Your pets are precious and you want to protect them from harm and look after them the best way possible. No matter how much love and care we provide, accidents and illness are beyond our control. Pet Health Insurance can take the worry out of paying pet health care bills when the unexpected happens. With some procedures and illnesses now costing in the thousands for specialist treatment, this can certainly lead to substantial savings.
We would recommend that you organise pet insurance when your pet is as young as possible. Any condition which is already present prior to taking out the insurance policy will not be covered. There are also exclusions on taking out policies on older animals. Don’t wait until it is too late.
What are your options?
There are many different insurance companies offering a range of Pet Insurance policies. While many of the policies are very similar which policy you choose will depend on your circumstances. There are three main types of policies.
1. No Excess, 80% of vet bill paid
With this option, the insurance company will pay you back 80% of the claimable portion of the bill. This would end up being a better option if your pet is often sick but for low cost procedures.
Example – Petplan Dog and Cat Insurance
2. Excess payable, 100% of vet bill paid
With this option, once the excess has been deducted (usually around $100), the insurance company will refund you the rest of the claimable portion of the bill. This would end up being a better option if your pet is rarely sick but the procedure is very expensive. (eg specialist treatment).
Example – Prosure Pet Insurance
3. Low cost, excess payable, low level coverage (eg RACQ house and contents add-on pet policy)
While this may be a low cost addition to your house and contents insurance policy, you will have to pay an excess (generally around $50), and there is a limit on the amount that will be paid back for a condition (eg. $500 for RACQ). The policy only covers for accidents or unexpected illnesses.
For both the first and second option above there are generally a number of policy options to chose from. Examples include:
- Accidental Injury only – lowest cost policy
- Accidental Injury and Illness
- Accidental Injury, Illness, some wellness care eg may include vaccinations, health checks, worming, prescription foods.
All of the policies require the vet bill to be paid up-front and then the insurance company will refund you the specified amount depending on your policy. There is no Hicaps system available for pets.
Did you know?
‘Choice’ do any excellent & comprehensive comparison of the current pet insurance policies available? We highly recommend you visit their website.