The following report reveals the average costs of pet insurance policies and the potential savings on offer for savvy switchers.
As part of the Mozo Experts Choice Awards, experts compared 185 pet insurance policies from 32 providers to find the average cost of policies for dogs and cats.
“Mozo experts have scoured the market to highlight the best value and highest quality policies for pet parents," says AJ Duncanson, Mozo Experts Choice Awards Judge.
"The analysis helps take the guesswork out of choosing the best pet insurance policy, so Aussies don’t pay more than they need to."
As part of the report, Mozo experts also commissioned new research to see how much financial stress vet bills were causing pet owners. The nationally representative survey of 2,129 Australians, aged 18 years and over, via Researchify, ran from July to August 2024 . The awards data was collected between June and July 2024. Read the methodology report.
Mozo surveyed over 2,000 Australians to find that vet bills are causing some of us serious financial stress, and that’s no surprise considering that a vet consultation can cost anywhere between $50-$150 a visit.
When asked which expenses were causing the most financial stress, excluding rent and mortgage repayments, a whopping 3 out of 5 (60%) Aussies ranked vet bills as one of their top 10 financial stresses, and 1 in 10 (9%) ranked vet bills in the top 3.
Nearly half (48%) of those who ranked vet bills as one of their top 3 financial stresses said they feel “out of control” with their overall expenses. Further, 4 in 5 (79%) people facing vet bill strife are concerned about being able to afford the rising cost of living.
Only 2% of those facing vet bill stress say they were not concerned at all.
Pet insurance costs can vary, but based on Mozo's analysis of 504 quotes from 32 insurers, the average monthly cost for a 1 year old dog is $113, while for a 5-year-old dog it's $137. For cats, a 1 year old costs an average of $59 per month, and a 5 year old cat costs $68.
Mozo gathered this data from four different dog breeds and two different cat breeds, covering both male and female pets, focusing on comprehensive policies.
If you’re considering taking out pet insurance, the cost of your premiums will not only be influenced by typical factors like excess and inclusions. The age and breed of your pet also play a big part in how much you pay for insurance.
Certain dog breeds, and rarer cat breeds, can be more expensive to insure. Dog or cat breeds with an increased likelihood of congenital illnesses, or other risk factors, will usually cost more to insure, which typically includes pure breeds.
Younger pets typically cost less to insure as they have fewer health issues, recover more quickly, and mainly need routine care, which means they generally require fewer vet visits. Older pets often face chronic conditions, which can be more expensive to cover.
The annual cost of pet insurance can vary significantly based on the breed. For dogs, the average yearly cost is highest for Rottweilers at $2,595, followed by Staffordshire Bull Terriers at $1,431, Border Collies at $1,344, and Cavoodles at $1,218.
For cats, Ragdolls have an average annual cost of $840, while Domestic Shorthairs cost around $794 per year. These figures highlight how breed can influence the cost of pet insurance.
Most pet owners could save over hundreds of dollars a year on pet insurance by comparing policies for popular breeds.
However, owners of Rottweilers stand to save the most, with annual savings for a 1 year old Rottweiler reaching up to $1,204 for those who switch from the average cost policy to the cheapest premium.
When looking at younger dogs, owners of Rottweilers still have the opportunity to save the most, when switching from the average cost policy to the cheapest premium.
Mozo found the annual savings for a 1 year old Rottweiler was a whopping $1,204. Border Collie owners and Staffy owners also have a chance to save almost $1,000 by switching from the average cost policy, to the cheapest.
Cat owners do not pay as much for pet insurance as dog owners, so savings are lower, but you can still save hundreds of dollars a year by switching to a cheaper pet insurer.
Owners of 1 year old Ragdolls could save up to $282 a year by switching from the average to the cheapest premium.
Mozo's analysis shows cat owners could save up to $392 annually on pet insurance for a 5 year old Domestic Shorthair, and $282 a year for a 5 year old Ragdoll by switching from the average cost policy to the cheapest premium.
If you're looking at taking out a pet insurance policy, there are four key things you should consider before you make your decision.
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 policies.
The older your pet is when you try to insure them, the more expensive it’ll be. If your pet has turned nine, many providers unfortunately won't cover them. Always check whether or not your pet’s existing medical condition will be covered by the new policy before you switch.
Quality policies may cover your pet for dental treatments, MRI scans, tick paralysis, hip surgery, or emergency accommodation if your pet is in hospital. Accident-only cover can be much cheaper, but you won’t have that same high level of cover.
If you want a policy that has all the bells and whistles, such as routine care, be sure to check whether they are included in your pet insurance policy. Not all policies come with the same inclusions, so it pays to check your inclusions and the limitations on what you can claim.
Comparing a range of different policies, ideally six or more, from varying providers is the most reliable way to find lower pricing. There are dozens of insurers offering pet cover in Australia, so it pays to shop around and ensure you’re not paying more than you need to.