Sunday Tasmanian – Pet Column; Anne Boxhall; January 31st 2016
Insurance is one of those things for filing in the ‘lottery of life’ folder.
Not everyone will need it but it’s good to have. Just like other forms of insurance, pet insurance helps cover the cost of the unexpected and indications are that one in every three pets require emergency treatment each year.
More than 63 per cent of the Australian population owns a pet with 53 per cent owning a dog or a cat. The estimated annual spend on veterinary services is estimated to be over $1.1 billion annually in Australia. (Source: TNS, ABS, and BIS Sharpnel estimates 2007).
Pet insurance can be a good investment, helping to cover costs that would otherwise be unaffordable. An overview of common pet insurance claims has the average claim for snake bite at $ 1,619 with the largest claim running out at $9,071 and it’s a similar story for claims on conditions like ear infections, arthritis, diabetes, cancer and others.
It’s worth noting that routine care such as vaccinations and health checks are an additional option and premiums are risk-rated. The older your pet the more premium you’ll pay.
It is near impossible to secure cover for pets over nine years of age. Pre-existing conditions are not covered and some breeds may incur higher premiums. You can lower your premium by increasing your excess.
Most policies offer a cooling off period and cancellation rights. Policies may require owners to pay out the remaining premium for the year if cancelling the policy.
Check the fine print to ensure this is waived if cancellation is due to the death of your pet. Web sites like top10petinsurance.com.au provide useful pet insurance comparison tables for those doing their homework.