If you’ve got a pet, you’ve probably been asked a million times if you have pet insurance. If you’re a first-time pet parent, you might have been hesitant in committing to pet insurance, as it is an additional cost after all.
However, when it comes to having pets, there are plenty of benefits that come from having pet insurance. To help you understand more about pet insurance, we’re going to give you some information on how pet insurance works and an insight into the benefits of insuring your pet.
So, before you commit to the added expense of pet insurance, it’s a good idea to understand what pet insurance actually is, so keep reading to learn more about it.
Table of Contents
1. How does pet insurance work?
One of the biggest reasons people avoid getting pet insurance, besides the cost of it, is that they don’t actually understand how it works.
So, essentially pet insurance is available at various policy levels. Each policy covers different service types or proportions of the bills for services that your pet might require at the vet. The policies will have a premium, which is the amount you need to pay to be covered for each of the services listed in the policy.
The premiums will vary in cost, based on the type of coverage each policy covers. So, you pay the premium, usually on a monthly basis, and your pet’s vet bills will be covered to the extent relevant to your coverage.
When you actually use the insurance, the way it usually works is that you pay your vet for the service, and then make a claim with your insurance provider, who will pay you a portion of the vet bill, based on your policy.
2. How much can I expect to pay for pet insurance?
The pricing of pet insurance is affected by different variables, including, but not limited to:
- The type and breed of pet
- Your pet’s age
- Any pre-existing conditions
- How much coverage you want i.e. Do you want a high level of coverage for a wide range of services, or a limited scope?
- The pet insurance provider
Pet insurance can be anywhere between $30 – $100 a month. This price is impacted by the above factors as well as how many pets you’re covering with a provider – sometimes you can get a discount based on multiple pet policies with the same provider.
When you’re deciding on a pet insurance provider, it’s also a good idea to research the veterinarians in your area, as they might only accept certain pet insurance providers at their clinic.
3. What is covered by pet insurance policies?
Pet insurance policies can cover a huge range of services that your pet might require, and this can be somewhat dependent on how much you are willing to pay for your premium.
In most instances, pet insurance will cover vet bills for things like emergencies, surgery, injury, dental care, and preventative care options, like vaccinations. Sometimes, they might cover up to a certain dollar value of vet bills relating to general check-ups, and you may be required to pay the difference.
It’s a good idea to shop around when you’re looking at insurance policies as their coverage can vary significantly, and some providers specialise in certain types of animals.
4. What are the disadvantages of pet insurance policies?
Like anything else, there are disadvantages to insurance policies for pets.
For instance, if your pet has a pre-existing condition, like internal blockages, or a life-threatening illness, such as cancer, you might end up paying a higher price for your insurance, or not being able to cover your pet for that condition.
Another disadvantage is that your policy may cover various services on an annual basis, however, you might not always require these services, so this coverage goes unused. This can often be a reason as to why people don’t get pet insurance, as they think they are paying for things they don’t need or won’t use.
However, when you don’t have pet insurance and you’re stung with a large vet bill, as they can add up easily, you might find that you end up paying more for the one-off bill rather than if you paid for the insurance policy.
5. What are the benefits of pet insurance?
Insurance providers are in the business of making money – there is no denying that. However, while pet insurance policies will cost you money and they might seem expensive, the reality is, you’re paying for peace of mind.
If your pet is like a member of your family and they become unwell or involved in an accident, you might be left with a tough decision if you can’t afford to treat them. It’s no secret that the services of a veterinarian are expensive. They offer a very specialised service. However, if you are not able to afford to pay for a surgery or medication in a large lump sum, you might end up having to put your pet to sleep.
If your pet is seriously unwell or involved in an accident, your insurance policy may help to cover a lot of the costs associated with treating them and will often be cheaper than if you end up out of pocket because you don’t have insurance.
Give yourself peace of mind by insuring your pet
While everyone’s circumstances are different, if you’ve made the decision to take on a pet, one of the most responsible things you can do is to take out an insurance policy. That way if your pet requires urgent animal care Bundaberg, or anywhere else in Australia, you can get them the help they need.