We get it – pet insurance isn't cheap. Why pay $50 to $100 a month for something you’re not even sure you’ll use? It’s a fair question, but also one that ignores the unpredictability of life – and of our furry friends. That $50 soon becomes worth it when you consider that a trip to the vet could cost you $13,000 – or the life of your best mate.
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The worst-case scenario is having to put down an animal that could have been treated if not for the cost involved. With the cost of some pet treatments going up into the tens of thousands, you could end up with a hefty bill if your pet is not adequately insured.
You can’t put a price on the peace of mind that comes from knowing you will never have to choose between your furry friend and your financial security, but that’s not the only advantage of obtaining pet insurance. Of course, there are a lot of expenses that aren't covered by insurance, so it's a good idea to understand exactly what you're getting into.
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The most efficient way to find the best cover for your needs is to start with a general overview and narrow down your options. Then read independent reviews of the policies you’ve shortlisted. Avoid glazing over from information overload by making notes of which specific features are important to you, and learn what to look for in a policy.
Chances are, you will probably need to pay for major veterinary treatment for your pet at some point. Even if you don’t, choosing a policy that covers regular check-ups in addition to unexpected health problems means you will receive guaranteed value for your premiums.
Ultimately, the decision about whether pet insurance is worth it is a very personal one. Domestic animals are not cheap to look after and pet insurance can be a good way to mitigate your expenses over the lifetime of your furry friend.
One alternative to pet insurance is to set up an emergency fund to cover any unexpected vet bills. By opening a high-interest savings account and regularly setting aside a small portion of your pay each week, you could potentially build a balance big enough to pay for your pet’s treatment if it gets sick or suffers an injury.
But what happens if your buddy suddenly gets sick just 2 months after you started the account? Even allergy treatment has set some people back as much as $2,500. What about if your pet has an illness that needs to be treated on an ongoing basis? Regular treatments could quickly drain whatever money you had saved.
Bow Wow Meow Pet Insurance broke down some of its claims data and found that half of common vet costs could reach more than $1,000 a pop. A handful cost more than $2,000 on average. Some individual claims went well outside the average, costing $5,000 or more for some treatments, all the way up to $13,000. Could you afford to fork that kind of money out suddenly?
For many other owners, it could be worth factoring pet insurance into the cost of pet ownership. There are several situations when pet insurance could be worth it, including the following:
Many first-time pet owners are shocked to find just how expensive vet bills can be, even for something relatively straightforward like a fractured leg. The simple truth is that there’s no such thing as Medicare for pets, so it’s up to owners to cover the full cost of treatment.
A finder.com.au survey of 2,033 Australian pet owners revealed that the average dog owner is willing to spend up to $4,128 on their dog in one vet visit to ensure that their pet doesn’t have to be put down. On the other hand, the average cat owner was happy to fork out $2,127 – $2,001 less than their dog-loving counterparts.
Taking these figures into account, does it work out cheaper to pay for pet insurance or does the cost of premiums outweigh the benefits your policy provides?
It depends. Not only does the cost of cover vary between insurers, but so does the level of cover provided. Your veterinary bills can also vary greatly depending on the illness or injury your pet suffers, so it’s impossible to say for certain whether cover will work out to be worth the expense.
Most pet insurance policies are designed to cover a portion of your vet bills, usually between 75% and 85% per claim. Let’s take a look at how much pet insurance could cover and how much you would have to pay out of your own pocket for a range of common health conditions.
| Illness or injury | Total cost of treatment | Amount covered by pet insurance (80% of bill) | Remaining amount you would need to pay |
|---|---|---|---|
| Cruciate ligament surgery | $2,500 | $2,000 | $500 |
| Vomiting/diarrhoea | $200 - $3,000 | $160 - $2,400 | $40 - $600 |
| Tick paralysis | $5,000 | $4,000 | $1,000 |
| Snake bite | $2,000 | $1,600 | $400 |
| Bone fractures | $2,500 | $2,000 | $500 |
| Ingesting a foreign body | $2,000 | $1,600 | $400 |
| Cancer | $2,000 | $1,600 | $400 |
*Disclaimer: Please note that the costs quoted in the above table are guides only. Costs can vary greatly based on the severity of your pet’s condition, the treatment it requires and the fees charged by your vet – for example, while the cost quoted for snake bite is $2,000, treatment could cost upwards of $20,000 in severe cases.
It’s also important to be aware that annual benefit limits apply to your policy. These limits vary depending on the type and level of cover you select, but they usually range from $10,000 to $15,000. So if your policy has already covered one expensive vet bill during the period of insurance, it may not provide sufficient protection to help pay your bill if your pet suffers another serious injury or illness in the same year.
If your cat loves getting up to mischief or your dog seems especially accident-prone, you may see pet insurance as an essential consideration for your pet. However, there are also some specific breeds of dogs and cats that have a higher risk of certain health conditions and therefore may benefit more from pet insurance cover.
These include the following:
However, be aware that some insurers will simply refuse to cover specific breeds, and if cover is available, your pet’s breed may result in higher premiums.
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