Pet Insurance

Did you know that 1 in 3 pets need unexpected veterinary treatment every year? The reality is that veterinary care can cost a lot of money and every day at Bondi Vets we see owners torn between wanting to do what is best for their pet but limited by their financial position. One easy way to avoid such situations is to have pet insurance

Pet Insurance ... Do I Really Need It?

Insurance is one of those things that you are glad you have when you need it! Each year 15.7% of people make a claim on their home insurance and 21.9% on their car insurance. 38.6% of dog owners that have pet insurance make a claim each year and if the dog is over 7 years of age this increases to 60%. This means that you are more likely to make a claim on your dog's pet insurance than you are to claim on your house or car insurance! So rather than asking "do I really need it?" ask "can I do without it?".

How Do I Choose the Correct Insurance Company and Plan?

There are several different insurance companies offering pet insurance in Australia. Each of these have different plans, options, restrictions and fees.There are some important factors to consider when choosing the right insurance for you and your pet. These include:

• Maximum Benefits. Have a look to see if the total maximum benefit is split between injuries and illnesses. Check the maximum benefit for vets fees and whether this amount is reinstated yearly, particularly if a claims made
• Additional Benefits. Often insurers will cover other areas as well as vets fees. Check what additional benefits the insurer offers, and if you have to pay additional premium to have it.
• Sub Limits. Check if the insurer imposes "sub limits" on items such as medication, hospitilisation, radiology, skin conditions and more. It is important to check this, as it could limit how much you are entitled to claim.
• Exclusions. Most insurers will not provide cover for any condition which was known about before the policy was taken out. However, it is important to check if there are other conditions or treatments, which are not covered by the policy.
• Excesses. Some companies will advertise that there is no excess to pay on claims. Read carefully though, as many of these companies pay only 80% or 70% of the total claim cost, leaving you to find the other 20% or 30%.
• Cover for older pets. When your pet is eight years old, some insurers will not renew your policy and others will renew the policy at their discretion. Although you may not think it important when you have a puppy or kitten, as your pet gets older, the amount paid out in claims increases. Check age restrictions with the insurer.
• Premium loading. Check the premium and excess do not increase with a history of claims.

Ask the insurer questions if you are not sure of anything and read leaflets carefully before committing to a policy, as it might not give you and your pet the protection you deserve.

Which Insurance Company?

This depends on the type of cover you want and the policy! Pet insurance policies either pay a percentage of the total vet bill or you pay an excess and the insurance covers the rest.

If you want a policy where you pay an excess and the insurer pays the rest of the bill look at PetPlan.

If you want a policy where the insurer pays you a percentage of the bill look at Prosure, Vets Own or Pet Insurance Australia.

Some human private health insurance companies now also have pet insurance policies so it may be best to see if your private health insurance company has this.

As with all insurance it is best to read the fine print, BUT any pet insurance is better than none!

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