Importance of Pet insurance
Contrary to popular belief, pet insurance in Australia does not prove costly when you consider the total cost of treatment of your pets without insurance cover. A small amount, as per type of policy chosen by you, can prove far less expensive in the long run and reduce your mental, emotional and financial stress.
Pet insurance can prove a boon for the pet owners who are unable to foot the treatment bills of their pet. Often due to financial limitations, they are constrained to take one of the toughest decisions and ask the vet to put down the pet rather than care for it which is nothing less than a tragedy commonly referred to as “Economic Euthanasia.”
Benefits of Pet insurance
Although most people believe that they will not have to spend much on treatment of their pets yet the fact is that 1 out of 3 pets is estimated to require emergency medical treatment.
Dog insurance and cat insurance are two of the fastest growing insurance types in Australia.
Some of the benefits of pet insurance to pet owners include:
- Money saving when their pet is injured or ill.
- Empowerment to pet owner to not have to choose between treatment expenses and their pet’s life.
- Allows focusing on the health of their pet, rather than the treatment cost.
- Saving on additional treatment costs, like stays in the veterinary hospital or X-rays.
- Better treatment options for the pet, such as necessary surgeries and chemotherapy.
- Effectively treat pets for costly procedures like, Tick Paralysis, Cruciate Ligament Surgery, Cataract Removal, Spinal Surgery or FLUTD surgery and Dental care.
- Cover for the cost of boarding kennels/catteries when pet owner is hospitalized
Certain policies like Comprehensive pet insurance compensate if your pet is lost or stolen. Even some pet insurance plans offer cash reward to the individual who helps finding it. Pet insurance may also help with legal costs if any damage or injury to a 3rd party by your dog.
Factors that influence pet insurance cost
Mostly insurance companies insure pets like dogs and cats only. The average cost of pet insurance is higher for dogs that can be up to 60% more expensive than cats for accident and illness policies.
Dog insurance costs more as there are larger varieties of dog breeds and the presence of hereditary conditions common in some dog breeds.
Mostly, some of the dog breeds are more prone to health issues such as:
- Bulldogs – often have respiratory problems
- German Shepherds – often suffer hip dysplasia
- Labradors – usually suffer with obesity without proper diet control and exercise.
When you wish to insure your pet against all these eventualities and unexpected health conditions nothing is better than a comprehensive pet insurance policy for your pet.
More often than not, the first question that people ask the insurer happens to be-what is the cost of pet insurance Answer to their question lies in the pet insurance premiums i.e. cost of pet insurance that are calculated based on various factors such as:
- Age of pet
- Breed i.e. pure breed or cross breed
- Pets desexed or not
- Your place of living
- Type of policy taken
- Duration of policy
- Numbers of pets – Some providers offer a discount when you insure multiple pets.
iSelect, Australia’s most professional and trustworthy pet insurers, have many plans to provide insurance cover up to 85% of the costs, to a maximum of $20,000 each year to suit to the need of all clients.