What does pet insurance cover?
There are three main types of pet insurancein Australia: policies that offer cover accidents only, policies that offer cover accidents and illnesses, and comprehensive policies that cover both of these things as well as a range of other treatments. Here’s how they differ, and what each typically covers:
Accident-only pet insurance
This tier of pet insurance offers coverage for accidents and emergencies only. Say for example your pet is injured in a fight at the dog park, or is hit by a car, this kind of insurance may cover some or all of the costs associated with emergency surgery.
Accident and illness pet insurance
In addition to coverage for accidents, this tier of 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
In addition to all the things previously mentioned, comprehensive pet insurance can also cover what’s known as ‘routine care’ procedures, which can include such things as vaccinations, worming treatments, dental care, flea and tick control and even desexing and microchipping.
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 both accident and illness cover and comprehensive cover, small dogs tend to be the most expensive to insure- perhaps because of the more complex health needs of some small dogs – with medium and large breeds having roughly equivalent costs.
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.
Moneysmart advises that it may even be difficult to obtain 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 to among a number of providers to ensure the policy you choose is offering good value for money.
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 for it.
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.
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 can be covered on 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 the 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 your pet and your situation more generally.
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 treatment for both illnesses and accidents, so if you feel your pet is at risk (for example, if your breed of animal is known for having health conditions, or even if you live near a busy road) you may find peace of mind in taking it out.
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.
