The cost of pets: when your furry friend outranks the grandkids

Important information on terms, conditions and sub-limits
By Brad Buzzard · · 2 min read
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An adult male around 50 years old, standing with a neutral but slightly puzzled expression, shrugging with palms out. On one palm, there’s an image of a happy dog. On the other palm, there's a grandson looking upset and disappointed.

Who needs toys for the grandkids when you can splurge on designer collars and gourmet treats for your four-legged companions? According to a fascinating study by insurance house Australian Seniors, 28% of Aussie pet parents over 50 have made a surprising admission: they're spending more on their pets than on their own kids and grandkids.

And it's not just a few extra treats here and there. A solid 35% of these pet owners are regularly spending between $100 and $199 each month on their pets. Meanwhile, an additional 24% are going even bigger, dropping $200 to $299 monthly. Clearly, these pets are more than just animals; they're a big part of the family (as if the ‘grandkids’ statement didn’t already give that away).

Looking at the ages of these pets, a lot of them joined their homes as youngsters. Almost two-thirds were less than a year old, involving costs like vaccinations and early training. Even those adopting slightly older pets, aged 1–5 years, find that their commitment to providing top-notch care doesn't wane.

With such impressive figures being spent on pet care, pet insurance becomes less of a luxury and more of a necessity, particularly for the care of young pets. Now, let's uncover the top five reasons why securing pet insurance early on is a smart move.

5 smart reasons to choose pet insurance for your young pet

Bringing a young pet into your life? It's exciting, but there's a lot to consider, especially their health. That's where pet insurance becomes a key player. Here's why it's a great idea to get pet insurance for your new pet:

  1. Catching illnesses early. Young pets are more prone to sickness as their immune systems develop. Pet insurance helps cover the cost of early detection and treatment.
  2. Accident coverage. Puppies and kittens are naturally curious and can get into accidents. Insurance helps cover these unforeseen events.
  3. Routine healthcare. Regular vet check-ups, vaccinations and preventative care are essential. Many insurance plans cover these, easing the financial burden.
  4. Managing your finances. Monthly insurance payments can be more manageable than unexpected, high vet bills.
  5. Future health planning. Insurance gives you the freedom to make the best health decisions for your pet without being limited by cost.

Choosing pet insurance for your young pet is a wise decision. It's about caring for them as they become an integral part of your family – it doesn’t have to break the bank and hey, they might end up with better health coverage than the grandkids at this rate!

Curious to explore some options? Take a moment to check out some of our favourite pet insurance policies below. 

Compare top pet insurance policies

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Important information on terms, conditions and sub-limits.
Last updated 21 November 2024 Important disclosures

  • Pet Protection Plus

    Petsy has zero sublimits and an annual limit up to $25k. Get a pre-existing conditions assessment in your cooling-off period - free of charge for members only. Dedicated all Australian customer service team. Cancel your policy and receive a full refund of your premium in the first 30 days (T&Cs apply).

    annual benefit limit
    $5,000, $10,000 or $25,000
    benefit percentage
    80% or 90%
    choice of excess
    $0, $150, $200, $300, $500
    choice of vet
    Yes

    available discounts

    • 5% discount for second pet covered with Petsy applied for lifetime of the policy
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    Details

  • Comprehensive

    Get a Comprehensive Coles Pet Insurance policy and collect 10 Flybuys points for every $1 you spend in the pet aisle at Coles (max cap applies). All accidents and injuries, plus 19 specified illnesses covered. Up to 100% back on eligible vet bills. Cured pre-existing conditions covered. You can also get Optional Extras with Routine Care Lite and Routine Care Plus. Exclusions, excess, limits, and T&Cs apply. Underwritten by Guild Insurance Limited.

    annual benefit limit
    $12,000
    benefit percentage
    80%, 100%
    choice of excess
    $200
    choice of vet
    Yes

    available discounts

    • Save 5% when you insure two or more pets on one policy
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    Get quote
    Details

  • Value Cover

    Get great value coverage with Knose Value Cover. Award-winning pet insurance designed with the help of vets. No sub-limits or hidden costs. Customise your plan to help fit your budget. Australian-based customer care.

    annual benefit limit
    $7,500, $12,5000, or $25,000
    benefit percentage
    70%, 80% or 90%
    choice of excess
    $0, $100, $200 Annual Excess
    choice of vet
    Yes

    available discounts

    • Get 10% off your first-year premium using the promo code "MOZO10"
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    Details

  • Basic

    Get a Basic Pet Insurance policy from Coles Insurance and collect 10 Flybuys points for every $1 you spend in the pet aisle at Coles (max cap applies). All accidents and injuries covered, plus 4 specified illnesses covered. Up to 100% back on eligible vet bills. Cured pre-existing conditions covered. Exclusions, excess, limits, and T&Cs apply. Underwritten by Guild Insurance Limited.

    annual benefit limit
    $10,000
    benefit percentage
    80%, 100%
    choice of excess
    $200
    choice of vet
    Yes

    available discounts

    • Save 5% when you insure two or more pets on one policy
    Compare
    Get quote
    Details

  • Dog Plan

    Get dental, physio and behaviour cover included as standard with Fetch 30k cover with no sub-limits. Your plan includes free 24/7 vet support and an all Aussie vet nurse team to manage claims. Claims are paid directly to your vet.

    annual benefit limit
    $30,000
    benefit percentage
    80%, 90% or 100%
    choice of excess
    $0 - $200
    choice of vet
    Yes

    available discounts

    • Get an extra 5% off your entire plan when two or more pets are covered under the same plan.
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    Get quote
    Details

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