Pet insurance is a health policy designed specifically for cats and dogs. It can help reimburse the cost of vet bills you've already paid so your sick pet can receive the medical treatment they deserve and you can worry a little less about life’s surprises.
How to pick the right type of pet insurance
We all absolutely adore our pets. What’s not to love? They’re bundles of hilarity, entertainment, and mischief. But what happens when they need veterinary care? That’s where pet insurance can come in.
Pet insurance is a kind of health insurance policy you can buy for your dog or cat. It can help cover the costs of treating accidental injuries, illnesses, and more.
In Australia, pet insurance isn’t mandatory, but it can provide a financial safety net when the worst happens. The right policy could help you afford treatments and care for your pet.
Pet insurance has three basic tiers: accident-only, accidental injury and illness cover, and comprehensive coverage.
Accident-only is the most basic form of pet insurance, while comprehensive coverage offers the most protection.
Generally speaking, you can take out pet insurance when your pet is between 8 weeks and nine years old. Puppies and kittens have different needs than older animals, so your policy may vary to cover them.
Some policies offer optional extras, too, like dental, alternative therapies, or travel cover. These can help tailor your coverage to suit your needs.
Like all insurance policies, limits, excesses, and exclusions may apply. It’s vital to read the product disclosure statement (or PDS) before signing up. This important document lays out the terms and conditions of your coverage.
Pet insurance prices depend on various factors, like your pet's age, health history, breed, lifestyle, and location. Cheap pet insurance can be an excellent option, but remember, looking for value, not just the lowest price, is essential. The best policy will fit both your needs and budget.
Comparing pet insurance quotes is a great way to sniff out good value. Doing this can show you the price range and coverage available for your pet so that you can make an informed decision.
To get started, you can compare a selection of policies in the table below. Good luck, pet lovers!
For puppies and older dogs, see plans and policy options available from accident only through to comprehensive cover.
Protect your cat or kitten against accidents, illnesses and injury. Cover options available for indoor and outdoor cats.
Insurance options for pedigree, cross or mixed breed cats and dogs. Compare multi-pet discounts if you own more than one animal.
Just like car or home and contents insurance, pet insurance can help cover the costs of vet bills if your pet gets sick or injured. It does this by reimbursing the eligible costs of veterinary bills you've already paid.
Once you compare pet insurance policies and have picked your desired level of cover (including any optional extras you might want), you sign up and pay either a monthly or yearly premium.
From there, if your pet needs veterinary care, you'll need to pay for the cost of the treatment up-front and submit a claim for reimbursement from your pet insurance provider later.
Based on recent numbers from several popular providers, you may get back as much as 85% of the total cost of your vert bills (or up to $20,000 per year).
Pet insurance coverage can vary depending on the policy and provider. That's why it's important to compare pet insurance, to ensure you're getting what you want from a policy. For the most accurate understanding of a specific pet insurance policy, it’s essential to read the product disclosure statement (PDS) carefully. This document outlines all the inclusions, exclusions, limits, and excesses that may apply to your policy.
The most common policies you'll find in Australia are for dog insurance and cat insurance.
Most pet insurance providers usually only provide cover for cats and dogs. So if you have a pet rabbit, hamster, or another animal, you’ll need to check whether your potential provider offers coverage first.
Some pet insurance providers will offer specialised policies for other animals – for example, you might be able to insure your pet rabbit under an ‘exotic pet’ policy. Animals used for business purposes (such as farming, breeding, or guard animals) will require a different dedicated policy than household pet insurance, but some other animals like show, guide, or emotional support animals may receive coverage.
What's included in a pet insurance policy often depends on the provider, the policy, and the level of cover. Some common inclusions and optional extras are:
Usually, basic and often cheap pet insurance policies will offer less coverage than more comprehensive ones. As always, check the PDS to determine what is and isn’t covered, as it can vary between policy types and providers.
Generally, most pet insurance policies will not cover the following:
Many factors go into determining the cost of pet insurance. These can include the type of pet you own, where you live, your level of cover, any optional extras you add, and your pet’s size, age, and lifestyle.
According to Mozo's 2024 Pet Insurance Report, here is the average monthly cost for cats and dogs of various ages:
| Pet | 1-year-old | 5-year-old |
| Dog | $113 | $137 |
| Cat | $59 | $68 |
Did you know your pet's breed also plays a part in the price of your insurance premium? Our report mentioned above also details the different insurance costs of dog breeds, showing Rottweilers as the most costly and terriers as more affordable dogs to insure.
Read about cheap pet insurance for more information on pet insurance quote pricing.
No one policy will be the best for everyone because so many factors go into deciding both your premium and level of coverage. However, if you’re comparing policies, you can start by checking out some of the best pet insurance award winners, as decided by our research experts, for the 2024 Mozo Experts Choice Pet Insurance Awards.
Like most insurance policies, it can be hard to see their value when everything has gone smoothly.
But if you can foresee a situation where you need to choose between your bank balance or treatment for your furry friend, then you might find it's better to be safe than sorry.
Getting good value pet insurance is about balancing your monthly budget with your level of coverage. A cheap or expensive policy isn’t worth the money if your pet isn’t adequately protected.
When considering your policy options, read through the relevant product disclosure statements (PDS) to understand the benefits, exclusions, and other conditions and whether the policy is suitable for you and your pet's needs.
Before choosing a pet insurance policy, it's vital to read the PDS to fully understand inclusions, exclusions, costs, and other terms and conditions. This way, you'll be better placed to pick the best option for you and your pet. Here are some things to keep in mind:
Pets with pre-existing conditions can still be covered by pet insurance – but you might find that your coverage isn't extended to any claims relating to said condition.
One option would be to purchase an accident-only policy, which gives you coverage for accidental injuries not caused by diseases.
Alternatively, you might choose not to get pet insurance and open a savings account dedicated to emergency pet expenses and vet bills. Just be sure to regularly deposit money into the account or set up an automatic monthly or fortnightly debit (depending on when you get paid), so there's always money there if you need to cover some vet bills.
How you claim your pet insurance policy will depend on your insurance company. Nowadays though, most insurance claims are made online. This will usually involve uploading receipts, invoices, vet statements, or other relevant documents online for your insurance provider to assess. Remember that if this is your first claim, you may be required to provide additional documentation, so check with your insurance provider first.
When you sign up for a pet insurance policy, the policy usually renews each year automatically unless you cancel your policy.
You sure can! If you've got more than one furry friend running around at home, you'll be happy to know that many insurance providers allow cover for multiple pets. You might even score a multi-policy discount with some insurance providers.
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