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Understanding Pet Insurance
iSelect does not offer a comparison service for Pet insurance policies at this time. Our advice on this website is general in nature and does not consider your situation or needs. Consider if any advice is appropriate for you before acting on it. Learn more.
What is pet insurance?
While not mandatory in Australia, pet insurance could give you peace of mind when it comes to your pet’s health so you can enjoy the joys of pet ownership – like playing fetch and having a work from home companion who’s always keen to join in a Zoom.
How does pet insurance work?
To have and keep your pet covered, you’ll need to choose an appropriate pet insurance policy and pay regular premiums for it. Then, if your pet needs to visit the vet or animal hospital for one of the reasons stated in your policy booklet, you’ll have some help covering the bill! There may be an excess – the upfront amount you have to pay before your insurer handles the rest. Similarly, your policy might have a limit, where your insurer only covers up to a certain amount.
What type of pet insurance should I get?
Picking a great pet insurance policy can feel a bit like choosing the perfect treat for your furry friend – there are various options to choose from. Each plan can also be a bit different depending on the provider, so it’s worth checking the policy booklet for the nitty-gritty.
Here’s a quick rundown:
Accident-only insurance
The most basic type of pet insurance, it’s there to help with vet bills if your furry mate has an accident (like getting hit by a car after a zoomie at the park).
Accident and illness insurance
Think of this as a safety net for both accidents and those unexpected illnesses that can pop up. But keep in mind, it usually won’t cover any health issues your pet had before you signed up – what insurers call pre-existing conditions.
Comprehensive insurance
This one’s the full shebang! It’s got you covered for accidents, illnesses, and even some routine stuff like vaccinations and worming. It’s great if you want to make sure your pet is covered from nose to tail.
Pet insurance explained with Canna Campbell
Canna Campbell from SugarMamma TV breaks down the fundamentals of pet insurance.
Canna Campbell
SUGARMAMMA TV
Get the facts on pet insurance
What does pet insurance cover?
Like with most insurance policies, you can choose your level of pet insurance cover. Depending on the policy you can cover accidents, such as snake bites, and illnesses as well. Your policy might also include preventative care, like vaccinations and worming.
What doesn’t pet insurance cover?
Pet insurance policies don’t usually cover things like pre-existing conditions – problems that your pet had during the waiting period and before you took out the policy, which can also include anything you previously claimed for under another policy. You probably also won’t be covered for preventative or routine items, dental care, and injuries or illnesses that come about because of neglectful pet ownership.
What is dog insurance?
Dog insurance is pet insurance for your canine friend. As of 2024, about 30% of Australian dog owners had insured their pooches to help cover the cost of an unexpected vet trip.1Insurance Business Mag – Pet insurance (If you’ve had a Labrador, for instance, you might be familiar with how often that can happen since they see everything as food.)
What is cat insurance?
Cat insurance is pet insurance for felines, whether they think they’re the boss of the house or not. In 2024, a little over 20% of cat owners have insurance.2Insurance Business Mag – Pet insurance Just like dog insurance, it aims to help reduce the financial stress of any emergencies or unexpected trips to the vet when your cat is injured or ill.
How much is pet insurance in Australia?
It’s estimated that the cost of pet insurance sets Aussies back anywhere from $60 to $120 a month.3Moneysmart – Getting a pet But you could be paying more or less depending on the level of cover, age, breed, excess, whether they’re desexed or not, your pet’s health conditions, where you live, and many other factors. There’s a different cost for guide dogs’ insurance, for instance.
And if you’re wondering how much insurance costs for a dog versus a cat, the premium depends on which furry friend you have. Australian dog owners paid an average premium of $776 in 2022.4Animal Medicines Australia – Pets in Australia: A national survey of pets and people, p47 Cat owners spent an average of $535 in the same year.5Animal Medicines Australia – Pets in Australia: A national survey of pets and people, p47
How are pet insurance premiums calculated?
Like other types of insurance, the risk you pose can affect your premium – essentially, the likelihood you’ll need to claim. So, your insurer may look at a few different elements to decide what your premium will be. This can include:
- your level of cover
- your excess (if applicable)
- where you live
- the type of pet you have, including the breed
- your pet’s age
- your pet’s gender
- if your pet is desexed or not.
How could I lower my pet insurance premiums?
You may be able to lower your pet insurance premium by:
- reducing your level of cover, like moving from comprehensive to basic cover
- increasing your excess (if applicable) or decreasing the benefit percentage, so you pay more before your insurance kicks in
- looking out for any discounts, deals, or special offers from insurers
- comparing and changing policies for one that offers better value.
Helpful tip
Don’t wait until your furry mate’s in strife to find out what your pet insurance actually covers. Grab yourself a cuppa and spend a few minutes now checking whether pre-existing conditions or routine vet visits are covered.
You wouldn’t want to be caught out when it matters! Finding out too late that your annual check-up or that dodgy ear infection isn’t included in the policy can leave you chasing your tail (and footing a hefty bill).
Knowing your policy inside out means you and your furry mate can relax, tails wagging and purrs aplenty.
Adrian Bennett
General Manager for General Insurance
Pet insurance frequently asked questions
Which breeds are more expensive to insure with pet insurance?
Among the common dog breeds in Australia, the more expensive ones are Labrador Retrievers, German Shepherds, and Pomeranians. Jack Russells are less expensive and Border Collies sit somewhere in the middle.
For would-be cat owners on the fence about which breed to get based on insurance costs, it’s worth knowing that there isn’t much difference among the most common ones in Australia: Ragdoll, Burmese, Siamese, British Shorthair, and Persian!
Is there a limit to how much I can claim on pet insurance?
When it comes to pet insurance in Australia, some policies typically have two types of limits: annual benefit limits and condition limits.
Say for instance your policy has an annual benefit limit of $11,000. This means you can claim up to $11,000 in total for all your pet’s vet bills in a year.
But it’s important to know that there’s also a condition limit.
So, if your policy has a $2,000 limit per condition, you can only claim up to $2,000 for any single health issue your pet might have in that year.
It’s like having a big jar of treats (your annual benefit limit), but you can only take a certain number of treats (condition limit) for each type of trick your pet performs.
It may help you to remember that for both dog and cat owners in 2022, the most common reasons to claim were consultations, surgeries, and illnesses. Being able to claim for regular appointments or more expensive one-off treatments may still mean pet insurance is worthwhile for you and your fur-buddy.
Do all vets accept pet insurance?
Generally, if the vet is currently registered to practise in Australia, you should be able to use your pet insurance to pay for your pet’s visit, even if it’s with a specialist or at an animal clinic or hospital.
However, you may need to be prepared to initially pay the bill then be reimbursed by your insurer once your claim has been successfully processed.
Is there an age limit for pet insurance?
As pets age, they may experience more health conditions. This can mean more visits to the vet. Therefore, you may find it difficult to get an older pet insured or have a limited choice of policies and cover options. If you want to have an older pet insured, you may need to get them on a policy when they’re younger and keep the cover going.
If you’re going to insure a younger pet, you may need to wait until they’re around six to eight weeks of age to be eligible for cover. Additionally, a waiting period may apply when you start a new policy, regardless of your pet’s age.
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Read MoreiSelect does not offer a comparison service for Pet insurance policies at this time.
Any advice provided by iSelect on this website is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice we give you, having regard to your personal situation, before acting on our advice or purchasing any policy. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect.