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Looking for the best expert-rated pet insurance?
It’s important to shop around to find the best expert-rated pet insurance for you and your pet’s circumstances. When comparing pet insurance, it’s worth considering a policy’s price, annual claims limit, percentage benefit for reimbursed vet costs and optional features (such as routine care procedures). To help consumers compare their options, Canstar researches and rates over 100 products from over 25 providers as part of its Pet Insurance Awards.
What does pet insurance cover?
There are three main types of pet insurance in Australia: policies that offer cover for accidents only, policies that offer cover for accidents and illnesses, and comprehensive policies that cover both of these things with typically higher claim limits. Here’s how they differ, and what each generally covers:
Accident-only pet insurance
This tier of pet insurance offers coverage for accidents and emergencies only. Say, for example, your pet is bitten by a snake, this kind of insurance may cover some or all of the vet costs associated with emergency treatment.
Accident and illness pet insurance
In addition to coverage for accidents, this tier of pet insurance can cover some or all of the treatment costs for illnesses and diseases suffered by your pet. This can mean anything from cancer through to eye and ear conditions and even infectious diseases.
Comprehensive pet insurance
Comprehensive pet insurance covers accidents and illnesses (with generally higher claimable limits), as well as often providing cover for what’s known as ‘routine care’ procedures. These procedures can include things such as vaccinations, worming treatments, dental care, flea and tick control and even desexing and microchipping. Some policies will allow you to purchase ‘routine care’ options as an optional extra.
What does pet insurance not cover?
Depending on your level of cover, there are a number of things that may be excluded from your pet insurance. These include:
- Pre-existing conditions (conditions that your pet has already been treated for or is showing symptoms of)
- Pregnancy and obstetrics
- Elective treatments to improve your pet’s quality of life
- Preventative care such as teeth-cleaning, vaccinations and desexing (procedures of this type may be covered by comprehensive policies under ‘routine care’)
- Harm that has been caused to your pet deliberately or by negligence
- Non-emergency at-home vet visits or transportation to the vet
- Non-emergency boarding
Make sure you review a policy’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) to get a good understanding of what is and isn’t covered and whether the insurance on offer is suitable for you and your pet’s needs.
How much does pet insurance cost?
The cost of pet insurance in Australia is determined by a number of factors—ranging from the level of cover you choose to the type of pet you wish to insure. As a general rule, basic cover for accidents only is the least expensive kind of pet insurance, while comprehensive cover costs the most.
Across dog insurance for both accident and illness cover and comprehensive cover, small dogs tend to be the most expensive to insure—generally because of the more complex health needs of some small dogs—while medium and large breeds have roughly equivalent costs. While the size of cats may not necessarily change the cost of cat insurance, certain breeds may be more expensive to insure due to being predisposed to certain illnesses and health conditions.
The age of your pet can also affect the cost of premiums. As your pet gets older, its health needs may change and become more complex, and because of the potential costs associated with this, your insurance provider may charge more in premiums.
The Federal Government’s Moneysmart website advises that it may even be difficult to obtain pet insurance for some older pets for this reason.
Of course, the cost is also influenced by which provider you choose. It can be worth doing a quick pet insurance comparison between a number of providers to ensure the policy you choose is offering you good value for money. This can be done by using the comparison table above. You can also change the filters to suit your own requirements.
Are cheap pet insurance options available in Australia?
Typically, there are cheap pet insurance options available in Australia, but whether they are right for you will depend on you and your pet’s needs. If you have a younger pet whose breed isn’t predisposed to certain illnesses, you might opt for an accident only policy, which is generally the cheapest type of pet insurance.Â
There are a few different things you could consider to make your pet insurance cheaper:
- Opt for a lower annual limit and reimbursement rate: A policy’s annual limit refers to the maximum amount that you can claim for certain services per year, whereas the reimbursement rate refers to the percentage of those costs you get back from the insurance provider. Generally speaking, the lower your annual limit and reimbursement rate, the cheaper your pet insurance policy will be.
- Opt for a higher excess: Your policy’s excess refers to the amount that you must contribute in order for a claim to be processed by your insurance provider. Generally speaking, having a higher excess amount will lead to lower premiums. It’s important to note, however, that you would need to contribute this higher excess amount when you make a claim.
- Compare your options: Shopping around for a suitable policy is often a great way to save, whilst also allowing you to find a policy that matches you and your pet’s needs.
Finding cheap pet insurance may be one thing you consider when looking for a policy, but the cheapest policy may not always offer the best value for your money. It’s also important to take into account the features of a policy, what it does and doesn’t cover and its annual limits and reimbursement rate.
Why buy pet insurance?
While nobody wants to imagine a beloved pet getting sick, this can be an unfortunate reality of pet ownership—with potential significant financial impact. If your pet needs treatment for a complex health condition, the cost can add up substantially, and pet insurance can potentially help with the strain of paying for certain veterinary medical procedures.
Is pet insurance compulsory?
Pet insurance is not compulsory in Australia. It exists to help owners cover the cost of veterinary treatments for their pets, and whether you take it out is entirely up to you.
Pet insurance can help cover the cost of treatments for both illnesses and accidents, so if you feel your pet is at risk (for example, if a certain breed is known for having health conditions, or if you live near a busy road or bushland) you may find peace of mind in taking out a policy.
When it comes to paying vet bills, some pet owners choose to forego pet insurance, and instead put the money they would spend on premiums into a savings account, to draw upon if and when their animal needs treatment.
Does pet insurance have waiting periods?
Much like health insurance for humans, pet insurance will typically come with waiting periods for certain conditions. A waiting period is the gap between when you sign up for an insurance product and when you can make a claim.
The RSPCA says that pet insurance typically comes with a 30-day waiting period for illness conditions, and up to a six-month waiting period for ‘cruciate’ conditions, or those associated with the cruciate ligament in the knee.
The RSPCA also says that some providers may be willing to waive certain waiting periods, but this will be at their discretion, and you will need to ask your individual insurance provider if they are willing to do this.
About our finance experts
Nina Rinella, Editor-in-Chief
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.
Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.
Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.
You can follow her on Instagram or Twitter, or Canstar on Facebook.
You can also read more about Canstar’s editorial team and our robust fact-checking process.
Josh Sale, Pet Insurance Ratings Manager
As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Pet Insurance Cover Ratings. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Cover and Star Ratings and Awards that help connect consumers with the right product for them.
Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.
