How much is pet insurance, you say? Well, the price of pet insurance can vary, depending on several factors, like the insurer you choose, the level of cover you go for, and your pet’s overall health.
If you’re amongst the many pet owners wondering how much pet insurance costs, you’ve landed on the right page.
In this article, we dig up the average cost of pet insurance in Australia. We also share what the most affordable and most expensive policies are, reveal what factors affect premium prices, offer money-saving tricks that can knock a few dollars off your monthly premiums, and lots more.
Find out everything you need to know about pet insurance prices right here!
How Much Does Pet Insurance Cost on Average?
Pet insurance premiums can cost anywhere between $20 and $60 a month, according to most comparison sites. There are several factors that come into play when premium prices are calculated.
Your pet’s species and breed will influence how much your premiums will be. For instance, dogs tend to cost more to insure than cats, and certain breeds, like German Shepherds, are often more expensive to cover as they present a higher risk of developing certain hereditary diseases.
Your pet’s age is another key factor that will either increase or lower your premiums. Older pets tend to present a higher risk of injury and illness and, therefore, cost more to cover.
Health history can also affect premium costs. For example, if your pet has any pre-existing conditions, it won’t be covered under a policy and may even lead to higher premiums due to the increased risk of health issues.
What Are the Cheapest and Most Expensive Pet Insurance Policies?
Pet insurance policies range in price, depending on the level of cover and annual benefit limit being offered. While some might be cheaper than others, it doesn’t make them any less better value. Whichever policy you go for, you’ll save thousands of dollars each year on vet bills, making premiums a tiny price to pay in comparison.
We’ve ranked the following policy types from cheapest to most expensive:
#1 Accident-Only Cover
Accident-only cover is the simplest option you can get, and therefore the cheapest. It covers eligible vet expenses for accidental injury treatment, like broken or fractured bones, bites, burns, and so on.
If you’ve got a low-maintenance pooch or feline friend who rarely falls unwell, an accident-only policy is likely all the coverage you need.
#2 Accident and Illness Cover
Accident and illness cover provides an essential level of cover for both accidental injuries and illnesses. It saves you the financial burden of out of pocket treatment costs while still remaining a pretty affordable option – it’s definitely the best value plan you can get!
If you want peace of mind knowing your pet is covered without splashing out on unnecessary extras, then accident and illness cover is the perfect choice.
#3 Comprehensive Cover
Comprehensive cover is the full package. This deluxe plan offers everything, from accident and illness cover to select dental care. This plan gives you the most level of cover, which is why it has the highest premiums.
If you’ve got a specific breed that’s at a higher risk of developing hereditary diseases or a senior pet that’s likely to get injured and fall sick, this full coverage option is certainly worth every dollar.
Paw-some Tricks to Lower Pet Insurance Premiums
The price you get quoted isn’t necessarily the price you must pay when choosing a pet insurance policy. There are a few clever and lesser-known ways to knock some dollars off your pet insurance premiums.
Here are some handy tricks that will help you save money while ensuring you and your pet get the cover you both need:
- Go for a Higher Excess: A higher excess means you’ll pay more out-of-pocket for every claim you make, but it does mean your monthly premiums will be lower. If you don’t usually make claims and have a generally healthy fur baby, then you’ll probably find that the savings on your premiums outweigh the higher excess payment that you occasionally pay when you make a claim.
- Compare Deals: Pet insurer providers usually have special deals going, like new customer discounts, multi-pet policies, and loyalty rewards which can help you save money down the line. Shop around and compare what policy offers the coverage you need with the best perks. And remember, always read the fine print to avoid unexpected fees and limitations.
- Insure Your Pet Early: The earlier you get your pup or kitten covered, the better. Aim to get insurance during the first year of your pet’s life before they develop any conditions. This will ensure any health conditions they develop are covered before they are classed as pre-existing and no longer eligible for reimbursement.
- Pay Annually Instead of Monthly: While paying annually might seem like a scary lump sum, it could actually work out cheaper than your total monthly premiums combined. That’s because many providers charge extra fees for monthly premiums, which end up costing you more money in the long run.
- Skip Unnecessary Add-Ons: You’ll often get bombarded with tempting add-ons when picking a policy. However, many of these add-ons aren’t necessary and rarely get used, leaving you throwing away money. Only go for add-ons that your pet actually needs to prevent paying for coverage you won’t use and keep your premiums lower.
What To Look for When Picking the Right Pet Health Insurance
When you’re shopping around for pet insurance products, you’ll need to look at more than just the price tag.
Comparing policies is an absolute necessity. Don’t settle for the first quote you get because you might find a better value deal elsewhere for the same level of cover.
When you’re choosing a policy, always consider your pet’s health needs first. The age and type of pet you have can help inform you of what coverage is best suited to them.
For example, certain dog breeds are more susceptible to hereditary diseases, like Goldendoodles which have a higher risk of developing hip dysplasia. Senior pets are also more likely to fall sick or get injured.
If you’ve got a high-risk fur baby,you’ll both be better off with comprehensive pet insurance cover. If you’ve got an easy-going, fuss-free pet, a basic plan, like accident-only cover is all you’ll probably need.
Pet insurers don’t always accept every application they get, which is why you should always carefully read through the eligibility criteria. In doing so, you can check if you qualify for your chosen plan, saving you the disappointment of rejection down the line.
In most cases, a pet will have to be a certain age to get insured. For example, puppies and kittens are usually required to be at least weeks old before getting covered.
You should also read over the fine print a couple times to make sure you don’t miss any key information that can later affect your ability to make a claim on vet costs and lead to unexpected exclusions. Always check the eligible vet bills, annual benefit limits, cancellation policies, and waiting periods.
Enjoy Affordable and Transparent Pet Insurance Premiums With PetsOnMe
Be prepared for whatever health issues your furry friend runs into with PetsOnMe!
We offer a selection of multi-award-winning pet insurance policies that protect you against unexpected vet bills and ensure your pet gets the care they need, when they need it most.
When you choose our policies, you get fully transparent premiums, flexible contracts that you can cancel anytime with no fees, an annual benefit percentage of up to $20,000, super speedy next-day reimbursements, and 12% off select pet services – it’s no wonder why we have over 50,000 happy pet parents across Australia!
Discover and compare a selection of coverage options designed especially for dogs, puppies, and cats at PetsOnMe today.