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

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 - last updated 25 February 2024

Search promoted pet insurances below. Advertiser disclosure Important information on terms, conditions and sub-limits.
  • Accident and illness

    100% Australian owned, Pet Circle Pet Insurance comes with no sneaky sub-limits and your choice of 3 annual limits up to $30K. Enjoy 3 benefit percentage options; 70% 80% or 90%, subject to annual excess. Choose what level of annual excess you need, from $0 to $150. Team of pet experts to help you on hand. Cancel at any time.

    annual benefit limit
    30000
    benefit percentage
    90
    choice of excess
    $0, $75, $150
    choice of vet
    Yes

    available discounts

    • -
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  • Mozo Expert Choice Badge

    Pet Insurance

    Enjoy flexible options that make it simple to tailor your pet insurance. Get a quote in just 2 minutes. Aussie customer care team. There are no sub limits and emergency help is available 24/7. Add optional extras such as dental illness and specialised therapies. Get 10% off your first-year premium using the exclusive promo code "MOZO10" - T&Cs apply.

    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

    • -
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    Details
  • Major Medical

    Get two months free when you sign up with Pet Insurance Australia. Choose between three levels of cover for your pet. Policies cover a range of specified accidental injuries and illnesses. Get refunded for up to 80% of eligible vet bills. 21 day cooling off period.

    annual benefit limit
    $30,000
    benefit percentage
    80%
    choice of excess
    $0, $100, $200, $500
    choice of vet
    Yes

    available discounts

    • 2 months free when you pay by monthly or fortnightly. Offer end on the 30th June 2024
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  • Pet Insurance

    Get cover for a generous 80% of your eligible vet bill when you take your furry family members to yourchoice of registered vet or veterinary practice in Australia. Enjoy a 15% discount on your first year’s premium for new policies quoted online. T&Cs apply.

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

    available discounts

    • Receive 15% off the first year’s premium for new policies quoted online
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  • Pet 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 - $100
    choice of vet
    Yes

    available discounts

    • -
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    Details