Veterinary technology is changing rapidly with new and developed treatment options to benefit pets. But with that comes a high price tag and pet insurance is a good way to protect against those increasing costs, says Shaun Leveton, managing director of PetSure, Australia's leading provider of pet health insurance products for dogs and cats.
“Veterinary bills are expensive and often unexpected. You can’t plan when your pet will go to the vet,” says Mr Leveton. “Pet insurance is the way to get the best veterinary treatment for your pet without having any financial constraints.
Pet insurance will help save pet owners thousands of dollars each year on vet bills. While a basic gastroenteritis can cost more than $200, cancer treatment for your cat can set you back more than $10,000 and a car accident involving your dog more than $16,000.
Pet insurance can give you back 80 per cent of the cost with a generous annual limit of up to $15,000 (depending on the level of cover), says Mr Leveton.
“One claim has paid out in excess of $17,000 to treat a Kelpie for a deadly snake bite. Another claim has paid out in excess of $32,000 for chemotherapy and $27,000 for a renal problem,” he says.
Pet owners in Australia are starting to understand the importance of getting pet insurance as seen by the increasing number of pet owners taking out insurance for their pet over the past decade.
“In the United Kingdom, over 26 per cent of pet owners have pet insurance. It has grown to just under 5 per cent of the pet population in Australia,” says Mr Leveton. “Only dogs and cats can be insured in Australia.”
Pet insurance premiums, just like motor insurance, are based on the risk insured and typically the premium is calculated based on the species of animal, age, breed and various other factors. For example, a Great Dane will cost more to treat than a Jack Russell and a Sharpei will have more frequent visits to the vet compared to a cross breed; hence, the premiums differ, he says.
“Pet insurance can cost, on average, around $450 per year. It’s a worthwhile investment considering the cost of veterinary treatment,” says Mr Leveton.
In Australia, pet owners can choose from more than 16 different brands of pet insurance. (PetSure is the underwriter and administrator of nearly all of these products.)
“The difference between policies is price, level of cover, what policy covers and what value add it offers,” says Mr Leveton. “You can tailor your cover to suit your pets’ needs and your budget by choosing from various cover options.”
Policies offer cover ranging from vet consultations, hospitalisation, after-hours emergency, laboratory and diagnostic tests, cruciate ligament surgery, medication and drugs, genetic conditions, radiology, specialist care and emergency boarding. Some policies also give you cash back towards routine pet care cover, such as worming, vaccination and tick and flea treatments, and alternative therapies.
With some policies, you can also claim for advertising and reward for a lost pet, or holiday cancellation if your pet goes missing or needs urgent surgery. Some policies also offer third party legal liability. Plus, you can even get frequent flyer points by taking out pet insurance!
“What pet insurance typically does not cover are pre-existing conditions, and whelping and breeding-related claims,” says Mr Leveton.
Also, some pet insurers do not approve preventative and routine care or treatment, such as check-ups and procedures designed to prevent future illnesses from occurring rather than treating existing illnesses.
Like when you choose an insurance policy for your home or car, you need to do your research to help you find one that is most suitable for your pet and budget.
“It’s important to understand the insurance policy and ask questions of the insurer,” says Mr Leveton. “Also ask your vet and family/ friends (who have pet insurance) about their experience.”
Most importantly, read the small print on the policy disclosure statements! Pet insurance policies have various exclusions that pet owners need to be aware of, he says.
For instance, some policies do not cover pets past a certain age or the level of cover drops after they reach a certain age. Or, some policies do not approve claims for diseases for which there is a known vaccine.
For a list of pet insurance companies, visit petpages directory.
“Veterinary bills are expensive and often unexpected. You can’t plan when your pet will go to the vet,” says Mr Leveton. “Pet insurance is the way to get the best veterinary treatment for your pet without having any financial constraints.
Cost of Veterinary Care
Pet insurance will help save pet owners thousands of dollars each year on vet bills. While a basic gastroenteritis can cost more than $200, cancer treatment for your cat can set you back more than $10,000 and a car accident involving your dog more than $16,000.
Pet insurance can give you back 80 per cent of the cost with a generous annual limit of up to $15,000 (depending on the level of cover), says Mr Leveton.
“One claim has paid out in excess of $17,000 to treat a Kelpie for a deadly snake bite. Another claim has paid out in excess of $32,000 for chemotherapy and $27,000 for a renal problem,” he says.
Pet owners in Australia are starting to understand the importance of getting pet insurance as seen by the increasing number of pet owners taking out insurance for their pet over the past decade.
“In the United Kingdom, over 26 per cent of pet owners have pet insurance. It has grown to just under 5 per cent of the pet population in Australia,” says Mr Leveton. “Only dogs and cats can be insured in Australia.”
Pet insurance premiums, just like motor insurance, are based on the risk insured and typically the premium is calculated based on the species of animal, age, breed and various other factors. For example, a Great Dane will cost more to treat than a Jack Russell and a Sharpei will have more frequent visits to the vet compared to a cross breed; hence, the premiums differ, he says.
“Pet insurance can cost, on average, around $450 per year. It’s a worthwhile investment considering the cost of veterinary treatment,” says Mr Leveton.
Types of Pet Insurance
In Australia, pet owners can choose from more than 16 different brands of pet insurance. (PetSure is the underwriter and administrator of nearly all of these products.)
“The difference between policies is price, level of cover, what policy covers and what value add it offers,” says Mr Leveton. “You can tailor your cover to suit your pets’ needs and your budget by choosing from various cover options.”
Policies offer cover ranging from vet consultations, hospitalisation, after-hours emergency, laboratory and diagnostic tests, cruciate ligament surgery, medication and drugs, genetic conditions, radiology, specialist care and emergency boarding. Some policies also give you cash back towards routine pet care cover, such as worming, vaccination and tick and flea treatments, and alternative therapies.
With some policies, you can also claim for advertising and reward for a lost pet, or holiday cancellation if your pet goes missing or needs urgent surgery. Some policies also offer third party legal liability. Plus, you can even get frequent flyer points by taking out pet insurance!
“What pet insurance typically does not cover are pre-existing conditions, and whelping and breeding-related claims,” says Mr Leveton.
Also, some pet insurers do not approve preventative and routine care or treatment, such as check-ups and procedures designed to prevent future illnesses from occurring rather than treating existing illnesses.
Tips to Choose Pet Insurance
Like when you choose an insurance policy for your home or car, you need to do your research to help you find one that is most suitable for your pet and budget.
“It’s important to understand the insurance policy and ask questions of the insurer,” says Mr Leveton. “Also ask your vet and family/ friends (who have pet insurance) about their experience.”
Most importantly, read the small print on the policy disclosure statements! Pet insurance policies have various exclusions that pet owners need to be aware of, he says.
For instance, some policies do not cover pets past a certain age or the level of cover drops after they reach a certain age. Or, some policies do not approve claims for diseases for which there is a known vaccine.
For a list of pet insurance companies, visit petpages directory.
Topic: Owning a Pet
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