
Many pet owners want to know if they should get pet insurance. While pet insurance can give you peace of mind if your pet suddenly becomes sick or in an accident, your premiums can add up.
For some pet owners, it might be better to open a savings bank account with high interest and set aside money each week for vet bills .
Things to consider before taking out pet insurance
- The breed of your cat or dog: particular breeds are more susceptible to certain diseases and ailments. It’s a good idea to chat with your vet about this.
- The age of your pet: if you’re going to insure your pet, it’s best to do it when they are still young. Once they reach a certain age, finding adequate cover for your pet can be hard.
- Get quotes: don’t settle for the first company you see. Pet insurance has come a long way in the last few years and is much more competitive, so don’t be afraid to shop around and find the best policy for your pet.
- Consider a policy with routine care: most pet insurance policies cover accidental injuries and illnesses, but it is possible to opt in for something a little more comprehensive. Routine care covers things like desexing, microchipping, and vaccinations.
Things to watch out for when choosing an insurance policy
- Co-payments: this means that despite paying a premium, you will still share some of the costs when your pet is sick or injured. Typically, this is a percentage of the amount left after paying excess.
- Excess: excess is how much the policyholder must pay towards the cost of a vet bill claim. A higher excess, usually means a lower premium.
- Caps: some policies will have caps on things like swallowing objects.
- Sub-limits: for example, a policy could cover you for $3,000 but a sublimit of $1,000 for treatment of a tick bite.
- If premiums increase with age: premiums are typically cheaper while your pet is still young.
- If cover decreases with age: a policy could start off covering 100% of bills as you pet ages, the cover drops to 60%.
- Policy renewals: there’s a good chance your policy will be reviewed every year by your insurer, which means there could be some changes to premiums, coverage or added exclusions so be careful about setting up auto renewal.
- Pre-existing conditions: for most insurers, pre-existing conditions might not be covered. This can also mean that if you switch policies, any claims with your previous insurer could be considered an existing illness or condition.
Best pet insurance in Australia
Woolworths Everyday pet insurance standard cover
- Max annual benefit paid: $10,000 (up to 80% back on eligible vet bill)
- Excess: $0 or $100
- Min/max age for new cover: over 8 weeks younger than 9 years
- Paralysis tick sub-limits: $1,500
Pets on me Deluxe Plan
- Max annual benefit paid: $15,000 (up to 100% back on eligible vet bills)
- Excess: choose from $50, $100 or $150
- Min/max age for new cover: over 6 weeks younger than 8 years
- Paralysis tick sub-limits: $15,000
Knose Pet Insurance
- Max annual benefit paid: $25,000 ( 80% back on eligible vet bill)
- Excess: $0
- Min/max age for new cover: over 6 weeks younger than 8 years
Bow Wow Meow Ultimate Care plan
- Max annual benefit paid: $20,000 (80% back on eligible vet bill)
- Excess: $0
- Min/max age for new cover: 8 weeks – 8 years
- Paralysis tick sub-limits: $3000
Coles Comprehensive Cover
- Specified illnesses only
- Max annual benefit paid: $12,000 (Choose from 80% or 100% vet bill covered)
- Excess: $200
- Min/max age for new cover: 8 weeks – 8 years
- Paralysis tick sub-limits: $2,500
Petbarn Total Pet Insurance
- Max annual benefit paid: – no annual limit up to applicable benefit limits (100% vet bill covered, dropping to 65% with age)
- Excess: $0
- Min/max age for new cover: 8 weeks – 6 years
Medibank Ultimate Pet Care
- Max annual benefit paid: $15,000 (80% back on eligible vet bill)
- Excess: choose from $0, $100 or $200
- Min/max age for new cover: 8 weeks – 8 years
- Paralysis tick sub-limits: $1,200
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