Pets are our trusted friends and companions, so it is only natural for pet owners to want to make sure their pet is safe and looked after. Health problems can and do occur, and without pet insurance veterinary costs can rack up. No one wants to be in a situation where the costs are too expensive for treatment. This is where pet insurance comes in. Pet insurance is a great and affordable solution to make sure your pet is cared for in times of need.
What Is Pet Insurance?
Only around 6 percent of Australia’s pets are covered by insurance currently.¹ However, opting to get pet insurance can be one of the best decisions you make for your dog, cat or other pet. Pet insurance helps to make sure the costs of your pet’s medical needs never overtake your financial resources.² If your pet gets hurt or needs an emergency operation, insurance kicks in and helps cover the cost. There are numerous packages available at many different price points, so it is best to scout the various options and pick the one that is best for you and your furry friend.
Choosing The Right Kind Of Pet Insurance
Choosing pet insurance is all about finding the right level of coverage for your budget. You’ll want to make sure to check exactly what each policy covers—including the fine print—such as vaccinations, routine check-ups, emergency procedures and medicines.³ Look into customized plans to decide what works best for your pet and what you can afford.
How Pet Insurance Works
Like any insurance package, pet insurance generally works based on a simple system of paying monthly premiums and choosing your deductible. The cost is generally $20 to $60 per month for standard coverage. It is also worth noting that pet insurance for cats generally costs less than pet insurance for dogs.⁴ Just like with human insurance, the higher your deductible—what you pay out-of-pocket even for covered incidents or situations—the less your monthly premiums. Pet breed, age and type also affect the cost of premiums, as can your pet’s medical history or any history or background of health problems.
When your pet has a problem, you typically pay up front at the veterinary visit and are paid back for expenses later by the insurance company once you file a claim.
Annual Limits For Pet Insurance
Another factor that impacts the price of pet insurance is the annual maximum. If you go with a larger high annual limit plan it will cover your pet’s health needs if and when the time comes but, of course, it will also mean that monthly premiums are significantly higher. Serious illnesses and advanced operations can cost upwards of $20,000 for your pet, so getting a policy with no annual limit or a very high annual limit can be a good idea if you want to make sure your pet is covered in the worst-case scenario.⁵
Popular Pet Insurance Options
There are a number of popular pet insurance options all of which offer different services including RSPCA, PetInsuranceAustralia, Kogan, and Australian Seniors. It is worth researching on your own to find out which of these companies offers pet insurance that best fits your buddy’s needs. As always, readers are encouraged to do their own research and look into what will work best for them and their pet and their wallet. There are many options out there so it is just a matter of comparing prices, reading reviews and reading through the various pet insurance plans to make sure the one you select will cover all your pet’s needs.