Reviewing Pet Insurance – What you should look for
Here’s a quick guide to pet insurance coverage. Find out what to look for when reviewing pet insurance costs.
Why is pet insurance important?
Pets can be like members of the family, and when they’re sick or injured, we want to take care of them. When your pet needs to see a vet, you don’t want to have to worry about how you’ll pay for it. Unfortunately, vet bills and medical treatment costs for your pet can add up, especially if surgical or hospital care is needed. Pet insurance can give you peace of mind and reduce some of the financial burden when your pet needs medical care.
Being prepared and having the right insurance policy can help you to cover some of the costs of owning a pet. Here’s a quick guide to what you should consider when reviewing and choosing pet insurance policies.
What costs could pet insurance cover?
You should research a range of policy options before you choose your level of pet insurance cover. Different policies may vary and could include cover for some or all scenarios including, accidental injury, illness, medical procedures and/or routine care.
- Accident-only cover: If your pet gets injured as a result of an accident, this level of cover can help with the costs of treatment. For example, dog bites, car accidents and broken bones.
- Illness-only cover: This covers unexpected sickness or disease in a normally healthy pet, such as an infection, upset stomach or skin condition.
- Accident, illness and preventative care: Top-level policies offer a range of services, including cover for accidents, illness and routine care.
Depending on the insurer and level of cover you choose, your policy might include desexing, microchipping, annual vaccinations, dental procedures, hospitalisaiton, after-hours service and even emergency boarding fees if you need to remain in hospital for an extended period.
What factors impact the price of pet insurance?
The price of pet insurance can vary depending on several factors, including:
- Excess: Some providers have a set or sliding excess fee. But the cost of excess fees varies between policies. Generally speaking, the higher the excess fee, the lower the premiums. Other policies may have no excess fee but usually require a ‘co-payment’. This means you pay a nominated percentage of each bill being claimed.
- Age: Premiums may increase as your pet gets older to reflect the increased risk associated with older pets.
- Breed: The breed of your pet can impact both the cost of your pet insurance and what you may be covered for. For instance, some hereditary conditions will be covered so long as your pet is not showing health problems at the time of signing up to the policy. Other health conditions might attract a higher premium, or not be covered at all.
- Number of pets: Some providers offer a discount when you insure multiple pets.
When you’re comparing policies, it’s important to consider how individual factors might impact your premiums. As policies can vary, always read the terms and conditions before signing up, to be sure the policy will provide suitable cover.
No matter the cost, being able to afford medical care for your pet is an essential part of owning a pet. Pet insurance can go a long way in helping make sure your beloved animal never has to go without the care and support it needs.
Any advice provided 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 product.