How to Choose Pet Insurance

Australians love their pets almost as much as the rest of their family. This is why when their pet is injured or falls ill they will often take out a loan to cover the cost of making their pet well again.   But what happens to those that have no savings and can’t afford to take out a loan to pay treatment?   Often pet owners have to make the decision to have their pet euthanized rather than treated.     I have been in that position, which lead me to taking out pet insurance to cover future issues.  I have put together this blog to document my journey of shopping for pet insurance to help you choose the right insurance for you.

When you choose the right plan, you need not worry about the vet bills as it covers most of those expenses. There are two types of pet insurance policies available, Comprehensive cover and Accident only cover. The former covers the surgical and medical expenses if your pet falls ill or gets injured accidently while the later covers only those expenses incurred when your pet gets injured accidentally.

 There are a number of different policies available, each offering different benefits.  Therefore it is necessary to shop around and check each policy carefully by reading the fine print to know which policy offers what.

When you are choosing a particular pet insurance policy, you need to consider these few things to make the right choice:

1.     Find out if there are any limitations:  This often means reading the fine print thoroughly so you know exactly what is and isn’t covered... Generally, there are some breeds of cats and dogs that are prone to illness , so check if your insurer offers cover for such breeds.

2.    What is the proportion of the rebate?   For example you may only get 75% to 80% of the vet charges back.   

3.    Find out if there is an excess payable – Some insurers will only cover a certain proportion of the bill while others will charge an excess.  Then there are those that will charge both.

4.    Are there any other exclusions? -  Know which breeds the policy will cover. There are some policies that don’t cover some breeds or certain illnesses like hip dysplasia.

5.    The maximum amount that you can claim each year? Some insurers will only allow you to claim a particular amount each year, usually between $6000 and $15000.  Some also set a maximum amount that you can claim on certain illness (sub limits). For example you may only be able to claim $100 per year for tick paralysis treatment.

6.    How are premiums recalculated?:  - Most insurers increase the premium every year with the increase in your pets age, or with the number of times you claim.

7.    Do they pay for some specialist treatments? -  Know if you pet is insured for specialist treatments or referrals.

8.    Some insurers cover for the prescriptions too, know if the one you choose also covers for the prescriptions given by the vet.

While reading the fine print, you are free to call the company in case there are some terms that aren’t clear. You have many options out there, so shop around to choose the best one.  For more questions to ask insurers read my other post.