What Exactly is a Pet Insurance Quote?
A pet insurance quote is simply just an estimate of what it’ll cost to insure your pet. Similar to quotes for human health, car or home insurance, a pet insurance quote is tailored specifically to your pet. The amount you pay—known as the insurance premium—can vary depending on things like your pet’s breed, age, sex, and where you live. Plus, the level of coverage you pick will impact how much you will pay.
Full definition can be found here. We suggest gathering a few quotes whilst you’re shopping for pet insurance, so you can compare different policies and providers before making your final decision.
What Affects the Cost of Your Premium?
Different insurance providers have their own way of calculating premiums, but they’re generally based on similar factors. At Petsy, we consider four main factors related to your pet, then adjust the premium based on your preferred coverage options. It’s worth noting that with Petsy your own claims history doesn’t impact your premiums directly, when it comes to renewal time.
Species and Breed
The breed of your pet can significantly impact the cost of your premium. Some breeds are more prone to specific health issues, which can make them a bit pricier to insure. Your pet’s health history prior to taking out pet insurance won’t impact your premiums with Petsy. Just like most other insurers, we don’t cover pre-existing conditions and illnesses. You can read more about how we handle pre-existing conditions differently at Petsy.
Pet’s Age
Generally, younger pets have lower premiums. As your pet gets older, the chances of health problems increase, which can lead to higher veterinary costs. At Petsy, we like to reward responsible pet ownership and pet parents who start early. So, if you begin your pet’s coverage with us before they’re 6 months old, we’ll automatically increase your annual limit by 20% at no extra cost. If you start before they turn one, we’ll add 10% to your annual limit, also at no extra cost.
Location
Where you live can also affect your premium. Vet costs can vary depending on whether you’re in an urban area or somewhere with a higher cost of living. Certain locations might also have higher risks for specific health issues or accidents, and insurers take this into account.
Sex of your Pet
The sex of your pet can influence behaviour, which might affect the likelihood of certain claims. There are also some statistical differences in health and lifespan between male and female pets, which insurers factor into their risk assessments.
Common Pitfalls When Comparing Quotes
One common mistake when comparing pet insurance quotes is to have price as the deciding factor and simply pick the lowest premium option. Not all pet insurance policies are created equal, so it’s important to compare policies properly, by comparing “apples with apples”, so you know what’s actually included (or not included) at the price point you are comfortable with. We can guide you on how to compare pet insurance policies.
To offer budget-friendly options, some providers might limit coverage through stricter exclusions or sub-limits, which can limit how much you can claim. These details may not be obvious when obtaining a quote. You may also be met with a hefty price increase when it comes to renewal time.
At Petsy, our focus is on providing high-quality coverage and service that offer long-term value. Our Australian-based team ensures you always speak with a local pet lover. Through our experience, we understand that more extensive coverage tends to align with our customers’ expectations. That’s why we focus on high-quality insurance with no sub-limits. Our customisable policy allows for coverage levels to be adjusted. For example, by increasing the annual excess, you will be able to lower premiums to meet your budget needs.
How Can I Lower My Pet Insurance Premium?
There are ways to lower your pet insurance premium by adjusting your coverage options, like the annual limit, benefit percentage, and annual excess. Generally, the more coverage you choose, the higher the premium. Here’s a quick rundown of the main factors:
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. The higher the limit, the higher the premium; the lower the limit, the cheaper or lower the premium. At Petsy, we offer a range of options, including $5k, $10k, and $25k, all with no sub-limits. Our pet insurance covers both accidents and illnesses and has one list of conditions covered under the policy regardless of the annual limit chosen by you. This means, even if you chose an annual benefit limit of $5,000 instead of $25,000, the list of conditions covered is exactly the same. It just means the total amount claimable in the 12-month period is $5k, not $25k.
Benefit Percentage
This is the percentage of each eligible vet bill your insurance will cover. Most options in the market range from 70% to 100%, but be sure to check the fine print for exclusions. At Petsy, we offer two options: 80% and 90%. You can lower your premiums by adjusting your benefit percentage. For example, choosing a plan that covers 80% of each eligible vet bill, rather than 90%, can help reduce your monthly premiums.
Annual 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. The lower the excess, the higher the premium; the higher the excess, the cheaper or lower the premium. Different insurers offer different types of excess, such as per claim, per condition, and annual excess. Ours is a once-off, annual excess that you’ll need to meet first. At Petsy, we have several annual excess options: $0, $150, $200, $300, and $500. We recently introduced the $500 annual excess option that can reduce the premium by more than 40% in some cases.
Optional Extra Benefits
Many providers including Petsy, offer add-ons for extra benefits like Dental Illness, Specialised Therapies and Behavioural Conditions. If you decide to include extras, this will increase your premium, as coverage also increases. Petsy is one of the few providers that offer dental illness coverage with no sub-limits.
Vet Consultations
Removing vet consultations fees from your coverage can lower your premium. We are one of the few providers who allows for this, because many of our members are vets and pensioners who receive discounts on vet consultations, or they may already be covered by wellness plans and we don’t want them to double up. However, 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 fees in your coverage.
Examples of Pet Insurance Quotes with Petsy
1-Year-Old Cavoodle
Location: Parramatta, NSW
Breed: Cavoodle
DOB: 23 September 2023
Sex: Girl
- Benefit Percentage: 80%
- Annual Excess: $150
- Optional Benefits: Excluded
- Vet Consultation Fees: Included
Quote as at 23 September 2024
| Annual Limit | $5,000 | $10,000 | $25,000 |
|---|---|---|---|
| Monthly Premium | $52.39 | $61.87 | $74.42 |
5-Month-Old Labrador Retriever
Location: Parramatta, NSW
Breed: Labrador Retriever
DOB: 12 April 2024
Sex: Boy
- Annual Limit: $12,000 ($10,000 plus $2,000 bonus at no extra costs)
- Benefit Percentage: 80%
- Optional Benefits: Included
- Vet Consultation Fees: Included
Quote as at 23 September 2024
| Annual Excess | $500 | $300 | $200 | $150 | $0 |
|---|---|---|---|---|---|
| Monthly Premium | $56.91 | $70.44 | $82.11 | $89.77 | $122.47 |
Try out our quote tool to explore coverage options that fit your needs and budget.
Petsy Multi-pet Discount
Insuring multiple pets with Petsy has its perks! For every additional pet you add, you’ll get a 5% lifetime discount. This discount applies automatically when you insure more than one pet at the same time. If you’re an existing member and would like to add an additional pet to an existing policy or want to know about our latest promotions, feel free to give us a call at 1300 952 790.
Wrapping It Up
Getting and understanding pet insurance quotes is a key step in finding the best coverage for your pet and peace of mind for you. Comparing quotes across different providers ensures you’ll find a policy that balances affordability with the coverage your pet needs. Just be sure to watch out for potential pitfalls, like what’s included in the fine print or being guided purely on price. By carefully reviewing each quote and matching it with your pet’s specific needs and your budget, you can choose a policy that offers both great protection and value. Whilst you’re here, get a quote from Petsy. Happy shopping!
