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Compare Pet Insurance: Choose the right pet insurance for you and your pet

Choosing the right pet insurance is essential for protecting your pet. Not all policies are created equal and it can be challenging to understand what each covers and how they differ. By comparing options, you can find a policy that suits both your pet’s needs and your budget. Focus on key components like annual limits, benefit percentages, and excess amounts to ensure you’re getting the best value. At Petsy, we make this process easier with customisable plans tailored to your financial situation and your pet’s health. Whether you’re a first-time buyer or switching providers, comparing policies ensures your pet is covered when it matters most.

Petsy Pet Insurance

Published 20th Aug 2024

Updated 22nd Aug 2024

5 min read

Petsy Pet Insurance

Published 20th Aug 2024

Updated 22nd Aug 2024

5 min read

Vet Applying bandage to a puppy

On This Page You Will Find

Key Takeways

  1. Pet insurance is essential for protecting against unexpected vet bills, providing financial peace of mind during emergencies.
  2. Comparing pet insurance policies helps you find the best plan tailored to your pet’s unique needs and your budget.
  3. Focus on key factors like annual limits, benefit percentages, and excess amounts when evaluating different policies.
  4. Petsy offers customisable plans that adapt to both your financial needs and your pet’s health requirements, ensuring comprehensive coverage.
  5. Making an informed decision by comparing policies upfront you can avoid the need to switch providers later, which can significantly affect your pet’s coverage.

Why do you need pet insurance?

“When it comes to your pet’s health, a little preparation goes a long way.”

Let’s be honest—we can’t tell you if you need pet insurance. That’s financial advice, and you’ll need to speak to a professional for that.

But what we can tell you is this: without pet insurance, 100% of the vet bill, 100% of the time, will come out of your pocket. Unlike humans, pets don’t have Medicare. It costs just as much to run a blood test on a dog or cat as it does on a human, but in Australia, taxpayers cover the cost for people.

Pet insurance isn’t mandatory, but it’s quickly becoming a must-have for many Aussie pet parents. It’s there to help when the unexpected happens—like if your pet eats something they shouldn’t or has an unfortunate run-in with a car.

As pet parents, we know that a trip to the vet emergency hospital brings two kinds of stress.

First, there’s the emotional stress.
Your pet can’t tell you or the vet what’s wrong, and it’s tough not knowing how to help. You just have to trust the vets to care for your pet as you would.

Then, there’s the financial stress.
While you’re relieved that your pet has received the care they need, you’re often left with a hefty vet bill.

At Petsy, we started with a mission to ease that financial burden so you can focus on your pet’s well-being and your family during tough times.

Types of available pet insurance

In Australia, pet insurance generally comes in a few different types of coverage, that can vary by provider:

Accident-Only Cover: This only covers costs related to injuries from accidents, such as broken bones or wounds. It doesn’t cover illness-related expenses.

Accident and Illness Cover: A more comprehensive option that covers both accidental injuries and illnesses. It can include coverage for a wide range of conditions, from minor issues, like infections and allergies, to more serious diseases like cancer.

Accident and Illness Cover with add-ons: Some plans also cover routine care treatments like vaccinations, desexing, and flea and tick treatments, along with accidental injuries and illnesses.

Routine Care: Can be offered as an optional add-on, which helps to cover some costs for preventative care and wellness treatments, such as vaccinations, microchipping, and desexing. The coverage limits for these treatments are usually lower than for other claimable conditions.

At Petsy, we offer accident and illness cover with add-ons only. We believe that in an emergency, people shouldn’t have to worry about whether they selected the right level of coverage when they bought their policy. We want our policyholders to have peace of mind.

Why compare pet insurance?

At Petsy, our mission is to ensure that pet insurance doesn’t end in tears. We’re here to educate you so you know exactly what you’re getting when you sign up. According to Moneysmart, pet insurance premiums typically range from $60 to $120 per month, which means there is a lot of variation of price and coverage in the market. Switching providers can be costly, especially if pre-existing conditions are involved, so it’s crucial to find the right policy for you and your pet from the start. We strongly suggest shopping for pet insurance quotes before you commit to a provider. We explain what goes into a pet insurance quote in this article and explain how you can reduce your pet insurance premium.

How you can compare pet insurance policies

In Australia, there are many quality providers, each offering a range of policies. To make the best choice, it’s important to research and compare coverage options, costs, and how well each policy matches your pet’s health needs. We’re here to guide you through this process so you can make an informed decision.

