Aussies paying $1,030 more every year than they need to insure their beloved pets
When it comes to pet insurance, different providers offering similar coverage can charge substantially higher prices for the same age and breed.
14 August 2023
- Mozo analysis reveals a $1,030 difference, on average, in yearly premiums across comparable pet insurance policies offering Accident, Illness & Routine Care cover.
- The largest price difference in annual premiums for a single pet was $2,479, proving the importance of comparing pet insurance providers before signing on the dotted line.
- Research showed dogs were considerably more expensive to insure than cats, with monthly insurance premiums for dogs costing between $64 - $372 and cats between $46 - $130 depending on the age, breed, policy and provider.
- Analysis was conducted as part of the 2023 Mozo Experts Choice Awards for Pet Insurance, with Petinsurance.com.au and Potiki crowned as Pet Insurance Provider of the Year.
After analysing over 100 different pet insurance policies from dozens of providers, one of Australia’s leading financial comparison sites Mozo.com.au found pet parents could be paying $1,030 too much for pet insurance.
“As part of the 2023 Mozo Experts Choice Awards for Pet Insurance, our team analysed 121 policies from 32 different pet insurance providers,” Data Director and Mozo Experts Choice Awards judge AJ Duncanson said. “What we found was that pet owners could be paying substantially higher premiums than they need to.”
“On average, the yearly premium difference across comparable pet insurance policies offering Accident, Illness & Routine Care cover, taking into account various cat and dog breeds, was over a thousand dollars! This proves just how important it is to compare pet insurance policies and providers, before signing on the dotted line.”
As a pet parent himself, Duncanson was more than shocked by the findings. “It’s vital when comparing pet insurance, not to be swayed by introductory offers or discounts. Before deciding on a provider, be sure to collect a range of quotes that look at the cost of the policy over the long term, taking into account the specific breed and age of your pet, to make sure the policy provides the level of cover your furry friend needs,” Duncanson continued.
“When comparing annual premiums, for pets of the same age and breed, we found that the annual cost to insure a five-year old Rottweiler that included Accident, Illness & Routine Care cover could differ by up to $2,479 between comparable providers. This difference was actually more than double the total annual cost of insuring both pedigree and non-pedigree cats.”
“That is a significant difference in policy pricing that offers essentially the same benefits,” Duncanson explained, “though breed is a significant factor in pricing insurance policies, across the board, regardless of breed or age, provider choice is one of the main factors that will help you save you the most on pet insurance. As the cost of living continues to rise, making your money count for more has never been more important.”
The difference in annual premium pricing ignored any introductory discounts provided to new customers, and Mozo’s expert data team compared quotes across 15 different pet scenarios for various ages and breeds of both cats and dogs.
2023 Mozo Experts Choice Pet Insurance Award Winners
The list of all the winners of the 2023 Mozo Expert’s Choice Awards for Pet Insurance is included below. To see the judges, specific plan details and other information, visit Mozo Experts Choice Awards for Pet Insurance 2023.
Pet Insurance Provider of the Year
Potiki & Petinsurance.com.au shared the crown of Pet Insurance Provider of the Year due to their competitive prices and comprehensive coverage. Petcover took out three wins, while Stella, Knose and RAC scored double accolades.
Exceptional Value Comprehensive Pet Insurance Winners
- Kogan Pet Insurance - Pet Primary + Routine Care
- Medibank - Ultimate Pet Care + Routine Care
- Petcover - Vital + Routine Care
- Petinsurance.com.au - Gold + Routine Care
- Potiki - Gold + Routine Care
- RAC - Pet Insurance + TLC Cover
Exceptional Quality Pet Insurance Winners
- Knose - Pet Insurance
- Petcover - Superior
- Petinsurance.com.au - Platinum
- Petsy - Pet Insurance
- Potiki - Platinum
- Stella - Pet Insurance