Why You Should Consider Getting Pet Insurance Tuesday 18 July 2017 @ 15:12

Introducing a pet into your family can be one of the most joyful events in your lifetime. 66% of families originally acquired pets as companions but once acquired, 64% of families considered pets to be an integral part of the family.i

Pets are also being part of families longer as their lifespan has greatly improved over the past 25 years. The average lifespan for dogs increased by 1.5 times to 11.9 years and cats by 2.5 times to 13.1 years. The increased lifespan has been a contribution of pet owners providing greater care to their furry friend, improvement in food quality, medical treatment, vaccinations and many pets being kept indoors.ii

In 2016, Australians spend close to $2.4 billion per annum of veterinary services, however, only 19% of pet dogs and 9% of pet cats have insurance cover. When you consider 1 in 3 pets require urgent veterinary attention each year and the cost of a common claim such as fractures from a fall or a snake bite from running around the garden can cost on average $2,000 each.iii Veterinary bills can add up and sometimes cause families into financial distress.

As such, pet owners should consider taking up pet insurance where the monthly outlay can range from little as $15 for basic cover up to $150 for a comprehensive plan. In Australia, there are more than 18 pet insurers offering similar products so it’s important to spend time researching which policy suits your pet.

During the research phase, reading pet insurance reviews could improve your understanding of the different types of insurers/policies available and feedback from existing policy holders. All of which will allow you to make an inform decision on which insurer is suitable.

An example of relevant insurance reviews could be, Woolworths Pet Insurance Reviews, where you can easily compare the different level of coverage from Woolworths. In addition, you can see the benefits and downsides of each plan saving yourself time. If the price and coverage meet your expectations, then you will need to read the product disclosure statements carefully for specific inclusions and exclusion on the policy. For example, Woolworths do not offer coverage for working dogs whereas the Guild Dogs of Australia do.

Other inclusions that might be important to you could be coverage for finding your lost pet. PetPlan Pet Insurance offers coverage of up to $2,000 in advertising & reward if your pet gets lost. Adverting your pet in local papers and providing a reward would enhance the chances of your pet being found or returned. In the worse scenario, if your loyal companion could not be found, PetPlan also provides up to $2,000 back.

Choosing the right pet insurance can be a difficult task, however, if you have spent the time researching and also asking the pet insurer questions you are unsure about before signing up, could prove to be one of the best financial decisions you have made. Finally, it also provides your pet with the best possible care they deserve and limiting the financial impact it could have for your family.

i http://animalmedicinesaustralia.org.au/wp-content/uploads/2016/11/AMA_Pet-Ownership-in-Australia-2016-Report_sml.pdf

ii https://www.banfield.com/state-of-pet-health

iii https://www.rspcapetinsurance.org.au/dog-insurance

Blog provided by petplans.com.au