Pet insurance panic: If you think it’s too hard to switch, here’s how to do it smarter
When it comes to understanding our insurance policies, many of us tend to toss them into the "too hard basket," and it could be costing us thousands.
A recent Finder survey of more than 1,000 people revealed that almost half (46%) of Australians stay with their current provider because a product seems too difficult to change.
Surprisingly, 45% of respondents said pet insurance was the most difficult of insurances to switch, followed by life insurance (42%), home and contents insurance (42%), health insurance (38%) and car insurance (37%).
Finder's personal finance expert, Taylor Blackburn, warns this "switching inertia" could be hitting our wallets hard.
"Loyalty not only doesn't pay, but it can cost you hundreds, if not thousands, of dollars a year. Don't let the fear of what feels like a complex process stop you from a better financial future."
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Why do Australians believe pet insurance is "too hard" to switch?
From premium pet food subscriptions to topping up the toy basket, there's not much we wouldn't do for their furry friends. And for many Australian pet owners, pet insurance is non-negotiable.
Pet insurance is your safety net against unexpected vet bills, allowing you to proceed with any sudden treatment your pet needs without second-guessing the cost. But it shouldn't mean having to stick with a dud policy.
So why are we so hesitant to switch?
One likely reason is the waiting periods that come before you can access cover.
Depending on the insurer and the type of cover you need, there may be a waiting period of up to 6 months before you can make a claim. However, these tend to apply to specific types of conditions, like hip dysplasia.
Routine or accident cover usually have a shorter waiting period of between a couple of days to a month. You may even be able to find an insurer who has no waiting periods.
Protect your pet with immediate pet insurance
Get the best of both worlds. Make the switch to a better value pet insurance policy today and ensure your pet receives quality care when they need it most.
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