The cost-of-living crisis strains everyone, including pet owners. While budgets are being reassessed, pet insurance should remain a priority to alleviate economic pressure and help protect pets.
The reality of pet ownership is that unexpected accidents and illness happen. According to PetSure data, a pet of ‘average health’ has a lifetime healthcare cost over $30,000, but 1 in 10 pets incur costs in excess of $100,000. Moreover, the unpredictability of when these expenses will arise for individual pets complicates financial planning.
Sadly, our research identifies that $3,000 is the tipping point where people begin to consider euthanasia of their pet for economic reasons. Treatment costs for common conditions like broken bones or ingestion of a foreign body average over $5,000 each, signifying how easy it is to quickly exceed this threshold1.
While dedicated savings accounts are a good idea, they might not be enough. Even if a pet parent does have sufficient savings to cover an unexpected vet bill, there may be nothing left over to cover ongoing treatment or an additional pet health crisis if it follows soon after.
Alex Thomas, CEO of PetSure, stated “Pets are immeasurably rewarding and an integral part of our families. They depend on us for their health and wellbeing, but they also come with many unexpected costs, especially if they have an accident or develop a complex health condition and need urgent or extensive veterinary treatment. Pet insurance provides peace of mind. Having it, can mean the difference between keeping your beloved pet or having to make a heartbreaking decision, due to a single unexpected treatment cost”
Featured by
ABOUT PETSURE:
PetSure (Australia) Pty Ltd (“PetSure”) is Australia’s leading pet insurer. For over 20 years, PetSure has been the market leader in both size and innovation. PetSure issues and administers the pet insurance policies of over 20 partner brands.
As the category leader, and in close collaboration with members of the veterinary industry, PetSure continually seeks to extend coverage, keep pace with modern veterinary practices, and provide pet insurance policies that are transparent and operate with the highest levels of integrity.
In March 2023, PetSure obtained its own APRA general insurance license, making it the first general insurer in Australia that’s fully dedicated to pet insurance. PetSure is committed to the long-term growth and sustainability of the pet insurance category.
Disclaimer:
PetSure (Australia) Pty Ltd ABN 95 075 949 923. Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Meet our partners at petsure.com.au/partners.
Testimonials and customer experience may vary depending on individual circumstances. Claims are assessed subject to policy terms and conditions.
