What Is Pet Insurance and Is It Worth It?

Facing an emergency with your beloved pet is stressful for the whole family. 

No pet owner enjoys the stress of weighing up whether the veterinary care required can be covered by the household budget. This is just one of the reasons why so many Australian families opt for the peace of mind offered by pet insurance. Having insurance allows you to concentrate on your pet’s care, rather than the financial implications of these decisions.

What is Pet Insurance?

Pet insurance offers owners a range of policies that provide differing levels of financial coverage for your pet’s vet bills. You’ll find options that suit your budget, reimbursing differing percentages of your vet bills (based on when you took out the policy and the level of coverage you choose). You can choose whether you want a policy that is just the basics, one that includes certain add-ons or a total-cover option that offers extensive protection in the case of accidents and injuries. These policies are ideal for ensuring your beloved pet can access everything they need when they need it most.

When should I take out Pet Insurance?

Ideally, you’ll take out a pet insurance policy when your pet is young and healthy – eight weeks old is the earliest you can do so. This is because young pets are at just as much risk of injuring themselves or becoming unwell as older pets. Sadly, as our pets age, they can develop chronic health conditions, and many pet insurance companies will not cover pre-existing ailments. Some will also not allow senior pets to join. 

This is why starting early and insuring your beloved pet as soon as they’ve joined your family will not only give you peace of mind but also allow you to benefit from your policy sooner, particularly if you can make claims on routine veterinary care.

What is the best Pet Insurance Policy?

The best pet insurance policy comes down to the needs of your pet and your budget. Doing your research will help you find a policy that’s right for you and ensures your pet can stay healthy and happy for as long as possible.

What does pet insurance typically cover?

Insurance providers will offer different levels of cover, much the same as human health insurance. 

For example, Petbarn’s pet insurance offers three packages – Core Coverage, Core Plus Coverage and Total Cover. All three policies can be taken out when your pet is eight weeks old with no overall annual policy limit. The policies have no excess, and all cover accidental injury and illness, including paralysis tick treatment and ear conditions. Core Coverage and Core Plus Coverage reimburse 90% of vet bills per policy period (65% for pets over eight years old), while Total Cover reimburses 100% of vet bills per policy period (65% for pets over eight years old).

Core Coverage is centred around protection for the essentials, offering a $500 per condition limit so that your monthly premiums stay low. Core Plus Coverage provides greater peace of mind as it covers cruciate ligament conditions and includes double the condition limit at $1,000. 

If you’re after the gold standard of coverage, however, Total Cover offers extensive accidental injuries cover, as well as allowance for behavioural therapies, dental illness and prescription diets so your vet can zero in on the ideal treatment for your pet without the financial worry.

To weigh up which policy is right for you and your pet, review the details and PDS for each policy here.

Is Pet Insurance worth it?

In our experience, pet parents are devoted to their beloved furry family members. The unspoken promise you’ve made to care for your pets and the joy they bring to your life make pet insurance a smart investment. As vets, we’ve also felt the heartbreak of decisions being made due to financial stresses, which is why we always recommend pet insurance. Offering peace of mind that the best care can be given to your pet in unfortunate circumstances helps to mitigate unexpected heartbreak. Pet insurance is definitely worthwhile.

FAQs

How much is pet insurance?

The cost of pet insurance policies varies based on the amount of coverage offered and other factors, like the age and health of your pet. Browse Petbarn’s pet insurance policies to find the right one for you.

Does pet insurance cover desexing?

Desexing your pet is generally considered an elective procedure, so it is not usually covered by pet insurance.

Does pet insurance cover dental?

Costs attributed to dental illness will only be covered by some pet insurance policies. Petbarn’s Total Cover offers $750 towards dental care per policy period. A six-month waiting period applies.

What more can I do to prioritise my pet’s health?

Greencross Vets offers Healthy Pets Plus, which is a preventative healthcare program designed to keep your pet happy and healthy for as long as possible. This subscription-based service offers tailored wellness programs for your pets and unlimited Greencross Vets consultations. Check out what’s on offer to find the right option for you and your pet here.