Pet Health Insurance - Explained

We have covered the ‘why do I need pet insurance?' question in our FAQs, so here we are going to talk about what are the most important things to consider when selecting the right level of cover for your pet.

The Cost

The more cover you require, the more expensive the policy. However, if your policy doesn’t cover a lot of treatments or has a low vet bill threshold, the more you may have to pay more if something happens to your pet. This is similar to most types of insurance policies except with pet insurance you want to keep your pet alive and healthy, so it’s important to consider what is covered and at what cost. Most puppy insurance policies will cost between $30 and $70 per month and will give you a good level of cover.

Level of Cover

The correct level cover has a knock-on effect on the cost, so these are equally as important. Pet health insurance carriers offer a variety of cover options, so try and think about the worst-case scenario, such as an unexpected vet bill for $3,000, $4,000, or $10,000. Would you be in a position to pay this amount to your vet in the event of an emergency? Go for the level of cover that you can afford which gives your pet the best chance of recovery.

Annual Deductible

Insurance excess or Annual Deductible is the amount of money that you have to pay on a claim. For example, if your vet bill is $5,000 and you have a deductible of $250, you will pay $250 and the insurance company will pay $4,750. Like most insurance companies, the higher your deductible, the lower your premium, so make sure you can afford to pay the deductible as stated on your pet insurance policy. A typical deductible amount is $100 to $250.

Maximum Limit or Annual Limit

Annual Limit is the total amount you can be reimbursed over a 12-month policy period. It starts again every 12 months or when a new policy period begins. With Complete Coverage, you can select your annual coverage limit with options from $5,000 to unlimited. A lower limit will reduce the cost of your premium.

Preventive Care Coverage

You can customize your level of insurance cover by adding Preventive Care Coverage to your policy. These are usually at a low additional cost and would pay out a set amount for services like annual check-ups and blood screening. This extra level of cover might be worth considering as it can give you cashback for the routine wellness care your pet requires.

If you would like to find out what the cost of pet health insurance will be for your furry baby, try our online Quick Quote tool to see our prices