40% of Aussies spend more on their pets than themselves, says ING

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Two women walking a group of dogs, discussing pet insurance.

One third of Australians adore their pets more than their human family members, according to a survey conducted by ING.

The bank recently added pet insurance to their suite of financial products, and to better understand potential customers they’ve asked more than 1,000 Aussies how they feel about their pets and how much time and money they spend keeping critters happy and healthy. 

The results reveal some extreme pet love. Owners are spending more than nine hours a week caring for dogs and cats, one in four say they’d end a relationship if their partner didn’t get on with their pets, and 40% spend more on pets than themselves.

But according to ING’s study all this effort has some positive outcomes. More than a third of pet owners said their mental health had improved since owning a pet, and 21% said their dog or cat kept them motivated to get through everyday tasks. 

So, should you get pet insurance? 

With all this in mind, only 18% of ING survey respondents have pet insurance for their dogs and cats. 

Pet insurance might not be for every pet-obsessed owner, as it’s usually only available for cats and dogs (sorry all you guinea pig and chicken owners). Mozo research also shows the cost of pet insurance can differ depending on breed, as well as other factors like your pet’s age (and there’s usually an age limit over which pets won’t be covered).  

It’s also important to remember pet insurance has different levels of cover, like basic accident-only insurance for emergency vet bills versus comprehensive policies which can include cover for treating illnesses and some routine check-ups.

So, you’ll want to assess your pet’s health requirements and existing vet costs to see what’s suitable and the best value for money.

And don’t forget each pet insurance provider and individual policy will come with a list of events and treatments not included in the coverage.

Head over to Mozo’s pet insurance hub to investigate common policy exclusions and other details you’ll want to research before taking out insurance for your canine or feline.