1300 489 873
Our pooches and kitties are so much more than pets. They’re family, and we’ll do anything for them. We want to ensure they’re protected against accidents, illnesses or conditions. That’s where pet insurance can be crucial.
But as a first-time pet owner who loves their new family member so much, you might just be wondering, ‘What is pet insurance?’ or ‘What main types of pet insurance exist?’
We’ve got the answers you need. In this guide, we’ll walk you through what pet insurance is, why it’s important, and how it can help you keep your pet pooch, cute kitten, or furbaby protected.
What is Pet Insurance and How Does It Work?
Pet insurance is a form of coverage for your beloved pet. It covers or pays a portion of eligible vet bills, such as for your puppy or cat, and the coverage applies to an agreed-upon amount.
A few financial components make up pet insurance, including the following elements:
- The premium – This financial component refers to the amount you will pay to receive insurance cover for your pet. Typically, you’ll pay a monthly or annual payment, which will depend on the breed, the age of the pet, and the level of cover you choose.
- The excess – The excess is the portion of the vet bill you’ll need to pay before the coverage of the insurer applies. It’s deducted from the total payout you’ll get from the insurer, which, in turn, gives you access to a whole world of pet care coverage.
- The benefit percentage – This element is the portion of the bill that an insurer will reimburse you for once they have deducted the excess. As indicated by the name, the benefit percentage takes the form as a percentage, such as 80% or 90%. This is the percentage of the cost the insurer will cover, minus the excess.
Example excess: Say your dog or cat needs a surgical procedure, and the bill is $1,000. You have an 80% benefit percentage, meaning the insurer will pay 80% of the $1,000 bill ($800), less the excess of $200. You’ll pay the $200 excess, and the insurer will subtract this from the benefit percentage. This means the payout you receive will be $600.
Claims Process
If you’re wondering how you can get reimbursed for eligible vet bills, it tends to be a three-step process, including the steps below:
- Your pet receives the treatment, and you pay the vet bill following the treatment.
- You retain the receipt, the notes for treatment, and a claim form.
- You submit the claim through your insurer’s website. After everything is processed, you receive the benefit percentage, less the excess.
So, whether your companion’s vet visit involves care for injuries or illnesses, medical assistance for surgical procedures, or something else, you’ll have a portion of the costs covered by your pet insurance, according to the level of coverage you choose.
Why Insurance Matters for Pets and Pet Owners
Your four-legged companion is a loved member of the family – that’s a key reason insurance matters for pets and pet owners. It keeps your furry friend safe despite health crises. But you’ll want to take out pet insurance for these reasons:
- Less Stress – Picture this, your dog discovers a small raisin that finds its way into its mouth. You see that your beloved pooch swallows the raisin, and you begin to panic. With pet insurance, you face less stress in the face of unexpected accidents such as these.
You’ll never hesitate to seek the right medical support, and you’ll always have the peace of mind that your pooch will be given the right care and attention when looking after its health. That’s because the insurance policy is already in place.
- Lower Veterinary Costs – Pet health crises can be costly. You and your dog or cat may be facing unexpected appointments such as consultations with specialists or longer treatments. Such costs can affect your savings, leaving you unprepared for other costs.
But with pet insurance, you’ll have no difficulties making a choice based on the needs of your pet, as opposed to your financial limitations. Coverage means your savings and your pet’s health remain protected throughout the care procedure – your savings remain intact, and you can cover other important costs.
- Financial Planning Benefits – There are also unpredictable pet health events that can affect your budget at irregular moments, meaning you might find it difficult to adjust your budget accordingly.
With pet insurance, though, any cost coverage becomes predictable and you’ll know the budget you’re working with. If there’s a sudden, huge veterinary bill, you don’t need to worry about being unprepared to cover surprise vet costs.
What Are the Main Types of Pet Insurance Cover?
There’s a range of pet insurance cover types you’ll need to know about when picking the right option for your furry feline or dependable dog. Whether you want to compare plans or know more about each option, you’ll find the main examples below.
