Pet insurance is a safeguard for your furry friends, covering a range of medical expenses that can arise due to illness or accidents. In Australia, the importance of pet insurance can't be overstated. Australians spend an enormous amount on pet care, with hospitalisation costs often ranging from $1,500 to over $15,000 depending on the breed and condition.
Owning a pet brings immense joy and companionship, but it also comes with responsibilities and potential financial burdens for you and your family. This is where pet insurance steps in, offering a safety net that ensures your pets receive the best care possible without breaking the bank.
What is Pet Insurance?
Pet insurance is a policy purchased to cover veterinary costs and sometimes other costs such as rehabilitation after surgery. It works similarly to human health insurance, where you generally pay a monthly or annual premium in exchange for coverage of certain medical expenses. It’s important to factor pet insurance into your overall budget for your dog along with food, parasite protection, bedding and toys etc.
Key phrases and terms to understand Pet Insurance:
- Excess: Most insurance companies will offer these policies with varied options of coverage based on the excess you choose as well, the higher the excess, the lower the cost of your premium. Insurance excess is the amount you have to pay towards the total cost of an insurance claim. It's usually a pre-agreed amount such as $500-$1000 and your insurer will then contribute the rest – up to the limit of the cover.
- Reimbursement Level: The percentage of costs that will be reimbursed back to you by the pet insurance provder. These typically range from 70-100% reimbursements, depending on your premium and the pet insurance provider
- Yearly (or Annual) Limits: All insurance policies will have an overall yearly limit on claims as well as limits on each individual part covered such as accidents, emergencies and chronic conditions.
- Exclusions: Conditions or treatments that are not covered by the policy, which can include pre-existing conditions, elective conditions or breed-specific conditions
- Pre-existing conditions: Health issues your pet may have before the start date of the policy. Most pet insurance policies do not cover pre-existing conditions - so be sure to read the find print.
- Preventive care: services that maintain your pet’s health, such as vaccinations, flea control, vet check ups. This is typically an optional or add-on feature on policies, and may result in higher premiums depending on the insurance provider.
Pet insurance typically covers:
- Accidents: Such as fractures, injuries from car accidents, fights with other animals or swallowing foreign objects.
- Illnesses: Including infections, cancer, and hereditary conditions.
- Hospitalisation and Surgeries: Covering costs of inpatient care and operations.
- Emergency Situations: Immediate medical attention needed to save the pet's life.
- Chronic Conditions: Ongoing treatment for conditions like diabetes or arthritis.
- Additional Coverage: may include yearly vet check ups, Vaccinations and other medications, dental check ups and surgery
Claims usually involve:
- Filling out a claim form and providing vet receipts.
- Submitting the form to the insurance company.
- Receiving reimbursement for a portion of the vet costs.
For puppy insurance, the process is similar but often includes provisions for early vaccinations and deworming treatments. Pet insurance for puppies can be particularly beneficial as it sets a foundation for long-term health coverage.
Why Do You Need Pet Insurance?
Pet insurance is more than just a safety net—it's an essential investment to protect both your pet's health and your financial well-being. There are a few reasons why it's so crucial:
Puppies are prone to accidents: Puppies are inquisitive, curious and have not had much training, which can lead to all sorts of accidents such as: ingesting poisons from park visits, intestinal blockages from eating things they shouldn’t, injuries from other dogs or animals or, in the worst cases, car accidents. It’s important to have the right financial measures in place as a pet owner to ensure that you’re well prepared for any mishaps.
Rising Costs of Veterinary Care: Vet bills for surgeries and treatments often reach thousands of dollars. For example, a surgery to remove a foreign object swallowed by a dog can cost between $1,500 and $7,000. Cancer, genetic disease and many other treatments can also be exorbitant, making pet insurance a valuable investment.
Financial Peace of Mind: Pet insurance provides financial peace of mind. Knowing that you can afford the best possible care for your pet without worrying about the cost allows pet owners to focus on their pet’s recovery and well-being.
When is the Best Time to Get Pet Insurance?
The ideal time to secure pet insurance is when your pet is young, ensuring coverage for potential future health issues and avoiding exclusions for pre-existing conditions.
Importance of Insuring Pets When They Are Young: The best time to get pet insurance is when your pet is young. Insuring them early helps avoid high costs later in life. Young pets are generally healthier and have fewer pre-existing conditions, making them cheaper to insure. However, being younger and less trained, they are susceptible to all types of accidents, ingesting f materials they shouldn’t that can cause gastric distress and injuries from other dogs.
Pre-Existing Conditions: Pre-existing conditions are health issues that your pet had before the policy started. These conditions are usually not covered by insurance. By insuring your pet when they are young, you can ensure that any future health issues are covered.
What Does Pet Insurance Cover?
Pet insurance typically includes a range of medical expenses, but it is essential to understand the specifics:
- Illnesses, Accidents, Hospitalisation, and Surgeries: These are the core aspects of most pet insurance policies. Whether it’s a sudden illness or an unfortunate accident, insurance helps cover the costs, ensuring that your pet receives the necessary care immediately.
- Emergency Situations and Chronic Conditions: Emergency situations such as ingesting toxic substances or sustaining severe injuries require fast and often costly treatments. Chronic conditions like diabetes require ongoing treatment, and insurance can alleviate the financial burden of long-term care.
- Pre-Existing Conditions and Their Exclusions: Pre-existing conditions are typically excluded from coverage but some insurers may cover them, depending on the condition. These are defined as health issues that your pet had before the policy started.
- Waiting Periods: Most policies have waiting periods before certain coverages kick in as well and some will have exclusions, so it's crucial to understand these terms to avoid surprises. Always ensure you read the fine print of the policy details.
