Tips for Comparing Pet Insurance

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.

No matter how much we love and care for our pets, the unexpected can happen at any time. Pet insurance can provide financial security and healthcare for your cherished canine or feline should they need a costly trip to the vet.

What is pet insurance and how does it help me?

Pet insurance can help cover unforeseen veterinary costs when your furry friend gets sick or injured. Although your specific cover depends on the policy and provider, some owners might find their policy covers up to 80% of their costs.¹RSPCA – Pet Insurance

Considering vets are generally expensive to visit, a pet insurance policy could help you save on your expenses. Meanwhile, your pets can get the help they need, while owners also appreciate the added peace of mind.

Helpful Tip from Choosi’s Team of Choosers:

Taking out pet insurance for your pet at an early age could be smart, as it means your pet is unlikely to have pre-existing medical conditions that impact your cover. In some cases, this could mean the policy is cheaper.

What affects the price of pet insurance?

Numerous factors influence the cost of your pet insurance policy. For example, 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.

What costs can pet insurance cover?

As you might expect, one of the things you need to look out for when comparing pet insurance policies is how certain costs are covered. However, as policies have varying levels of cover, inclusions and exclusions, you’ll need to base your decision on your individual situation.

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.

How does making a pet insurance claim work?

Making a pet insurance claim is similar across numerous providers. In many cases, the policyholder pays the vet directly before making a claim. If the claim is upheld by their insurer, you’ll be reimbursed a portion of the costs, therefore reducing your vet bills. You’ll be happy to know some policies cover up to 80% of the costs.

However, like all kinds of insurance, pet insurance policies also come with a range of benefit limits, sub-limits, inclusions and exclusions. Getting to know these by comparing the product disclosure statements of several providers is essential, as you don’t want to purchase a policy that doesn’t reflect your individual needs.

What to look out for when comparing pet insurance

While pet insurance policies can provide financial protection, you don’t want to overlook other important details in the fine print. Look out for these things when comparing pet insurance policies to make an informed decision.

Waiting periods: Before you sign up with an insurer, check to see how long their waiting period 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.

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.

Switching policies: If you’ve already made a claim on your current policy and you’re looking to switch insurers, note that your new insurer could consider your claim or any pending claim as a pre-existing condition or chronic condition. This means that you may not be covered for that condition under your new policy, so always be careful when switching insurers.

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 product disclosure statement to find the specific details of your policy.

It pays to do your research as early as possible when it comes to pet insurance. If you’re even thinking about getting a little puppy or an adorable kitten, it’s worth investigating your cover options at the same time. Oh, and clean up all those pieces of Lego. Just in case.

Where can I compare pet insurance policies?

If you’re looking for a quick and easy way to compare pet insurance policies, then we can help. At iSelect, we’ve partnered with Choosi to help you compare policies from a range of pet insurance providers. Get started by making an online comparison today.