According to Google, the definition of compare is to “estimate, measure, or note the similarity or dissimilarity between”.

Compare definition by google

Full definition here

When comparing pet insurance policies, typically they have similar key components: inclusions/exclusions, an annual limit, benefit percentage, excess, and optional extra benefits. Your premium is determined, based on the levels of coverage depending on  these components, as well as your pet and your address. So, when comparing pet insurance, the key is to understand how each component works differently across providers. This helps you identify the best policy that meets your needs and offers the most value.

Let’s break down these components so you can see where policies are similar and, more importantly, where they differ.

Coverage and inclusions

Most providers offer tiered policies, such as small, medium, or large, or bronze, silver, or gold and will try to bucket you into one of these categories. Generally, the lower-tiered policies offer less coverage and are more affordable, while the higher-tiered options provide broader coverage with fewer restrictions.

At Petsy, we understand that even two pet owners in the same suburb with the same breed of pet may have different financial needs. That’s why we do things differently here and offer one policy that is customisable to suit your coverage and financial requirements.

Annual limit

The annual limit is the maximum amount your pet insurance will pay for all claims in one year. Once this limit is reached, you’ll need to cover any additional costs yourself until the next policy year.

At Petsy, regardless of the annual limit you choose, the list of covered accidental injuries, illnesses, and conditions remains the same. Often with other policies, if you pick a larger annual limit, the list of your inclusions will also increase.  At Petsy, no matter which annual limit you choose, the list of covered injuries, illnesses, and conditions remains the same. Whether you opt for a $5,000 or $25,000 annual limit, your coverage remains the same. Plus, unlike many other providers, we don’t impose sub-limits, so there are no restrictions on how much you can claim for specific conditions or claims. 

Benefit percentage

This is the percentage of each eligible vet bill your insurance will cover. For instance, if your benefit percentage is 80%, the insurance will pay 80% of the bill, and you’ll pay the remaining 20% (after any excess is applied). This is pretty similar across the industry. Benefit percentage ranges from 70% to 100%.

Excess

This is the amount you have to pay out of pocket before your insurance starts covering costs. It can be a fixed amount per claim, per condition or per policy year.

At Petsy, our excess works a bit differently. Instead of applying an excess per condition or claim, we use a once-off annual excess. For instance, if your annual excess is $300 and your first vet bill is $200, the remaining $100 will be applied to your next approved claim. You only need to meet this excess once per year.

Optional extra benefits

Optional extra benefits are additional coverage options that can be added to the standard coverage. When doing your research, you will find that there are a lot of dissimilarities in the market for optional extra benefits. A lot of providers don’t even offer any optional extra benefits. You will find that some providers offer routine care as ‘add-ons’ and if they do, sometimes only offered as part of plans with the highest level of coverage.

At Petsy, we offer optional extra cover for dental illness, behavioural conditions, and specialised therapies. Plus, we don’t have sub-limits on these. However, it’s important to note that routine care items, like regular teeth cleaning, isn’t covered. Claims need to be related to a dental disease like gingivitis, periodontal disease, or tumours.

We offer optional extra benefits only for pets under the age of three at the time of application. Why only under three? By the age of three, most pets may develop dental diseases, and adding extra benefits later would mean these conditions would be considered pre-existing conditions that would not be covered. We want to ensure you’re not paying for coverage that can’t be used.

Vet Consultations

Vet consultation fees are what you pay your vet when your pet needs to see the vet for treatment when they’re sick or hurt. 

When you receive a vet bill, one of the line items will typically be for the vet consultation. We’re one of the few providers that allows you to exclude vet consultations fees from your coverage. We do this for a few reasons:

  • Many of our customers are vets, vet nurses, or clinical staff who receive significant discounts or don’t pay for vet consultations at all
  • Some customers are already on wellness plans which cover vet consultation fees, so we don’t want them doubling up
  • Pensioners often get discounts on their vet consultation fees

It’s worth noting that the cost of vet consultations can increase significantly during emergency hours. If you don’t fall into one of these categories, it might be worth considering including vet consultations in your coverage.

Compare the Customer Service and how a provider makes things easier for you

Choosing a pet insurance isn’t just about the coverage—it’s also about how well the provider supports you when you need them most. Here are some things to think about:

  • Is it easy to file a claim?
  • How do they handle pre-existing conditions?
  • Can they bill your vet directly?
  • How easy is it to reach their support team?
  • What’s their cancellation policy?
  • Can you add extras later?

