PET INSURANCE QUOTES
Navigating Pet Insurance Quotes: What You Need to Know Before You Buy
The world of insurance can be difficult to navigate, and pet insurance is no exception. In Australia, we’re fortunate to have a wide range of quality providers and policies to choose from. However, with so many options, it’s important to understand that not all pet insurance policies are created equal. The same claim made under different pet insurance policies may lead to significantly different outcomes. That’s why comparing pet insurance policies is essential to find the right balance among coverage, price, and value for your pet.
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
On This Page You Will Find
Key Takeways
- Pet insurance protects against unexpected vet bills, offering financial peace of mind.
- Comparing policies helps you find the best coverage for your pet’s specific needs and budget.
- Key factors to focus on include annual limits, benefit percentages, and excess amounts.
- Petsy offers flexible plans that fit both your budget and your pet’s health requirements.
- Making informed choices by comparing plans can save money and ensure comprehensive coverage for your pet.
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.
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
FAQs About Pet Insurance Quotes
Pet insurance in Australia is designed for the unexpected events, such as accidental injuries and illnesses. Most policies generally do not cover routine care items, like desexing or teeth cleaning. The types of coverage typically include:
Accident-Only Cover: Covers costs related to accidental injuries like fractures and broken bones, but excludes illnesses.
Accident and Illness Cover: A more comprehensive plan covering accidental injuries and illnesses, including hereditary issues, Intervertebral Disc Disease (IVDD), cancer treatment, and chemotherapy.
Add-ons for Routine Care: Some plans allow you to add routine care, covering vaccinations, desexing, and flea treatments.
Petsy Pet Insurance covers almost every type of accidental injury, illness or condition unless it is specifically listed as not covered. This is why it's important to know what's not covered by pet insurance.
Accident-only cover is usually the most affordable pet insurance option, with premiums starting from $20-$30 per month for dogs and even lower for cats. However, this cover may not include situations you normally expect to be covered, like when a pet swallows a foreign object, which is often classified as an illness, not an accident.
Petsy no longer offers accident-only policies because such policies provide limited coverage that can be confusing and insufficient during emergencies. Instead, we provide customisable accident and illness plans that allow you to adjust coverage options like the annual excess to reduce your premiums. By increasing the annual excess, you can lower your premium—our $500 excess option can reduce premiums by over 40% in some cases.
According to MoneySmart, pet insurance premiums typically 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 are 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 pet 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).
At Petsy, we don't cover the cost of desexing (spaying or neutering) for your pet. However, if your pet needs treatment for complex cryptorchidism (undescended testicles) and it's not a pre-existing condition, we can help to cover those vet costs.
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