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All you need to know about insuring your pet.

Deciding whether to insure your pet can be tricky. Here's a guide to help you weigh up your options before you contact your insurance provider.

Blog / Pets / 2019 July 19, 2019

Australians love their pets. With 63 percent of households having at least one furry, feathered or scaly friend, Australia has a very high rate of pet ownership compared to the rest of the world. 
 
Most pet owners would agree that pets are more than just pets, they’re family members that deserve the highest quality care, particularly when they’re sick or hurt. 
 
Just like with your own insurance, pet insurance is one way to keep some peace of mind when it comes to vet costs. However, the premiums can add up to hundreds of dollars over the course of the year, which can make you wonder if it’s really worth it. 
 
Typically pet insurance plans are only available for cats and dogs. Depending on the type of plan your choose, coverage and extras, insurance could help reduce your vet costs by about 80 percent.
 
There are many options when it comes to pet insurers and there are a number of factors to consider before deciding - like your pets breed and age, pre-existing conditions and how much you’re willing to pay out of pocket.
 
Different types of coverage

Different pet insurers will offer different levels and types of coverage:
 

  • Accident coverage - this type of coverage allows your to claim up to 80 percent expenses from the vet if your pet is accidental injured
  • Accident & illness - this type of coverage usually has an annual maximum and covers expenses that occur due to illnesses or accidental injuries
  • Accident, illness & preventative care  - this takes care of all of the above occurrences, as well as routine visits and services (such as vaccinations, worming, etc.)

What types of things will affect the premium?
 
Breed: Particularly when it comes to dogs, certain breeds may have hereditary defects or congenital conditions that might not be covered. Although there might be some policies that can still be helpful in certain circumstances, the price is going to be much higher. It’s important to read the policy information carefully before signing up. 
 
Pet’s age: If you have an older pet that is being insured for the first time, it’s likely that you’re going to pay more. You might also have more restrictions when it comes to certain treatments.
 
It’s common for some companies to just offer injury and accident coverage on policies for older pets. On the other hand, some companies will offer lifetime coverage for pets that have been insured since they were younger.
 
Pre-existing conditions: If your pet already has a known injury or illness, it’s very unlikely that you will be able to get coverage for them. It’s sometimes possible to still take out a policy, but most likely, it won’t cover any costs for treatments that may be needed for pre-existing condition. 
 
Waiting period: There’s usually a waiting period of at least 30 days for illness treatments, and significant procedures can have a waiting period of up to six months. When it comes to treatments for accidental injuries coverage is usually immediate. 
 
Excess: Just like with car insurance, a lot of pet insurers offer discounts if you’re willing to pay an excess on the cost of your pet’s treatment. The extent of the discount can vary between different companies. However, it’s also important to remember that most insurance policies won’t cover the entire cost of any treatment - you can expect about 80 percent to be covered. 
 
Always read the fine print when it comes to picking an insurance policy for your pet. It’s essential to choose one that’s going to fit your pet’s specific needs. Making the right choice can save you thousands of dollars down the line.
 



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