Pet Insurance in Australia: How to Cover Unexpected Veterinary Expenses

In News

What is the first thing, which comes to mind when you think about owning a pet? Well, everyone has different considerations right from the beginning. For example, a majority of Australians will always feature their pets as part of their families. They bring endless joy whenever they are cuddling and embracing them.

According to Animal Medicines Australia, close to 62% of Australian households have a pet, 29% being cat owners, while 38% prefer dogs. The 59% that does not have are considering having one in the future.

Nonetheless, there is a difference between owning a pet and being able to take care of it. This explains the need for exercising caution when choosing one, a pet you can easily take care of with minimal costs.

Well, just like human beings, pets also get into trouble, say accidents, injuries, or sickness. As such, you will be hit with unexpected treatment, medical and vet bills. This can be scary because they can add up to thousands of dollars within a very short time.

How About Having Pet Insurance? Is it worth it?

Yes, it is, and it is the best decision you would ever make to safeguard your bank account. According to the Australian Veterinary Association, it makes a lot of sense. The good news is that pet insurance policies cover a diverse range of health issues, including essential euthanasia, overseas travel, tick treatment, and emergency boarding.

Nonetheless, the common situations covered by pet insurance are: –

Accidents – These are common and may result from swallowing objects and fights with other animals. Generally, treating fractures costs around $2,500. This can be very expensive if it is a pocket expense, but with 80% being covered by pet insurance, the financial load becomes lighter.

Illnesses – Kittens and puppies are very vulnerable to common illnesses, and the average cost of treatment is from $100 to $2,500. Nonetheless, this is also manageable with pet insurance

Genetic health conditions – Think about digestive, kidney, or breathing problems. A pet with pre-disposed health issues is also at risk, and you may not manage the costs of taking care of them.

It is worth noting that pet insurance policies do not cover pregnancy for pets, elective procedures, behavioral problems, grooming, and pre-existing conditions.

So What Is The Cost Of Pet Insurance In Australia?

If you’re considering pet insurance, it is strongly recommended that you do so while the pet is still very healthy and young, the most practical age being eight weeks.

The insurance costs for cats and dogs could vary even when they are within the same time frame. For example, comprehensive pet insurance for a 5-year-old dog is around $78.04 per month, while that of a cat would cost $51.69 a month. But did you know there are policies, which cost as little as $20 to $60 a month? The overall comparisons of pet insurance are usually under accident only cover, accident and illness cover, and comprehensive coverage.

Factors that determine pet insurance costs

We have just mentioned the three primary types of policies. To determine the actual costs of reading the fine print is not enough. As a pet owner, you need to understand how to make claims, reimbursements, premiums, and any other additional benefits, for example, the value of your policy and possibilities of discounts.

While at this, it is important to understand the factors, which impact pet insurance costs. They include: –

•      Gender

•      Breed

•      Size

•      Species and

•      Veterinary history.

In other words, it is important to do due diligence to determine the needs of your pet. Carry out a comprehensive comparison of the range of policies available before making a decision.

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