You have health insurance – isn’t it time your pet does too?
Did you know that Australians have one of the highest incidences of pet ownership in the world and that we also spend enormous amounts of money caring for our pets – around $6 billion each year?
What is especially heartbreaking is when owners are unable to pay for veterinary treatment for their much-loved pet and are consequently forced into making a decision not to treat. Pet insurance can mean the difference between whether your pet receives necessary treatment or not. As more advanced treatments become available to your pet, the associated cost inevitably rises. For example, advances in diagnostic tools and surgical technologies have led to the significant trend of referral to specialists. Pet insurance provides you with the ability to decide which treatment option you’d prefer for your pet, with many of these options once being considered out of the question due to the high cost.
Pet insurance was almost an unknown product 10 years ago but the market has grown significantly in the past 5 years and is, in fact, the fastest growing type of insurance in Australia. Interestingly, the popularity of pet insurance is increasing with younger pet parents. Recent research revealed that Gen Y pet owners insure 20% of their cats and 27% of their dogs, compared with baby boomers insuring 9% of their cats and 12% of their dogs.
There are a variety of insurance products with a range of premiums available to suit your needs including: lifetime policies, maximum benefit policies, 12-month policies and accident-only policies. Things that tend not to be covered by insurance include pre-existing illness or injury and routine or preventative treatments. Talk to one of our staff members when you are next in at 4 Paws Vet if you’d like any more information about pet insurance.
Obtaining pet insurance is similar to your own health insurance in many ways. There are many insurance companies and types of policies and so it pays to shop around to find the plan that best suits your needs before purchasing. One thing for sure, though, is it is best to insure your pet from a young age as insurers exclude any pre-existing conditions.
There is also no benefit whatsoever in chopping and changing your pet insurance over the years of your pet’s life (in fact it can be detrimental) so, in order to get the best out of your pet insurance, typically we recommend to choose your insurer and stick with it.
Talk to one of our staff members when you are next in at 4 Paws Vet if you’d like any more information about pet insurance.