Almost every pet owner has faced the question:‘is pet insurance worth it?’‘
With vet bills getting more costly and the prices of pet care on the rise, pet insurance certainly seems like another expense that we could all do without. However, it could actually save you $1,000s on vet bills and even provide perks that could outweigh the cost in the long run.
In this guide, we help you answer ”is pet insurance worth it?” by sharing the key benefits that make pet insurance a worthy investment, to help you make an informed decision. We also explore the different types of pet insurance premiums out there, each suited to different budgets and needs.
Find out whether you should get your pets covered in this helpful article!
Why Is Pet Insurance Worth It?
Pet insurance is like a safety net that financially protects you when your pet runs into health problems. Vet bills can add up fast and set you back $1,000s a year, which is why pet insurance is a wise choice.
Here are the main benefits that make pet insurance worth it:
- Protects You Against Unexpected Vet Bills: As pet parents, we deal with a fair share of unexpected vet visits, be it for a cheeky pooch who ate a sock or a dare-devil feline who pulled a Hollywood stunt. When unexpected expenses arise, pet insurance covers you, saving you from paying vet bills out-of-pocket.
- Saves You $1,000s: It’s no secret that vet bills are expensive. Whether you’reyou’re paying for repeat appointments or seeking emergency treatment, you could be set back $1,000s each year. By paying for pet insurance, you’ll get reimbursed for vet expenses, making premiums a small price to pay in comparison to hefty out-of-pocket payments.
- Get’s Your Pet the Veterinary Care They Need: Pet insurance pays for select vet treatments, which means your fur baby can get the help they need regardless of your financial situation.
- Ensures Peace of Mind: Because pet insurance covers your pet’s vet bills, you don’t have to stress about financial hardship during an emergency.
- Various Plans To Choose From: There are lots of different plans to choose from, each suited to different needs. For example, if you’ve got a healthy but clumsy pup, you can choose the accident-only cover. Or, if you have an elderly feline, you can play it safe and get them comprehensive cover.
- Gives You Access To Special Perks: Many pet insurance providers offer extra perks. For example, PetsOnMe gives all customers 12% off select pet care, including dog walking and pet sitting.
Which Pet Insurance Policy Is Worth Your Money?
There’s a bunch of paw-some policies out there, each suited to different needs. While some plans focus solely on accident cover, others protect against everything, from surgery to routine care. We’ve broken down the different coverage options out there so you can find the best option that’s worth your money.
Accident-Only Coverage
An accident-only pet insurance plan ensures your furry friend is covered for common accident-related injuries. It’sIt’s the most basic level of cover you can get, and the most affordable.
Accident-only coverage is perfect for any pet parents after budget-friendly protection in case of emergencies, but don’t need coverage for illnesses or chronic conditions. In other words, its all you need for healthy, low maintenance pets!
Accident & Illness Coverage
An accident and illness policy covers a bunch of vet expenses for accident-related injuries and common illnesses. If you want to play it safe and get a balanced amount of coverage without breaking the bank on premiums, accident and illness coverage is a great choice.
Comprehensive (Lifetime) Coverage
If you want maximum protection, comprehensive coverage is all you need. This lifetime policy covers a huge selection of treatments, diagnostic tests, and prescribed medications. If your pet is elderly, has a poor immune system, or is at risk of developing hereditary conditions, comprehensive coverage is certainly worth it.
Maximum Benefit Coverage
If you want comprehensive coverage, but don’t need lifetime protection, maximum benefit policies are a safe bet. This option provides you with accident and illness protection up to a financial limit, usually per condition. It gives you the flexibility to manage treatment costs for specific conditions, without a time limit.
Time-Limited Coverage
If your pooch or feline has had a one-off mishap, be it an accidental injury or sudden illness, time-limited coverage is a brilliant solution. It offers short-term coverage for conditions and specific emergencies, meaning you only pay for coverage when your pet needs it most.
It’s a go-to for pet parents with healthy pets who need care for a short, one-off period rather than ongoing, long-term treatments.
Wellness & Preventive Care (Add-On)
If you want extra veterinary care covered by your insurance, such as vaccinations, check-ups, and dental disease prevention, it’s worth adding a wellness plan to your policy. Wellness and preventive care add-ons are recommended for new pet parents with kittens and puppies because they need regular vet visits during their early days.
These add-ons will help you manage the costs of routine care, preventing the price from piling up while ensuring your fur baby stays healthy and happy as they grow.
How To Get the Most Out of Your Pet’sPet’s Insurance
There are a bunch of smart ways to save money on premiums while ensuring your fur baby gets the care it needs. Here are the best ways to get the most out of your pet insurance policy:
#1 Enroll Your Pet Early
The earlier you get your pet covered, the better. Ensuring you get your four-legged companion insured from the start will ensure they are covered for future illness, without being excluded from coverage due to a pre-existing condition.
#2 Prioritise What Your Pet Needs
Try not to get tempted by unnecessary add-ons when picking a policy for your pet. Too often, pet parents end up paying extra in monthly premiums for add-ons they never use. When exploring and comparing your options, think about the cover your pet needs the most, rather than what looks appealing.
#3 Double Check Terms and Conditions
Always double check the fine print before signing up for a policy. Different policies will have their own terms and conditions, depending on the pet insurance company you go for. Make sure you review and fully understand the limits, exclusions, and waiting periods before investing in a policy, to ensure you don’t get any unexpected surprises.
#4 Save Money with Multi-Pet Discounts
If you’ve got more than one furry companion, look for insurers that offer multi-pet discounts. This will ensure you get coverage for all your pets while saving money on premiums, making pet insurance much more affordable and easier to manage.
#5 Go for a Higher Deductible
A great hack to lower your monthly premiums is choosing a higher deductible. If you do this, you’ll need to pay a higher upfront cost when making a claim. However, this will save you a lump sum of money in the long run because your premium payments will be lower, making it much more affordable to get your pets covered.
We recommend opting for a higher deductible if your pet is healthy and rarely needs vet care. But, if you’ve got a senior and/or high maintenance fur baby who regularly needs veterinary attention, you’re better off choosing a lower deductible so that your pet’s ongoing medical needs are covered without a large upfront cost.
#6 Don’tDon’t Claim Everything
Every time you make a claim, your monthly premiums can go up in price, so it’s important to choose your pet insurance claims wisely. If you’re going for routine check-ups or minor treatments, like vaccinations or deworming, try to pay out of pocket where you can.
Enjoy Multi-Award-Winning Pet Insurance with PetsOnMe!
PetsOnMe’sPetsOnMe’s multi-award-winning pet insurance is trusted by over 50,000 pet parents across Australia, making us a go-to provider in the pet insurance industry – you can trust you’re in safe paws with us!
We provide pet owners with a selection of hassle-free and transparent policies, without the jargon, making pet insurance easier than ever.
Unlike most pet insurance policies, we give you the freedom to choose your own vet practice and cancel, upgrade, or downgrade anytime they like. You also get super speedy claims, with reimbursements as soon as the next working day, and no sub-limits on consult fees, so you can get your fur baby as much care as they need – it’s certainly worth it!
Join our network of happy cat owners and pup parents today. Browse and compare our selection of policies and get an instant quote online!