Is Pet Insurance Worth it?
Are you wondering about the cost of pet cover and wondering is pet insurance worth it? Find out all you need to know in this Savvy guide.
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Owning a much-loved pet comes with many responsibilities, and one of the most significant is their healthcare. Pet insurance has become a popular option for pet owners to ensure their animals can receive proper medical attention when it is needed. But is it worth the cost?
In this Savvy guide, we'll explore the value of pet insurance, looking at coverage options and the different costs involved. Making an informed decision about whether pet insurance is a worthwhile investment for your animal companion is both crucial for their well-being and for your financial security.
How do I decide if pet insurance is worth it?
When considering whether pet insurance is worth it, it's important to look at the cost of premiums compared to the risk of being faced with a high veterinary bill that you may not be able to afford. Here are some things to think about when making this decision:
What would you do if…?
If your pet was suddenly seriously injured or became ill, what would you do if the cost of getting them treatment was several hundred dollars, or several thousand?
Peace of mind
Having pet insurance gives you peace of mind. Knowing that you can give your pet the best vet care without worrying about the cost is incredibly valuable to some people. Think about how you, or your children, would feel if you were faced with a potentially large vet bill and couldn’t afford to have your pet treated.
Your budget
Think about your household budget and how prepared you are for unexpected expenses. If you have cash savings which could possibly be used in the event of a pet emergency, then pet insurance may not be worth it. However, if you can easily afford to pay the premiums for pet insurance, then pet insurance may be worth the cost if you have a valuable pet.
The risk factor
Think about how much risk you're okay to live with. If you can afford to pay for routine veterinary care, and feel your pet is generally in good health, then accident only insurance may be a solution. This will ensure the premiums for pet insurance are as low as possible, but will still offer cover if your pet has a serious accident, and requires major surgery or life-saving treatment.
What factors affect the cost of pet insurance?
With no Medicare-equivalent health care system available for pets, owners have to bear the full cost of veterinary treatment if their pet gets sick or is injured. However, the price you have to pay for pet insurance can vary a lot based on many factors including:
The type of coverage you choose
The type of pet insurance coverage you pick affects how much you’ll have to pay. Insurance policies which offer comprehensive cover for accidents and illness, plus routine care, tend to cost more, while plans which offer cover only for accidents, or accidents plus illness may be more affordable.
The type, breed and age of your pets
The type of pets you have and how old they are impacts how much you’ll have to pay for their insurance. Older pets, and breeds that are known to have genetic health problems may mean higher premiums.
How often you pay the premiums
You can choose to pay your premiums monthly or once a year. Paying annually may save you some money.
What are my options with pet insurance?
When considering pet insurance, there’s three basic levels you can buy. The cost of the policy will increase as the range of cover gets wider. Your three basic options are:
- Accident only insurance
This is the cheapest and most straightforward form of pet insurance. It primarily covers costs related to unexpected accidents, such as car accidents, poisoning, burns, fractures, and bites from snakes and spiders. However, it does not provide coverage for illnesses or other age-related health conditions.
- Accident and illness insurance
This type of insurance extends coverage beyond accidents to also include illness. It covers conditions like cancer, gastrointestinal problems, and various issues related to the eyes, ears, and skin. Still, it does not typically cover routine care for your pet, like regular check-ups or vaccinations.
- Comprehensive insurance
For comprehensive protection, you can opt for this level of cover which is the most expensive option available. It includes both accidents and illnesses, and some routine care, offering a wide range of protection for your pet. Some comprehensive plans offer cover for vaccinations, dental care, worm and flea treatments plus microchipping.
In addition to these three basic types of cover there are also optional add-ons that you can buy, for example dental plans which offer cover for dental illness and preventative dental treatment.
How much does pet insurance cost?
The cost of pet insurance in Australia will vary significantly depending on several factors. These factors include:
- your pet's type, breed and age
- the type of coverage and the excess you choose
- any additional add-ons you choose to include
- the insurance provider you select.
On average, monthly premiums for pet insurance can range from approximately $25 to $60 for basic accident and illness coverage for a small dog, while cats’ insurance may be a little cheaper, under $23 a month. This equates to a minimum of around $300 a year for a small dog, and $270 for a cat.
However, if you require comprehensive cover for a dog or cat, you may be looking at monthly premiums of $90 – $110 for a small dog and $55 – $65 a month for a cat.
Keep in mind that these are rough estimates, and actual costs may vary. To get an accurate idea of the cost, you can compare pet insurance policies for free here with Savvy. This could allow you to find a pet insurance plan that suits your budget while providing the coverage your pet needs.
Frequently asked questions about is pet insurance worth it?
Compare pet insurance
Looking into pet insurance for your beloved furry friend? Whether you have a playful pup or a curious cat, you can compare pet insurance options from a range of providers and find the perfect coverage that suits your pet's unique needs and your budget.
Fetch Care Plan |
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Pet insurance we think you’ll love. 24/7 vet support + dental, physio and behaviour cover added (see PDS) all in one app.More details |
Petsy Most Popular 80% Cover $150 Excess |
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Protect your furry friend with Petsy's pet insurance policy. Get a free quote.More details |
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Fetch Premium Plan |
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Pet insurance we think you’ll love. 24/7 vet support + dental, physio and behaviour cover added (see PDS) all in one app.More details |
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Multi-award winning pet insurance designed with the help of vets.More details |
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Petsy Value Cover 80% Cover $500 Excess |
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Protect your furry friend with Petsy's pet insurance policy. Get a free quote.More details |
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Petsy Top Cover |
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Protect your furry friend with Petsy's pet insurance policy. Get a free quote.More details |
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
Savvy earns a commission each time a customer buys a pet insurance policy through our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via the individual pet insurance companies.
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