Pet insurance is a small fee to pay in comparison to out-of-pocket vet bills, making it a wise choice for any pet parents who want to keep their fur babies healthy without breaking the bank. It’s essentially a financial safety net that saves you $1000s on medicine, check-ups, and emergency appointments.
There’s a selection of plans you can get, each suited to different pet needs and pet owners budgets.
In this article, we guide you through the different types of pet insurance coverage to help you find the best option that matches your budget. We also share important factors to consider when choosing a new pet insurance policy and give you handy tips on saving money when getting your four-legged companions insured.
Jump into this article to learn everything you need to find the right pet insurance policy for you!
Coverage Options for Every Budget
You can take your pick from lots of different pet insurance policies, each offering a different level of coverage and monthly premium. In general, the more coverage you get, the higher your premiums.
We’ve gathered the most common types of policies, each suited to different budgets and pet needs.
Compare pet insurance options below to find the right plan for you:
#1 Most Affordable: Accident-Only Coverage
Accident-only coverage takes care of any eligible vet bills that have incurred as a result of an accident, such as injuries, bites, and poisoning. This option tends to be the cheapest, because it offers a very basic level of cover.
If you want to stick to your budget, with peace of mind knowing your furry friend is covered in the case of accidental injuries, accident-only coverage is a great choice.
#2 Best Value: Accident & Illness Coverage
Accident and illness cover balances affordability with comprehensive cover. It’s a brilliant choice for pet owners after a decent amount of protection for a reasonable price.
Most insurers include accidental injuries and illness covers, such as infections, cancer, and hereditary conditions, in their accident and illness plans, making it a well-rounded option that softens the blow of a range of related vet bills.
#3 Ideal for Short-Term Protection: Time-Limited Coverage
Time-limited coverage protects you against eligible vet costs for a temporary period, such as 12 months. Most pet insurers offer short-term illness coverage and injury coverage, typically for a cheaper price than long-term policies.
If your furry friend, who rarely gets unwell or has an accident, has run into some health trouble, limited-time coverage is a convenient and affordable choice.
#4 Cost-Effective Mid-Tier Protection: Maximum Benefit Coverage
Maximum benefit policies cover eligible vet expenses up to a certain financial limit rather than a time limit. It gives you mid-tier coverage without the lifetime cost, which is ideal for pet parents who want more protection than an accident-only plan but equally don’t want to commit financially to higher lifetime premiums.
#5 Best for Long-Term Protection: Comprehensive (Lifetime) Coverage
Comprehensive coverage is the full package when it comes to protecting your pet’s health. It covers everything, from accidental injuries and hospitalisation to chronic conditions and hereditary diseases.
Because comprehensive policies provide the most coverage, they tend to have higher premiums. But, if you’ve got a clumsy or illness-prone fur baby, paying for comprehensive cover is certainly worth considering as it will save you $1000s on vet expenses.
#6 Add-On Cover: Wellness & Preventive Care
If you’ve got an extra bit of cash to spare, you can opt for add-on cover, such as wellness and preventive care. By paying a little extra in premiums, you can get a range of routine care and special treatment costs covered, including vaccinations, routine check-ups, dental illness, and more.
Factors That Can Influence Pet Insurance Prices
The price you get for a pet insurance policy isn’t always set in stone; there are a few factors that can impact how high or low your premiums are.
Here are some key factors to be wary of when determining the cost of pet insurance:
- Annual Benefit Limit: The higher the annual benefit limit, the higher your premiums will be.
- Deductibles & Reimbursement Rates: Higher deductibles keep monthly costs lower, and a higher reimbursement the insurer will pay increases premiums.
- Pet’s Age: Older pets can incur greater premiums because they present a higher health risk. Always double-check how your pet insurance works to see how age affects premiums.
- Pre-Exisitng Conditions: Most pet insurance providers won’t cover your pet for any pre-existing conditions – the earlier you get your furry companion covered, the better!
- Claims History: If you make a claim regularly, your premiums may spike when you renew your policy.
- Pet Breed and Size: Your pet’s breed can determine what genetic conditions they are at risk of developing. Breeds prone to hereditary diseases will likely cost more to insure. The same goes for bigger breeds.
- Location: Vet costs vary depending on where you live. This can affect your premiums.
How To Save Money On Pet Insurance
Pet insurance doesn’t have to be expensive – there are loads of smart ways to knock insurance prices down while getting the exact cover your pet needs.
When you set out on your pet insurance search, always compare providers and plans before settling on a policy. You may find that different providers offer the exact same coverage for a better price!
Different providers may also offer special perks to new members. For instance, at PetsOnMe, we treat pet parents to two months free cover for pets under one year and the first month free for pets aged over one year.
Before signing up for a plan, make sure you double-check the provider’s fine print. The last thing anyone wants is a surprise charge or a denied claim. The terms and conditions are where you’ll get all the essential information about hidden fees and restrictions that can impact your claims and cause unexpected costs to pop up.
If an insurer is promoting multi-pet discounts, take full advantage of them. This ensures you get all your fur babies covered for a reasonable bargain. In most cases, insurers will give you a percentage discount for enrolling multiple pets under the same plan, making it much more cost-effective to cover all your pets at the same time.
Some pet insurance companies even offer loyalty schemes and discounts. At PetsOnMe, you can enjoy referral program rewards when you sign up for our VIP Partnership Program. You can also get 12% off select pet care services, such as dog walking and pet sitting, when you choose any of our policies.
The way you pay your premiums can also impact how much you pay. If you choose to pay your premiums annually, you could get a generous discount rather than paying monthly. Although you may have to stomach a larger lump sum upfront, you’ll certainly be paying less in the long run.
Finally, don’t fall for unnecessary add-ons. When you pick a policy, you might get bombarded with enticing extras, such as alternative treatment, such as behavioural therapy, and wellness treatment inclusion, like dental cleaning. These can significantly increase your premiums, so it’s important to really consider whether it’s a worthwhile investment.
Discover Affordable and Transparent Pet Insurance At PetsOnMe!
PetsOnMe Australia offers a variety of multi-award-winning pet insurance policies designed especially for cat and dog parents. Our policies offer simple, easy, and affordable cover without the jargon – covering your pet’s health has never been easier.
Unlike most pet insurance policies, we provide flexible and clear plans that you can upgrade, downgrade, and cancel anytime, so you can bid farewell to sneaky lock-in contracts and surprise charges!
Our puppy, dog, and cat plans come in three tiers: Accidental, Classic, and Deluxe.
Our Accidental Plan is among our most affordable options. This is our best pet insurance policy for pet parents after budget-friendly, basic cover for any accidental mishaps.
Our Classic Plan balances affordability with comprehensive coverage. While this is a cheap pet insurance option, it still delivers all the coverage your furry friend needs, including accident, illness, hereditary conditions, third-party liability, and cruciate ligament cover.
Our Deluxe Plan is among our most comprehensive pet insurance policies. This pet insurance costs the most out of our three options but provides exceptional value for money as you get a huge package of cover and extra add-ons, including select dental illness cover.
Whichever plan you go for, you’re guaranteed fair and transparent pet insurance premiums that won’t break the bank. Compare our different plans and get a free quote at PetsOnMe today!
Any advice is this article is general in nature and does not take into consideration your personal objectives, financial situation or needs.