Is pet insurance worth it?

A recent query that was posed for my News Corp Gen Y column is no matter whether pet insurance is worth it for most households.

Australia has 1 of the highest rates of pet ownership in the world, with an estimated 63 % of households having at least one pet, according to the Animal Overall health Alliance of Australia. Not surprisingly dogs are the most typical pet (yes, I am a dog individual) numbering around 4.2 million. Each dogs and cats are an integral element of our life and for most households I’d suggest that they are worth insuring.

There are different kinds of pet insurance obtainable though and the product you choose will impact the expense. In broad terms, pet owners can choose between accident-only cover (widespread accidents), accident and illness cover (accidents plus frequent non-preventable illnesses) and complete cover (very same as ahead of plus some cover for routine remedies).  Other aspects affecting the cost are the type, age and size of your animal. As a rule of thumb even though, recent CANSTAR investigation calculated that for a 3 year-old dog, accident cover will set you back around $ 230 – $ 260 per year accident and illness cover is about $ 540 to $ 700 per year and complete cover is $ 620 – $ 870 per year. Cats are cheaper.

It’s important to be aware of benefit limitations on policies though. For instance you might discover that emergency surgery expenses are covered, but only up to, say, $ 3,000. If the surgery bill ends up at $ 10,000, you’ll be in for a nasty shock. Also be conscious of exclusions. For instance, skipping a vaccination could void your cover for that situation.

So the bottom line is that yes, I consider household pets are worth the price of the insurance coverage – but read your policy cautiously to make positive you’ve selected a very good-top quality cover. CANSTAR’s annual Pet Insurance coverage Star Ratings are a fantastic spot to start your search!

Is pet insurance worth it?