.svg)
What is pet insurance?
What is pet insurance?
Written by
Hudson Brown
Edited by
David Rayfield
Reviewed by
ChoosiEasily compare Pet Insurance
We’ve partnered with Choosi to help you compare pet insurance policies.
Our pets are much-loved members of our families, but it’s no secret the cost of pet ownership can quickly add up. With veterinary expenses ranking as one of the largest costs of owning a four-legged friend, this is where pet insurance can help.
Pet insurance can help cover unexpected veterinary expenses when your cat or dog gets sick or injured. Depending on the policy and provider, pet insurance might cover a significant part of an eligible vet bill, with some policies covering up to 80% of the costs.
Keep in mind that some insurers may require you to pay the vet directly before making a claim. Then, if your claim is upheld, you can be reimbursed for a portion of the expenses, helping to cover the costs of your pet’s treatment.
How can I benefit from pet insurance?
We love to pamper our pets, but things can still go wrong even if you’re the most caring and careful owner. When you least expect it, your dog or cat could accidentally break a bone or become sick after eating something they shouldn’t.
These kinds of scenarios could mean your dog or cat requires emergency treatment or an extended stay in an animal hospital. When they’re ready for discharge, the final medical bill could drain your savings, while you could face more expenses for check-ups in the near future.
According to the Choosi Pet Lover’s Report 2022, 36% of pet owners took out pet insurance because it gave them peace of mind. Another 32% stated it saved them money on expensive treatment, while 30% said it increased their options for emergency treatment.1Choosi – The Choosi Pet Lovers Report 2022
In addition, over 40% of pet insurance policyholders have made a claim, with the average most expensive claim being $1,536.2As above From this perspective, taking out a pet insurance policy could improve your financial security and confidence regarding your pet’s medical wellbeing.
What does pet insurance typically cover?
Pet insurance policies tend to vary in levels of coverage and can protect against scenarios such as specified accidental injury, illnesses and associated medical procedures. The following are some of the most common pet insurance policy inclusions:
Accidental injury cover:
- Motor vehicle incidents
- Burns or electrocution
- Allergic reactions to insect or arachnid bites
- Bone fractures
- Ligament and tendon injuries
- Bite and fight wounds
Illness cover:
- Cancer treatments
- Skin conditions
- Eye/ear conditions
- Ingestion of a foreign object
- Gastrointestinal problems
- Hereditary and congenital conditions
- Tick paralysis
Your policy may also include cover for pet hospitalisation, vaccinations and council registration fees, depending on your insurer. Some comprehensive policies also offer optional benefits, such as routine care cover.
However, it’s wise to consult the policy’s product disclosure statement (PDS) to find out whether it offers such cover, as the PDS outlines the policy’s key benefits alongside any waiting periods or exclusions.
What is typically excluded from pet insurance cover?
Pet insurance policies also have certain exclusions. These are conditions or costs that policies generally don’t provide cover for. This may include:
- Pre-existing conditions that your pet experienced before your policy commenced (or during the waiting period)
- Behavioural disorders
- Elective procedures
- Pregnancy
- Grooming
- Food and diet products and services.
Some policies may also not cover pets younger than eight weeks or older than nine years at the time you apply. However, this restriction can differ depending on the insurer.
Helpful Tip from Choosi’s Team of Choosers:
If you’re the sole carer for your pet and unexpectedly get hospitalised or need emergency accommodation due to family violence, some pet insurance policies include emergency pet boarding. This can help cover the cost of boarding your pet at a registered kennel or cattery up to an agreed amount.
How can I compare pet insurance policies?
There can be a lot of information to absorb when researching a policy, with each insurer differing in benefits, costs and features. This is why it may be worthwhile to compare policies – especially when it comes to these key features:
| Premiums | This is what you’ll pay for the policy. Charged on a regular basis (usually monthly or yearly). Premiums will typically be higher for more extensive coverage. |
| Percentage of eligible vet bills covered | Your insurer will cover a portion of your eligible vet bills. Generally, the higher this percentage, the more expensive the cover. |
| Excess | Only some insurers will require an excess. This is the share of a claim that you’re required to pay. A higher excess may result in lower premiums. |
| Waiting period | You may need to hold your pet insurance policy for a specific length of time before you can make certain claims. Illness claims usually have a waiting period of 30 days or so. Claims for accidental injury typically don’t have waiting periods. |
| Annual benefit limit | This is how much you can claim on your pet insurance every year. |
| Annual condition limit | Some policies also limit how much you can claim on a specific condition every year. This will usually be lower than the annual benefit limit. |
| Other limits (Sub limits) | These may include limits on:
|
| Optional extras | May include some cover for preventative care treatments, such as:
|
Again, the precise details of what your policy does and doesn’t cover can be found in the relevant product disclosure statement (sometimes known as the policy booklet). You should always consult this document when considering a policy.
Where can I compare pet insurance policies?
If you’re looking for a quick, 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.
Easily compare Pet Insurance quotes
Select cover for your pet from a range of brands through Choosi.
iSelect’s partnered with Choosi Pty Ltd (ABN 15 147 630 886) to help you compare pet insurance policies. iSelect earns a commission from Choosi for every policy sold through the website or contact centre. iSelect and Choosi do not compare all providers or policies in the market.
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. iSelect receives commission for each policy sold by Choosi.
We'd love to know what you think of our website so we can improve it!
- 1.Choosi – The Choosi Pet Lovers Report 2022
- 2.