An easy way to check out a provider’s service is by looking at reviews on sites like ProductReview.com.au and Google Reviews. These platforms offer real feedback from customers, giving you a sense of how well the provider handles claims and customer support.

We walk you through what to look for in pet insurance reviews in this article here.

Petsy is australia's highest rated pet insurance provider*

At Petsy, we’re proud of our top ratings on ProductReview.com.au, TrustPilot, and Google, which reflect our commitment to looking after you and your pets. We’ve also been recognised with Canstar’s Outstanding Value Pet Insurance Award for two consecutive years in 2023 and 2024.

We’re the Pet People, and we understand pets because we’re pet parents too. When you call us, you’ll speak to someone right here in Australia who gets how things work with vets in this country. For extra peace of mind, we offer a complimentary pre-existing conditions assessment. This way, you’ll know exactly what’s covered and what’s not before anything unexpected happens. Plus, it means faster claim payments when you need them most.

 

*Highest rated on Product Review, Finder, Choice and Furbaby Pet Insurance as of September 2024

FAQs About How to Compare Pet Insurance

Choosing the right pet insurance depends on your pet’s health needs and your budget. Not all policies are created equal and it’s important to understand what each policy covers and how that aligns with the price. The cheapest option may not necessarily provide the most value. Here’s a breakdown of key components

  • Coverage Type: Accident-only policy covers accidental injuries, while accident and illness policy covers both injuries and illnesses. Add-ons for routine care are also available.
  • Annual Limit: This is the max amount your insurance will pay each year—higher limits offer more coverage but come with higher premiums.
  • Benefit Percentage: This is how much of each eligible vet bill your insurance will cover (e.g., 80%).
  • Excess (Deductible): The out-of-pocket amount you pay before insurance will start to cover costs. Some plans have an annual excess, while others have per claim or per condition excess. 
  • Add-Ons or Optional Extra Benefits: Additional coverage for dental illness or specialised therapies may be worth considering.

The best pet insurance company is one that meets your financial and coverage needs and provides  support to you when you need it. There is no single ‘best’ pet insurance company or provider. You can check out third-party sources like Forbes Advisor, Canstar, and Mozo that offer expert reviews and awards, that you can consider when choosing the best pet insurance company for you and your pet. Customer reviews from platforms like ProductReview.com.au and TrustPilot also give you real insight into how providers handle claims and customer service.

According to MoneySmart, pet insurance premiums can range from $60 to $120 per month. This means that there is a lot of variation in the market for the levels of coverage that is offered. It’s important to compare pet insurance policies and understand what coverage is included at a certain price point. Please take this range as a rough guide, as factors specific to your dog such as breed, age, sex and your location will affect your premiums. Factors like breed, age, and location affect your premium, so you should focus on what’s specific to your pet, rather than comparing to the industry average. Sometimes, whether you have made a claim or how many claims you made, can affect your premiums (at Petsy, we don’t consider these, when determining your premium).

To maximise your pet insurance coverage, start early to avoid pre-existing conditions being excluded. Petsy policies can start for pets aged between 6 weeks and 9 years, and coverage continues as long as you renew. Avoid switching providers, if previous claims related conditions can be considered pre-existing conditions by a new insurer. At Petsy, we like to reward responsible pet ownership by giving puppies and kittens an annual limit bonus of up to 20% at no extra cost, if you sign up before your pet’s first birthday. 

A higher excess can lower your premiums, but it means you'll need to pay more out-of-pocket expenses, before insurance covers eligible expenses. A lower excess reduces the amount you need to pay but comes with higher premiums.

The best time to get pet insurance can be as early as possible, to reduce the chance of your pet developing pre-existing conditions and symptoms, which are excluded from coverage. Pet insurance is designed for the unexpected, so early coverage can save you on future vet expenses.

Want to Get a Quote for your Furry Friend?

Optional Extra Benefits

During the application process You will be provided with the option to include Optional Extra Benefits that cover certain conditions and Treatments which are not otherwise covered under the Policy.

 

The Optional Extra Benefits are:

Alternative Therapies, Behavioural Problems, and Dental Illness.

 

Examples of Alternative Therapies: Acupuncture, physiotherapy, hydrotherapy

Examples of Behavioural Problems: Excessive licking, fur pulling, pacing and destructive

chewing.

Examples of Dental Illnesses: Dental diseases, gingivitis, periodontal disease.