How Much Is Pet Insurance?

How does pet insurance work? 

The idea behind pet insurance is to make caring for your fur-baby financially easier (there’s no help on keeping your couch fur-free, we’re afraid). With pet insurance, you can get a percentage back on eligible vet visits, medications and treatments. You’ll just need to sit through the waiting period after purchasing your policy.  

Of course, this is all assuming you have the appropriate level of cover for a claim — and there’s a few coverage levels to choose from. These can range from strictly accidents only — like car accidents and cat fights — to comprehensive options with extras to help cover accidents, illnesses and more routine vet visits for vaccinations and worming. Keep in mind that if your pet has a pre-existing condition, they may not be able to get cover for it. Similarly, some breeds with pre-dispositions for certain health issues may have reduced cover or none whatsoever. 

How much does pet insurance cost in Australia? 

On average, in 2022, Australian dog owners paid $916 in pet insurance premiums annually, while their cat-owning counterparts paid $795.¹Animal Medicines Australia – Pets in Australia: A national survey of pets and people, p47 But that doesn’t mean you’ll be paying exactly these figures. Your premium could be more or less. 

This is because lots of different factors affect your pet insurance premium. For instance, your pet’s unique situation can move your premium up or down. This includes things like: 

• Their gender and if they’re desexed
• Their age
• Their species and breed
• Where they live 

Additionally, your policy plays a part in the final premium amount. Making changes to the below items could also change your premium. 

• Your level of coverage, including annual limits
• Any optional extras
• Your excess
• Your benefit percentage  

Tailoring your policy for greater coverage and higher benefits could mean you can claim on more types of vet visits plus get more back. However, it could mean that you pay a higher premium at the end of the day. Perfecting this balancing act could make pet insurance as worthwhile to you as possible. 

‘Ziggy is a 3-year-old groodle (half poodle and half golden retriever) and this breed is known for being at risk of a few different conditions. When I was looking at pet insurance, I made sure these conditions were included and my gosh I’m glad I did!

In March 2024, Ziggy was injured while playing at the beach. His total surgery bill was $25,000 but my pet insurance covered $15,200 of it. Now’s Ziggy is back to his usual self and all I can say is thank goodness for pet insurance — me, Ziggy and my wallet are very happy about it!’

Amy Foord
iSelect Affiliate Marketing Manager

How can I save on pet insurance? 

While you might do anything in the name of your pet, your wallet may have other ideas. But at least when it comes to pet insurance premiums, you can work a little magic to keep both your little loved one covered and your bank account happy. 

To start, you can look at reducing your level of coverage — less cover tends to come with lower premiums. Younger pets, for instance, may not need as extensive cover as older pets. Where older pets have a higher risk for chronic conditions and other medical issues, like arthritis and heart conditions, younger pets may be more at risk for misadventure, like eating something they shouldn’t or being injured playing or fighting. As a result, if your pet is still young, you might be comfortable with a policy that covers only accidents. 

Switching up your policy’s benefit percentage could also help you reduce your premium. A lower benefit percentage may mean you get less back on a claim, but your lower premium could make up for it (particularly if you aren’t needing to claim regularly).  

In a similar vein, opting for a larger excess may mean more out-of-pocket costs if you need to take your pet to the vet but a smaller premium every month. 

Of course, you can compare pet insurance policies too, to find a deal that offers you better value. For instance, you may find different policies offer similar coverage but at different prices. From what’s covered to how much you get back, getting into the details can help you make an informed pet insurance choice.  

Helpful Tip from Choosi’s Team of Choosers:

As of 2022, only 17% of dogs and 12% of cats in Australia were insured, with many owners opting to skip pet insurance because they believed it was too expensive or they couldn’t see its value.²As above However, as pets get older and their risk of medical problems increases, it can be harder to find a policy that covers them. Taking out a policy while your pet is young can mean you have coverage as they get older and need more visits to the vet, not to mention have greater peace of mind if something does happen to them in their youth. Plus, you can try the tips above to adjust your premium to better suit your budget.

Where can I find and compare pet insurance? 

iSelect has partnered with Choosi to make comparing pet insurance easier. You can browse a range of pet insurance policies from different providers online in a matter of minutes. Once you’ve picked a policy that offers you great value, you can get back to more important things like belly rubs and fetch.