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For the majority of pet owners their furry friends are as important as any human family member. The thought of a pet in pain is emotionally challenging. That said, vet bills can cripple an average family – sometimes healthcare decisions about the family pet are impacted by the financial burden. A $1500 emergency procedure after Max is hit by a car – with no guarantee he’ll recover – or… the distressing possibility of having to put your pet down. With pet insurance the need to make these kinds of decisions may be a thing of the past.
Pet insurance providers and making a claim
Introduced to Australia in the late 1990s, pet insurance is now a registered financial product. It can cover everything from the costs associated with treatment or surgery after injury or illness, to more specialised treatment such as chemotherapy for cancer and diabetes management. Most people with pet insurance pay a regular premium. The most common providers include: AFS Pet Med, Insurance Line, Pet Plan, Merial Perfect Partners Pet Cover, PetSecure, RSPCA Pet Insurance and Vets Own Pet Insurance. (Some home insurance providers also provide pet cover.)
How does it work? If the insured pet requires a visit the vet the owner will pay the cost upfront and then make a claim to the insurance provider who will reimburse part or all of the cost of the bill.
Pet insurance: Policies and coverage
In general, pet insurance policies do have certain restrictions linked to the age of a pet – for example, a pet under eight weeks old cannot be insured. (This is because pets up to this age are extremely vulnerable and subject to a range of illnesses. It is the period that they are most likely to suffer death making them an insurance liability.) At the other end of the scale, most insurers are reluctant to offer coverage to pets over nine years of age because they are more susceptible to injury and illness and are more likely to need care. This also makes them a bad risk for the insurance companies.
Before they will issue a policy, most insurers require the pet to have a microchip. The chip number will appear on the insurance policy and acts as a form of identification. Pet tags are also a good idea as they provide an immediate form of identification but are easily removed and may not be enough to satisfy the insurer. Before taking out a policy, ask the provider what their conditions are and whether they require the pet to have chips or tags. Taking the trouble to chip and tag your pet demonstrates you are a responsible pet owner and may help to lower your premium.
There are no anti discrimination laws that cover pet insurance and as such, high risk breeds may not be insurable. Some insurers do not have breed exclusions, RSPCA Pet Insure is one of them. Some of the more exotic crossbreeds are not insurable, especially if they have not been bred with Australian climate conditions in mind. Generally, cats attract a lower premium than dogs because dogs are believed to be more mischievous than their feline counterparts.
