- What is Pet Insurance?
- Dog Insurance
- Cat Insurance
- Accident Only Pet Insurance
- The Cost of Owning a Pet
- Get the right vet for your pet
- Reviewing Pet Insurance
- Seniors Pet Insurance
- Is Pet Insurance Worth It?
- Does Pet Insurance Cover Dental Cleaning?
- Waiting Periods For Pet Insurance
- How Much Is Pet Insurance?
How Much Is Pet Insurance?
More than 60% of Australian homes have at least one pet. In fact, there are more pets in Australia than humans1! Looking after your furry loved ones can be expensive. The cost of keeping a domestic pet such as a dog or a cat in the first year alone is estimated to be between $3,000 and $6,0002.
Standard vet bills—not including bills for unexpected health problems—make up a great proportion of these costs. This can be a worry for pet owners who always want the best for their four-legged friend, and never want to be in a position where they can’t afford their pet’s medical treatment.
Insurance can help cover your pet’s healthcare costs
Many pet lovers will often turn to pet insurance to ease their concerns about managing healthcare expenses3.
Whether you dote over a dog or cat, when it comes to pet health care, there are a number of costs you must take into account. Routine vet and health fees—from worming and flea protection, to microchipping and vaccinations—can set you back between $750 and $900 a year in total3.
Pet owners may also face unforeseen costs, such as surgical operations or ongoing treatments that can be very expensive. Taking out a pet insurance plan can help you manage your overall expenditure, and give you peace of mind if the worst happens.
How much does pet insurance cost in Australia?
The cost of pet insurance plans can vary depending on a range of factors. On average, fees for an annual insurance plan will be $293 for a dog, and $246 for a cat, but they can be significantly more4.
Your premium payments will usually be fortnightly or monthly—making the overall cost easier to manage. As with any type of insurance policy, the premium for your pet’s plan will depend on what you’re insuring. Certain breeds of dogs are more expensive to get cover for than others, and insuring your cat is likely to cost less than any dog.
Whatever animal you insure, you’ll need to decide how extensive you want the insurance to be. Most companies will offer a basic policy to cover accidents, all the way up to comprehensive policies that cover illness, as well as preventative and routine care5.
Premiums may be less for basic policies, but your pet will receive less cover which means you could face a sizable bill should your pet become ill. The exact cost of your premiums will depend on the level of care you opt for. However, it’s important to remember that you may end up paying for additional costs not covered by a basic plan.
As your pet gets older, its health needs are likely to increase. Premiums will therefore vary according to the age of your pet. Be careful to look at the details of insurance policies because some insurers will shy away from insuring older animals and it may be more difficult to move policies in your pet’s later life.
How to compare pet insurance policies to find the right one for you
There’s a lot to consider when looking at pet insurance. When searching for insurance, you’ll find a range of companies offering different policies at different price levels, so make sure you know what’s on offer.
Check what’s included and excluded in the policy, and find out what excess and contribution you might have to pay—bearing in mind that most companies may reimburse up to and around 80% of total costs. In some cases, accepting to pay a higher excess may result in lower premiums.
If you consider your pet to be healthy, this might be an option, but be careful not to get caught out for the sake of making only short-term savings. However you should check that if your pet has any pre-existing health conditions as these will generally not be covered.
Be aware that some policies may appear to be good value, but they could have a long no-claims period between signing the contract, and being able to make a claim. Immediate savings in one place could turn out be costlier further down the line, especially if vet expenses come up within the no-claim period.
Always check the fine print for any special terms and conditions and policy exclusions.
Ready to start comparing policies the easy way? Start comparing with iSelect!
Once you’ve decided on the cover you want, you’ll need to think about what you can afford and how often you’d like to pay the premiums.
Comparing various insurers and their policies and weighing everything up can be tricky and time consuming.
Fortunately at iSelect, we’ve taken a lot of the hassle out of doing this and made it easy for you to choose a policy that’s right for you and your pet.
Start comparing policies online today, or feel free to call us on 13 19 20.
We do not compare all pet insurers or products in the market. Not all products are available at all times.
iSelect General Pty Limited ABN 90 131 798 126, AFS Licence Number: 334115. Any advice provided by iSelect 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 product. You should consider iSelect’s Financial Services Guide which provides information about our services and your rights as a client of iSelect. We receive commission for each product sold.