- Age Limits for Coverage: Insurers may have age limits for new policies. Older pets might have restricted coverage options or higher premiums, making it even more critical to insure pets early in their lives.
- Freedom to Choose Your Vet: Most pet insurance policies allow you to choose your vet, providing flexibility to continue with a vet who knows your pet's medical history, but it’s important to read the details of the policy.
What Animals Can Be Covered by Pet Insurance?
Pet insurance isn't just for dogs and cats—different policies cater to a variety of animals, ensuring comprehensive care for both common and exotic pets.
Common Pets - Dogs and Cats: Dogs and cats are the most commonly covered pets as they are the most popular in Australia. They benefit significantly from insurance due to their active lifestyles and potential for accidents and illnesses. Some insurance companies also provide multi-pet discount offers for multiple pets.
Exotic Pets: Some insurance providers offer coverage for exotic pets like birds, reptiles, and small mammals. Coverage for exotic pets varies widely, so it’s essential to research providers thoroughly.
How Are Pet Insurance Premiums Calculated?
Pet insurance premiums are influenced by several factors:
- Breed: Certain breeds can be prone to specific health issues. For example, Bulldogs are susceptible to breathing problems, and Dachshunds are prone to back issues like IVDD. These risks can result in higher premiums.
- Age: Older pets typically have higher premiums due to the increased likelihood of health problems. This is why it’s beneficial to insure pets when they are young.
- Location: Your location can impact your premium. Areas with higher veterinary costs will have higher premiums.
- Coverage Level: Whether your coverage is a comprehensive policy, or an illness only policy, the level of coverage you get will determine your premium.
- Reimbursement Level: Choosing a policy that has a higher reimbursement level like 90-100% will increase your premium
- Claims history: some insurers adjust premiums based on previous claims history on your policy
- Optional Extras: Additional coverage options, such as wellness plans or coverage for alternative therapies, can also affect premiums.
Why Do Purebred Dogs Need Pet Insurance?
When it comes to purebred dogs, their unique characteristics and specific needs makes pet insurance an essential consideration when it comes to be a responsible dog parent. Here's why:
- Hereditary Issues: Purebred dogs often have a higher likelihood of known hereditary issues, such as hip dysplasia in German Shepherds or heart problems in Cavaliers. By having insurance for your purebred dog prior to these conditions appearing, you protect yourself financially and make sure your dog is properly cared for.
- By choosing a registered Dogs Australia breeder through Dogz Online, you can ensure that you will be mitigating your risk of a dog affected by hereditary issues. Dogs Australia breeders will spend a lot of time, money and effort continually improving their breeding lines to ensure purity, however this is no guarantee against any health issues.
- Higher Vet Costs: Certain breeds are prone to specific health problems, resulting in higher vet costs. Insurance helps mitigate these costs, ensuring your pet gets the necessary care. Insurance also gives you the flexibility to choose the very best surgeons and animal hospital care for your dog.
- Importance of Coverage: Insurance coverage is important because it means, no matter how small the issue appears to be, you can take your dog to the vet and know that you will be receiving a certain percentage of the cost back. Even if your dog appears to be a little bit off or not themselves, you can take them to be checked at little expense to yourself.
Top Tips for Choosing a Pet Insurance Policy
Selecting a pet insurance policy requires careful thought to ensure it meets both your budget and your pet’s specific needs. Here are some things you should do when comparing;
- Compare Policies and your specific needs: When choosing a pet insurance policy, it’s essential to compare coverage options and costs. Look for policies that cover the specific needs of your pet and any conditions it might be predisposed to. If you have health insurance, they will often have a pet policy that can be offered to you at a discount as you are an existing customer.
- Multi-Pet Discounts: If you have multiple pets, look for insurers that offer multi-pet discounts. These can provide significant savings for two or more animals.
- Wellness Coverage: Consider policies that offer wellness coverage for routine care like vaccinations and dental cleanings. Whilst more expensive in the short term, they could work out better value in the long term.
Why Compare Pet Insurance Policies?
Taking the time to compare pet insurance policies ensures you make a well-informed decision that balances cost, coverage, and your pet's unique healthcare needs. Here's why it matters.
- Cost vs. Coverage: Comparing policies helps you find the best balance between cost and coverage. Ensure that the policy covers the essential aspects of your pet’s health care. Think about your dog’s individual needs and what care it may need in the future so that your decision is an informed one. Reaching out to fellow pet owners for feedback on their own insurance coverage is also a great way to find the best option for you.
- Understanding Fine Print: Understanding the fine print, including waiting periods and exclusions, ensures that you are fully aware of what is covered and what is not. Always call the customer service team of each insurance company and ask questions about the coverage and be sure it’s the best one for you.
Dogz Online and Pet Insurance
Dogz Online is a valuable resource for information on dog breeds, breeders and specific breeds, like Bulldogs or German Shepherds, which may have breed-specific health concerns.
We have partnered with Fetch Pet Insurance to provide all members with one month free pet insurance.
Click here to redeem your first month free
This collaboration provides tailored insurance solutions that address the unique health needs of various breeds, ensuring comprehensive coverage.
Researching the breed of dog you think will work best for your family through Dogz Online and the breed profiles we provide means that you will understand the insurance coverage you will need for your dog. Those dogs that have high energy, curiously and boisterousness or are predisposed to hereditary conditions could end up in situations requiring $1000’s in treatment but, even the most placid of breeds may also find themselves in similar situations.
Conclusion
Pet insurance is a smart choice for Australian pet owners, providing financial protection and peace of mind. By comparing policies, you can find the best coverage for your pet's unique needs, ensuring they receive the best possible care. Investing in pet insurance means prioritising your pet’s health and well-being, and ultimately, enhancing the quality of life for both you and your furry friend.
