Pet Insurance

Accidents can happen to anyone, anytime, any where.

Advances in Veterinary Science, increases in the cost of living, and the cost of goods and services has seen an increase in veterinary care bills. With 24 hour referral hospitals anecdotally averaging $15,000 per pet for specialised care, it is no surprise that pet owners can struggle from time to time to afford treatment for their beloved pet.

 Pet insurance is the best way to protect yourself against large, unexpected medical bills.

The last thing you need, on top of all the other stressors when you have a sick pet, is financial stress!

Knowing the rough cost of veterinary care will help you make the decision whether Pet Insurance is right for your family. Did you know;
- In severe cases, a snake bite can cost  $10,000 or more

-  1 in 3 dogs will rupture one or both cruciate ligaments in their lifetime, costing between $4000-8000 per leg to repair (and there is a 50% chance of the second ligament rupture occurring within 12 months of the first!)
- Allergies (skin and ear) are becoming increasingly common (number 1 most commonly claimed for in 2023 and common in all of the top 10 most popular dog breeds), and can cost pet owners up to $17,000 a year to treat*. Then multiply that over the lifetime of the pet!
- The most commonly claimed condition in cats is gastrointestinal disease costing up to $13,000 a year. Followed by dental disease (up to $5000 per year) and urinary tract disease (up to $19,000 a year)*

*data from the Petsure Health Monitor Report 2023

Until 2015, there were only two underwriters of insurance policies. In the last few years, new companies have joined the sector and provided much needed competition and a broader range of cover options for today's pet owners. 
We have also seen improvement in the breadth of coverage for many policies including;

  • Coverage for the treatment of vaccinated diseases (previously excluded)
  • After hours emergency care coverage (where previously coverage was excluded to business hours only for some policies)

 

When is it best to get insured?
The best time to get insured is while your pet is young, before they develop any health conditions which will be considered 'pre-exisiting'.  Insurers tend not to cover any conditions your pet might have already experienced.

 This doesn't mean older pets are ineligible for insurance!

 

Common exclusions:

Pre-exisiting conditions;
This means that any illness or injury your pet has suffered prior to the policy being taken out will not be covered by your insurer. This exclusion makes it difficult to cancel a policy and switch insurers down the track so be sure you have read the PDS carefully before taking out the policy to ensure you will be happy with your choice.
According to choice.com.au there are now some insurers who will cover you for recurring disease (such as gastroenteritis) as long as the previous episode has been documented, by a veterinarian, to have completely resolved.
We found more information regarding pre-existing condition clauses here https://www.choice.com.au/money/insurance/pet/buying-guides/pet-insurance

Preventable diseases;

Preventable diseases are those which have a vaccine available. This means that if your pet contracts a disease, such as Parvovirus, and has not been adequately vaccinated, your insurer will not cover the lifesaving treatment required.

Dental disease;

Many insureres will not cover dental disease. If this is important to you, make sure you read the PDS carefully when assessing the policy for suitability.
Some insurers will cover dental conditions caused by an accident or injury (eg. being hit by a car, kicked by a cow or horse, or from being fed bones), and some insurers will not cover any conditions of the mouth.

Bilateral conditions;
Bilateral conditions means a condition that happens on both sides of the pet. For example, a cruciate ligament rupture, elbow dysplasia or hip dysplasia. If there is a pre-existing issue documented with one side, the opposite will not be covered.

Breeding or pregnancy;
Most insurers will not cover any conditions associated with breeding your pets. This includes cesareans, should one become necessary in an emergency.

Preventative care & food;
Most insurers do not cover routine care.

Elective Procedures;
Generally, neuter procedures will not be covered by your insurer. Nor will any procedures deemed 'not medically necessary' be covered.

 

Top tips when comparing quotes:

  1. Get several quotes.
  2. Look out for exclusions, sub limits, caps and co-payments.
  3. Consider the range of options. What do you need to have covered? Consider the likelihood of your pet experiencing a breed specific hereditary condition. What are the potential health risks your pet is likely to encounter?

Exam day offers:

We have partnered with PetCover Australia and Trupanion Australia so that we can provide 30 days FREE insurance for your pet.

The best policy for you is the one that best suits your unique needs and circumstances. These exam day policies are obligation free and ensure your pet is covered while you shop around. 

 

Alternatives to taking out a pet insurance policy:

Option 1: Self-insurance.
         Some breeds, French Bulldogs for example, have so many genetic conditions that pet insurance premiums can be quite expensive.   A ‘self-insurance' fund is a good alternative to pet insurance. This often takes the form of a separate bank account where money is set aside for veterinary care.

                   The disadvantage of being self-insured is there may be times where your self insurance fund has insufficient funds for the required treatment. Snake bite can cost $5000 or more. Cruciate repair, the number one orthopaedic injury in dogs, can cost upwards of $5000 per leg.
It can take quite a long time to save large sums on money. Pet insurance policies provide coverage into the thousands of dollars from your pet's very first year. No saving required.

Option 2: Payment plans.

                Payment plans are another option for funding unexpected medical expenses. We have Vetpay available for you.

                The disadvantage of payment plans are the fees. The interest, transaction fees and application fees can add up. At time of writing Vetpay charge a $49 application fee, 18.4% interest and $2.50 per transaction.
 

For more advice on selecting an insurance policy see:

https://www.choice.com.au/money/insurance/pet/articles/six-things-you-need-to-know-about-pet-insurance

https://www.comparethemarket.com.au/pet-insurance/information/what-to-look-for-in-pet-insurance/

*Non- Affiliation Disclaimer; Central Highlands Veterinary Group is not endorsed by, directly affiliated with, maintained, authorised or sponsored by any pet insurer provider.