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Tips for comparing and reviewing your pet insurance
Tips for comparing and reviewing your pet insurance
Written by
Tina Sendin
Edited by
Laura Crowden
Reviewed by
Adrian Bennett
Long story short
Regularly reviewing your pet insurance helps you stay on top of costs and policy changes
Your pet’s needs evolve as they get older. A regular review helps ensure you will still have adequate cover when you need it.
When reviewing and comparing pet insurance, it’s a balance between costs and coverage
How much you pay for premiums is just as important as the nitty-gritty in your policy – things like limits, benefit percentages, inclusions and exclusions.
Looking at pet insurance reviews could help you get the lay of the land
Reviews from fellow fur parents could provide insights into how various pet insurance companies deliver quality insurance products and services.
Pet insurance premiums are driven by different things
How much you pay for premiums is influenced by the type of pet (dogs are usually more expensive than cats), their age, location, species and breed.
Why is it important to regularly review your pet insurance?
Doing a regular review of your pet insurance – say, annually – is a proactive move to stay on top of rising costs and policy changes. A periodic review of your policy also helps ensure you still have appropriate cover for your pet’s changing needs and lifestyle. By regularly reviewing your pet’s insurance, you can help manage any financial risks arising from unexpected vet visits – such as when sudden illnesses or accidental injuries unfortunately happen. Plus, it’s worth reviewing your financial circumstances and your local vet’s costs to determine whether any adjustments to your policy are warranted.
Here are some of the reasons why a regular review should be on the cards for you and your fur baby:
Pet insurance premium increases
Premiums could increase at renewal time, which usually reflects higher risks and health issues as your pet gets older.
Changes in policy
Pet insurance providers can change the terms in your policy, which could include lower coverage percentages or limits, or additional exclusions. For policyholders, it’s worth reviewing whether the same perks and coverage remain even after the policy renews. Otherwise, it might be a good time to compare a range of plans and find a new one!
Your pet’s age, health and lifestyle
Your pet’s health needs and lifestyle evolve as they get older. Your furry mate may not be as sprightly as when you first took out pet insurance for them, and it could be worth having a look into higher levels of cover or even optional extras like routine care.
Adjusting your excess
If the costs of pet care are starting to feel as heavy as lugging your beloved Greyhound around, then you might consider adjusting your excess to see if it could lower your premiums to better fit your budget and your risk tolerance.
Rising vet costs
You (or more like your pet) might prefer one vet over the other. So it’s worth finding out if the costs of your local vet or animal hospital remain manageable for your wallet. With potentially higher prices coming from advances in veterinary medicine, alongside better care options and – let’s face it – rising costs of living, it could be worth reviewing your pet cover to see if it’s still on par with the rising vet costs.
It’s a joy to see our furry friends jumping through fields of flowers or sleeping peacefully on our laps. The last place we want to see them is in an emergency room because they’ve eaten that Lego traffic light off the floor, and you’ve spent the last hour worrying yourself sick. Regularly reviewing your pet insurance policy could give you invaluable peace of mind that you’re getting the most bang for buck for your furry beloved’s accident or illness cover (if not both).
What should I look out for when reviewing my pet insurance?
When reviewing your pet insurance, it’s a good idea to look at your premiums alongside specific policy details like the annual limits (and sub-limits), benefit percentages and whether there’ll be fewer inclusions or additional exclusions. It’s equally important to examine how your pet insurance company defines pre-existing conditions and waiting periods. It’s worth revisiting the claims process, too.
With your pet’s age and any changes to their health and lifestyle in mind, here are some questions that could help you review your pet insurance policy with a fine-toothed comb.
- Limits: What do the annual limits, sub-limits and other caps look like – and would they still be adequate given your pet’s age and health condition?
- Benefit percentage: Does your policy’s benefit percentage still work for you, or might you need a higher level of cover?
- Premiums: Has your premium increased because of your pet’s age? Have you considered other options in the market and seen if a more competitive premium with similar coverage exists?
- Coverage: Has your insurer changed or restricted coverage because of your pet’s age?
- Excess: If your policy has a policy excess, does it still work for your budget? Do you need to consider increasing or decreasing the excess based on your financial situation and risk appetite?
- Claims process: Does your insurer allow GapOnly payments? Would you need to pay the entire vet bill up-front, then make the claim? If it’s the latter, can you easily cover these out-of-pocket costs?
If some of the answers to these questions make you think twice about your policy, then it might be time to explore your options by comparing policies.
Helpful tip
It’s worth considering taking out pet insurance for your pet at an early age, when they’re less likely to have pre-existing medical conditions that impact their cover. In some cases, this could mean the policy is cheaper – and potentially stays cheaper as they age.
Adrian Bennett
General Manager for General Insurance
What should I look out for when comparing pet insurance?
When comparing pet insurance, strike a good balance between cost and coverage – this involves weighing up how your premiums stack up against key details of your cover, including the level of coverage, exclusions, annual benefit percentages and limits. It’s a good idea to look into these through the lens of your pet’s needs – do they have breed-specific conditions, and would you need to consider waiting periods for things like cruciate ligament issues or tick paralysis?
So while dog insurance or cat insurance can help provide financial protection, you also wouldn’t want to overlook other important details in the terms and conditions. It’s worth looking out for the following when comparing pet insurance policies to make an informed decision.
