Spoiler alert: There are going to be a lot of cute pets in this video!
Aussies love forking out for their furry friends. We pay big bucks for premium dog food, baller
outfits, customised kennels and fancy kitty litter, but what about pet insurance?
That’s exactly what we are here to investigate!
So let’s understand what Pet insurance is
It’s basically a health care policy for your cat or dog, and much like health insurance
for humans, it can help you to save big on medical costs, or in this case, vet bills.
For example, if your four-legged friend swallowed something they shouldn’t have,
and needed an urgent operation to remove it, pet insurance would cover up to 80% of the treatment cost
This means that a $1,000 procedure may only leave you $200 out of pocket.
So, how much does it cost?
Like any insurance policy, this depends on a handful of factors. Your level of cover,
along with the age, sex and breed of your pet can all impact the price of your premium.
On average, pet insurance for dogs will set you back around $372 to $840 per year
This might seem like a lot, but when you consider that an operation can set you
back thousands, it’s a no brainer.
Good news for cat lovers! Cats are usually cheaper to insure than dogs, and their breed
won’t impact the price of their premium.
The best way to understand when to get pet insurance is to understand when it’s worth
it and when it’s not.
It can be worth it when your pet is young
Insuring your pet early on means they’ll still receive cover in their old age, and
this is when health problems are more likely to occur. Older pets aged 7 - 9 years and
over are usually excluded from new policies other than accident only.
Secondly, when your dog breeds is more prone to hereditary diseases
Some dog breeds are much more likely to get sick than others. And while you may have to
pay a higher premium depending on your dog’s breed, you’ll be covered for the cost of
their medical care should they need it down the track.
So if you’ve got a cute little Frenchie, or a German Shepherd, it's probably a good
idea to get cover. If you’ve got a terrier or mixed breed, you might be able to get away without it.
Third, you want peace of mind
Comprehensive policies include regular vet visits and checkups. So if something doesn’t
seem right with your best buddy, you can get it checked out straight away. Plus you won’t
be faced with the heartbreaking reality of having to put your pet down because you can’t
afford the cost of treatment.
Pet insurance may not always be worth it: If your pet already suffers from a condition
prior to taking out pet insurance, you won’t be covered for that particular issue or any
other related illnesses. This means that if your dog has a skin condition and you decide
to take out pet insurance, you won’t be covered for any skin related illnesses in
the future - even if your pet has never had it before.
Secondly, if you got enough savings in the bank
If you’re comfortable you have enough savings stashed away to cover an expensive medical
emergency, you might be better off relying on this instead.
Makes you wonder though, can’t you just stash away a little each month to cover these
vet bills?
This is a good option if you’re disciplined. By opening a high-interest savings account
and setting aside a portion of your pay each week, you could build up enough money to cover
a small emergency.
However, if you only start saving once you bring your pet home it’s going to take you
a while to build up a decent emergency fund, which wouldn’t help you if an expensive
vet bill came in straight away.
Chances are your pet will need to see a vet for an expensive medical issue at some point
in their life. Whether they get a tick, need dental work or break their leg, the necessary
treatment could end up costing thousands of dollars. By taking out pet insurance, you’re
safeguarding both your furry friend and your finances against the unexpected.
But if your pet is too old or sick to qualify for a new policy, a savings account could
be a good option
So what do you think, let us know about your pet and whether you think pet insurance is worth
it in the comments below
If you like a quote or want to find out more information
we’ve got a link below to a bunch of providers. Or if you prefer a high interest savings account,
we have a link to some of those options too