Pet Insurance for Australian Seniors

With some policies covering up to 80% of veterinary costs,¹RSPCA – Pet Insurance pet insurance makes a whole lot of sense for senior Australians. Safeguarding your finances while supporting your pet’s wellbeing is a combination almost as important as the unconditional love we get from our cavaliers and tabbies.

What is pet insurance?

Taking a sick or injured pet to the vet is often an expensive experience. However, pet insurance policies can help cover the cost of treatment. The level of coverage depends on the provider and policy, but some pet insurers cover up to 80% of the cost. For those with limited room in their budgets, this protection can offer great peace of mind.

How much does owning a pet cost?

With seniors often on tight budgets, there’s a good chance you know exactly how much you spend on your weekly grocery shop. However, the cost of pet ownership can add up over a year, with trips to the vet being just one aspect to consider.

According to Animal Medicines Australia’s Pets in Australia 2022 report, the average annual household spend on each dog and cat is $3218 and $1715, respectively. In fact, veterinary services are the second-highest cost of pet ownership after food.

These costs can be even higher in the first year of ownership, with figures for dogs and cats between $3,000 and $6,000. This is a big expense for anyone, let alone pensioners who also pay for pet food, toys, grooming services and more.

How much does pet insurance cost?

The cost of pet insurance depends on both your pet, and the policy itself. However, some factors that may influence the cost of a policy include your pet’s age, size and breed.

Some providers may offer discounts for seniors, and if you have multiple pets, you could also be eligible for a multi-pet discount. You could also find policies where you can pay the annual premium in smaller monthly instalments to reduce the impact of these costs.

How can seniors compare pet insurance policies? 

Pet insurance policies tend to vary in levels of cover for scenarios like specified accidental injury, illnesses and related medical procedures. Some comprehensive policies also offer optional benefits, such as routine care cover. You may also consider policies that include extras such as emergency boarding if you’re hospitalised unexpectedly.

Generally, pet insurance products tailored to (or only available for) older owners are similar to other products on the market. However, some policies can sometimes include extra features relevant to seniors. This could mean discounts for senior owners (i.e. 50+) or services like in-home vet visits for older owners who can’t leave the house easily.

Helpful tip

Are you worried that once you buy pet insurance, you’ll need to change to a vet that’s been approved by your insurer? We have good news. ​M​any pet insurance providers will allow you to keep seeing any vet you like (just as long as they’re registered to practice in Australia). 

Adrian Bennett

General Manager for General Insurance

What should seniors compare across pet insurance policies?

• Excess: While some pet insurance providers require an excess payment from their customers, others have policies with zero excess when making a claim.
• Age limits: Pet insurance can limit the coverage eligibility to a specific age bracket. A common range sees cover start for pets aged 8 weeks to 9 years old.
• Cover limits: Review pet insurance annual cover limits, as policies typically differ in annual limits, sub-limits, excess and benefit percentage.
• Optional extras: Insurers can offer optional extras that provide some reimbursement for various preventative treatments, such as teeth cleaning, vaccinations and desexing.
• Senior discounts: Some pet insurance providers have discounts for seniors. For example, Australian Seniors offers a 10% discount on pet insurance policies for over 50s.

How do you make a claim?

Insurers generally have a waiting period from the time you sign up, so make sure you know how long this lasts before you can make an eligible claim.

Whether you claim online or with a paper claim form, you may need to provide an itemised invoice and consultation notes from your vet visit. For your first claim, you may also have to provide your pet’s full medical history.

Once a claim is submitted, it will be assessed against the policy’s terms and the circumstances of the claim. If your claim is upheld, you may be reimbursed a percentage of the cost.