Accidental Injury
Covering a part of the cost of vet visits for unexpected injuries, this pet insurance offers accidental injury cover. It is one of the inexpensive options that can aid you in covering costs for pet accidents. This plan covers part of the following costs:
- Car accident injuries
- Fights that occur with other dogs
- Snake bites
The Accidental Injury plan at PetsOnMe covers all of these potential injuries as well as prescribed medication, third-party liability, operating theatre costs, tick paralysis, poisoning, and various other types of care.
Illness Cover
Our pets may sadly experience both illnesses as they age. But illness pet insurance generally has a specific cover for these costs. Illness is there to help cover the costs of accidental injuries and common illnesses. It can help you pay for:
- Skin disease treatment
- Operating theatre care – care spanning preoperative to postoperative recovery
- Radiology – scans that produce a thorough evaluation.
At PetsOnMe, the Classic Plan helps you cover these types of conditions plus hip dysplasia – a condition where the hip joint doesn’t develop correctly, luxating patella – a dislocated knee, IVDD – intervertebral disc disease that affects the neck and lower back of the spine, and many other conditions.
Comprehensive Cover
The furry companions in our lives might also need more from their treatment plans. That’s where comprehensive cover can be ideal. It typically covers the following care costs:
- Abscess treatments
- Specialist treatment
- Other costs
Our comprehensive, Deluxe Plan offers this range of benefits and others that are not covered in the accident and illness or accident cover, such as treatment for retained deciduous teeth, tooth fracture, and dental disease as a result of infection.
What Is the Cost of Pet Insurance?
Pet insurance costs will vary and it really comes down to a few main factors. The first is the provider you choose. The second is the level of coverage you want. And the third is the type of pet (such as pet breed, gender and size). You can expect the average monthly premium cost to be in the region of $25 at the lower end.
Comprehensive pet insurance can also vary, so you can expect to pay a premium in the range of $69 – $121 per month. Remember, though, that when you’re choosing pet insurance, it’s important to think about your lifestyle and choose an insurance product that matches your pet. This involves considering the pet’s risks, thinking about the type of pet you own, looking at its overall health, and considering its age.
With PetsOnMe, the great news is that pups under one year get two months of free cover, dogs aged over one year get one month of free cover, kittens under one year get two months of free cover, and cats get one month of free cover.
Get the Right Pet Insurance Cover Through PetsOnMe
We know that getting your pet the best care is a duty that you’ll want to uphold. Our pets deserve the best levels of cover and medical attention throughout their lives. With PetsOnMe, you’ll find a range of dog insurance options for your little pooch and cat insurance for your feline.
You can easily compare pet insurance through us, as we proudly offer accidental injury, illness, and comprehensive cover so that your little furbaby is taken care of.
Our transparent fees come with zero hidden fees or lock-in contracts. Contact us to get the right pet insurance cover through PetsOnMe – and don’t forget to check out our additional services for dog walking and cat sitting to keep our pets healthy.
Discover More About Pet Insurance
What Is a Waiting Period in Pet Insurance?
This waiting period refers to the time between purchasing the insurance policy and the time you’re able to make a claim – in other words, the time taken for the pet’s cover to begin.
The waiting period can be found in the product disclosure statement, so it’s important to read this section carefully to know more about this.
Does Pet Insurance in Australia Cover Dental?
Despite the waiting periods that you may need to consider, you can often get dental care included in the coverage through some pet insurance in Australia.
To be specific, comprehensive pet insurance policies are the options that tend to offer this. But with more basic coverage plans, there may be add-ons that give you the option for dental care coverage.
With PetsOnMe, our Deluxe Plan offers dental coverage in the insurance plan.
What Does Pet Insurance Cover?
This will really depend on the cover option you choose. The basic accident-only cover will reimburse you for costs related to accidental injuries your pet experiences.
However, there are higher-level policies that will cover more scenarios, such as tick paralysis and some hereditary conditions. Your furry companion will be covered for medication, routine care, and eye and ear conditions.
Keep in mind that pet insurance often excludes pre-existing conditions.