Benefit percentage
Benefit percentage is the portion of the vet bill that’s paid for you by your insurer. A higher percentage, say 80–90% (or sometimes even 100%), could mean less out-of-pocket expenses for you, but you’ll usually need to pay a higher monthly premium. You’ll also need to contribute a policy excess towards most claims.
Annual limits or caps
Policies usually state the maximum amount they will cover for vet bills in a year – called the annual limit. When comparing pet insurance, it’s worth looking into those that have low caps in cover. There are also sub-limits, which are lower caps assigned to specific treatments, say cruciate ligament surgery – regardless of whether your annual limit is high or unlimited.
Waiting periods
Before you sign up with an insurer, check to see how long their waiting periods lasts. This is the time you’ll need to wait between signing up and making an eligible claim for a specified injury or illness. Each insurer has waiting periods for different situations detailed in the policy’s Product Disclosure Statement (PDS).
Pre-existing conditions
Pre-existing conditions are injuries or illnesses that occurred before the policy commenced or during the waiting period. You’ll need to inform your insurer if your pet has any pre-existing medical conditions because claims involving these conditions will likely be denied. Some conditions can be assessed as temporary and therefore eligible for cover if fully resolved.
Common exclusions
In addition to pre-existing medical conditions almost always being excluded from cover, pet insurance policies will generally not cover elective treatments, treatments that occurred during the waiting period, owner negligence, breeding and dental care. However, review the PDS to find the specific details of your policy.
Excess
An excess is the amount you need to contribute to most claims. This is usually in addition to the gap left after your chosen benefit percentage is applied. If your policy has an excess, check if you can choose an amount. Generally, a higher excess means lower premiums in return. But you need to be confident you can pay more up front should your beloved furry friend needs to go in for a treatment.
Age limits
Sometimes an insurer won’t cover pets older than a certain age, say 9 years old. So, the age limit is another thing to look into, especially if your pet is a bit older. Also a heads up: some policies could provide less coverage for older pets, too.
If any of these are making you scratch your head and reconsider your policy, then it’s likely time to explore your options and compare pet insurance.
Can looking at pet insurance reviews help me compare and review my policy?
Yes, reading reviews from other pet owners can provide insight into which pet insurance companies are providing value for pets, especially for unexpected illnesses or accidents. You could get an idea of which insurers are receiving rosy feedback from policyholders, and also what to look for when comparing and exploring your options.
Some of the things that pet reviews touch on include how an insurer covers major surgeries, value for money, reliable customer service and claims processes (including how long you have to wait for payouts). On the contrary, some of the negative feedback could be about claim denials for pre-existing conditions and high costs (or worse, premium spikes).
When reading reviews, it’s important to sift through (spur-of-the-moment) feedback that’s often prompted by a negative experience. These could be one-off reactions to isolated events and may not necessarily reflect what most customers experience. Such reviews typically have one-star ratings grounded in individual experience (read: anecdotal) rather than a balanced view of the service.
Skimming multiple reviews can reveal recurring themes – both positive and negative. When considered collectively, reviews can unpack what many customers think about claim denials, premium increases, customer service, misunderstandings of the policy or product disclosure statement, or general service quality.
Frequently asked questions
What is pet insurance and how does it help me?
Pet insurance is a safety net to help cover the costs of sudden accidents, illnesses and injuries. Paying a regular premium could mean getting reimbursed for up to 90–100% of eligible veterinary costs (depending on your policy) when your cat or dog gets sick or injured. It also offers peace of mind, knowing you’re a responsible pet parent who’s able to shoulder your fur family’s treatment without financial stress holding you back.
No matter how much we love and care for our pets, the unexpected can happen at any time. Pet insurance can help provide financial security and healthcare for your cherished canine or feline should they need a costly trip to the vet.
What costs can pet insurance cover?
Pet insurance can cover unexpected costs from accidents, injuries and illnesses – covering up to 90–100% of eligible veterinary bills. While most pet insurance policies cover costs such as treatment for allergic reactions, hospitalisation, bone fractures and snake bites, others may have additional benefits called optional routine care cover. These benefits can be purchased for an extra premium and may provide reimbursement for preventative treatments, like desexing, microchipping, vaccinations, tick control and more.
This all said, as policies have varying levels of cover, inclusions and exclusions, you’ll need to base your decision on your individual situation.
What affects the price of pet insurance?
Pet insurance premiums are usually influenced by the type of pet, their age, location, species and breed. Your premiums could also be based on the cost of care and claims made by customers with the same breed as your pet. In Australia, dog owners paid an average yearly premium of $776 in 2022, while cat owners spent an average of $535 in the same year.1Animal Medicines Australia – Pets in Australia: A national survey of pets and people
Your insurer may also look at a few other factors to determine your pet insurance premiums, things like:
- any discounts that might apply
- commissions your insurer pays to intermediaries
- government charges, taxes, or levies
- how often you pay – whether annually or by instalments.
To paint a picture, policies tend to get more expensive as your pets get older, as they’re at greater risk of developing various medical conditions. Your pet’s breed is another consideration, as your pet may have a higher chance of hereditary conditions that lead to health conditions in the future.
iSelect 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.