Choosing the right pet insurance policy can be challenging, with many options and providers to navigate. As a responsible pet parent, it’s essential to understand what pet insurance offers and which policy best fits your pet’s needs and your budget.  

This article will guide you through key questions to ask before purchasing a pet insurance policy to help ensure the right coverage for your furry companion. 

1. What is Pet Insurance? 

Pet insurance is a financial product designed to help pet owners manage unexpected veterinary costs. Policies typically reimburse a percentage of eligible claims—usually around 80%—up to an annual limit, which can range from $10,000 to $25,000 or more, depending on the provider and product you select. 

Premiums are influenced by various factors, including the level of coverage, benefit percentage, and any excess options chosen. Policies can also be adjusted to suit your budget, with extended-accident policies on the lower end and comprehensive policies offering additional coverage options at a higher price point. To learn more, you can use the GapOnly® Compare Pet Insurance to compare policies. 

2. Why Consider Pet Insurance? 

Veterinary care in Australia can be costly, especially for unexpected injuries or illnesses requiring immediate treatment or specialist care. Unlike human healthcare, veterinary services are not subsidised by the government, Medicare, or bulk billing so owners must cover the full cost of care, which may result in financial challenges. 

Without pet insurance, unexpected vet bills can lead to difficult decisions, including economic euthanasia, where a pet is put down due to unaffordable medical expenses. Pet insurance helps reduce the financial burden and ensures pets receive the best care possible without delay. 

3. How Old is Your Pet? 

The age of your pet significantly impacts insurance options. 

  • Younger Pets: Insuring a dog or cat from a young age is ideal, as it ensures conditions that arise after policy activation may be covered. 
  • Older Pets: For pets over eight years old, fewer policy options are available, and premiums are generally higher. However, comprehensive cover is still accessible if you explore multiple providers. Pre-existing conditions, known or developed during the waiting period, are typically excluded from coverage. 

Compare pet insurance through the GapOnly® Compare Pet Insurance page and explore products available for your pet’s age and health needs. 

4. What Coverage and Budget Options Suit You? 

Pet insurance policies vary widely, with extended-accident options available for lower premiums and comprehensive accident-and-illness cover offering broader protection. Some policies also give you the option to add: 

  • Dental coverage 

5. What Does Pet Insurance Cover? 

While coverage depends on the chosen policy, common conditions typically covered include: 

  • Accidents and Injuries: Snake bites, ligament injuries, vehicle accidents, or ingested toxins. 
  • Illnesses: Diabetes, cancer, pancreatitis, or gastrointestinal problems. 

Treatment-related costs covered by policies may include consultations, medication, pathology, x-rays, and surgeries. Always review the Product Disclosure Statement (PDS) for specific details on what each policy covers. 

6. What Isn’t Covered? 

Routine care expenses like flea and tick preventatives, vaccinations, and grooming are often excluded from standard pet insurance policies. If these features are important, you’ll need to look for policies that offer routine care as an optional extra. 

Pre-existing conditions—illnesses or injuries known before policy activation or within the applicable waiting period —are not covered. However, some providers, including those managed by PetSure, offer a review of temporary pre-existing conditions after an 18-month symptom-free period. Always check the PDS for exclusions to avoid surprises when making claims (PetSure, 2023). 

7. What About the Claims Process? 

The speed and ease of the claims process are critical, especially when dealing with a sick or injured pet. Different providers offer various claims options: 

  • GapOnly®: This service allows participating vets to process claims in-clinic, reducing out-of-pocket expenses. Claims are settled in under 5 minutes, ensuring quick relief. You can explore participating providers at *GapOnly®. 
  • Electronic Claims: Many vets across Australia can submit claims electronically, with processing times typically around five business days. 
  • Manual Claims: Paper claims, while available, take longer as they require mailing documentation and processing. 

8. Do You Want an Excess on Your Policy? 

Adding an excess to your policy can help reduce premium costs. However, with an excess, you’ll need to pay a fixed amount (usually $50–$200) per claimable condition before receiving reimbursement. For example, with a policy offering 80% reimbursement and a $100 excess, a $1,000 vet bill would result in a $700 reimbursement after deducting the excess. 

9. What Support Services Are Available? 

Additional services such as VetChat can provide added peace of mind. VetChat offers 24/7 online access to qualified veterinarians who can answer questions and provide guidance on non-urgent medical concerns. This service can help to reduce the cost of consultation and can help pet parents to avoid unnecessary vet visits and make informed decisions about their pet’s health (VetChat, 2023). Learn more at VetChat. 

Additional Tips for Selecting Pet Insurance 

  • Research Providers Thoroughly: Not all policies are created equal, so comparing different providers is essential. 
  • Consider Your Pet’s Breed and Lifestyle: Certain breeds are more prone to specific health conditions, influencing which policy may suit your pet best. 
  • Understand Waiting Periods: Most policies have waiting periods before coverage begins, especially for certain conditions like cruciate ligament injuries. 
  • Monitor Premium Increases: Be aware that premiums can rise annually, particularly as your pet ages, reflecting increased health risks. 
Sources

PetSure 2023, Understanding pet insurance, PetSure Australia, https://petsure.com.au. 

VetChat 2023, About us, VetChat Australia, https://www.vetchat.com.au. 

GapOnly 2023, Compare pet insurance, GapOnly, https://gaponly.com.au/comparepetinsurance. 

DISCLAIMERS

*The gap means the difference between the vet’s invoice and the eligible claim benefit under your policy. GapOnly® is a trademark owned by PetSure (Australia) Pty Ltd ABN 95 075 949 923, AFSL 420183 (PetSure).

Insurance products are issued by The Hollard Insurance Company Pty Ltd ABN 78 090 584 473, AFSL 241436 (Hollard) and/or PetSure (from 8 May 2023 only), administered by PetSure and promoted and distributed through their authorised representatives and distribution partners. Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Cover is subject to the policy terms and conditions. Please consider the Product Disclosure Statement (PDS) to ensure this product meets your needs before purchasing, or choosing to continue with the product. PDS and Target Market Determination available on our partners’ websites. Meet our partners at gaponly.com.au/gaponly-insurance-partners.>Policy Terms and Conditions, limits, waiting periods, exclusions and excesses apply.

Policy Terms and Conditions, limits, waiting periods, exclusions and excesses apply.

Pet insurance can help by covering a portion of the eligible vet bill if the unexpected happens. Because it is difficult to predict the costs of veterinary care, it can help to have measures in place to help prepare for the unexpected. Check out our partner network and explore our policy tools to find a pet insurance policy.

Not all conditions or items are covered by Pet Insurance. Refer to the applicable Product Disclosure Statement for information about coverage and exclusions.

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