Compare the best-rated pet insurance in Australia

What is pet insurance? 

Pet insurance fully or partially covers the cost of unexpected veterinary bills for your pet from accidents or illnesses.

Why buy pet insurance?

Pet insurance may help reimburse certain veterinary medical expenses. For expensive treatments, the amount claimable could exceed the cost of your pet insurance policy. 

If your pet needs treatment for a complex illness, the costs could be sky-high. According to pet insurance provider, Petsure, vet bills over your pet’s life can cost up to a whopping $30,000. 

This is especially true for dogs, where the risk of illness among breeds with known congenital or hereditary health issues is extremely high. 

More importantly, insuring your pets when they’re young prevents future health problems from being classified as pre-existing (issues your pet had before your policy started, which are typically excluded from cover).  

Ultimately, pet insurance can help provide the best possible care for your pet without the stress of unforeseen financial burdens.

How does pet insurance work? 

Pet insurance premiums 

 A premium is the amount you pay to your insurance provider to keep your pet covered. Your pet insurance policy charges you a monthly, fortnightly, quarterly or annual premium to maintain its validity.

Pet insurance claims

Your policy will reimburse your pet’s vet bills (for eligible treatments) if you submit a claim with proof of payment (e.g. invoice). This can be submitted online through your insurer’s online portal or app (some insurers accept mail submissions). 

You may also be required to pay an excess upon submitting a claim. An excess is a contribution you pay towards your claim. 

However, there are certain restrictions to be wary of: 

• Pet insurance typically comes with waiting periods for certain conditions. A waiting period is the gap between signing up for an insurance product and when you can make a claim. 
• Your policy will cover veterinary bills up to an agreed percentage, typically ranging from 70% to 90%. This is called a ‘benefit percentage’ (or reimbursement rate). You will have to pay the remainder. 
• The dollar amount claimable annually on your policy is typically restricted — this is known as an ‘annual limit’. 
• Your policy’s annual limit may be further broken down into sub-limits for each treatment and condition, capping how much you can claim on each one. 

All this information can be found on your preferred policy’s product disclosure statement (PDS) and target market determination (TMD). 

What does pet insurance cover?

There are three main types of pet insurance in Australia.

Accident-only pet insurance

This tier of pet insurance offers full or partial cover for vet bills incurred from accidents and emergencies (e.g. if your pet was bitten by a snake). This is typically the cheapest level of pet insurance cover. 

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 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 what’s known as ‘routine care’. 

Routine care 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’ as an optional extra.

What does pet insurance not cover?

Depending on your level of cover, several things may be excluded from your pet insurance policy. These include:

• Pre-existing conditions (conditions that your pet has already been treated for or is showing symptoms of)
• Pregnancy and birth-related services
• 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 caused 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 PDS and TMD to get a good understanding of what is and isn’t covered. 

How much does pet insurance cost?

The cost of pet insurance in Australia is determined by several factors: 

• Level of cover: Generally, basic cover for accidents is the least expensive type of pet insurance, while comprehensive cover costs the most.
• Your pet’s age: As your pet ages, its health needs may change and become more complex. To account for that increase in risk, your provider may charge more in premiums.
• Your pet’s breed: 
• • For dog insurance, small breeds are typically the most expensive to insure because of their complex health needs, while medium and large breeds have roughly the same costs. 
  • For cat insurance, certain breeds may be more expensive to insure because of their predisposition to certain illnesses and health conditions.
• Your excess: The lower the excess, the higher your premiums and vice versa. 
• The provider you choose. 

It can be worth doing a quick pet insurance comparison between several 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?

Yes, there are cheaper pet insurance policies available. However, they will generally have at least one of the following tradeoffs: 

• Less coverage: Typically, the cheapest type of pet insurance is accident-only, locking you out of illness coverage. 
• Lower annual limits: A lower cap on the total dollar amount claimable on your policy annually. 
• Lower benefit percentage: Your insurer will cover a smaller percentage of your claim — that means you’ll get back less on each claim. 
• Lower sub-limits: A lower cap on the annual dollar amount claimable for each treatment/procedure. 
• Higher excesses: You will have to pay a larger contribution on each claim. 

At worst, all (or at least) one of these tradeoffs may leave you spending more than you’re actually saving if: 

• Treatment for your pet’s illness is excluded — that means you have to pay for it yourself in full. 
• The lower benefit percentage gives you a smaller return on your claim (or claims). 
• Treatment costs far exceed your annual limit and/or sub-limit. 
• You pay a higher excess on a claim (or multiple claims).  

Whether a cheap pet insurance policy can save you more money will depend on you and your pet’s needs, such as: 

• Your pet’s breed: if your cat or dog’s breed is predisposed to certain illnesses, opting for accident and illness cover provides future coverage before these issues emerge. If not, accident cover may suffice.  
• Your aversion to risk. 

If you’re willing to shop around and compare pet insurance policies, you can find a cheaper policy with the features you need without any of those trade-offs. 

Is pet insurance compulsory?

Pet insurance is not compulsory in Australia. —  whether you take it out is entirely up to you.

While not legally required, it is highly recommended by vets to avoid having to make tough financial decisions regarding your pet's health due to affordability. 

Alternatively, some pet owners instead put the money they would spend on premiums into a savings account to draw upon if and when their furry companion needs treatment.

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. To help consumers compare their options, Canstar researches and rates over 100 products from over 25 providers as part of its Pet Insurance Awards.