What is Pet Insurance?
Pet Insurance for your dog covers some of your canine buddy’s critical healthcare costs. It can reimburse some or most of the cost of serious conditions depending on your level of cover, such as a broken hip and diseases like cancer. Typically, there are no waiting periods for accidents and minimal waiting periods for illnesses (typically 30 days).
Annual benefit limits, the percentage of eligible vet bills you’ll be reimbursed for, excess or co-payments and optional extras will differ from policy to policy so remember to always check your Product Disclosure Statement (PDS) to find out exactly how you’re covered.
What does Pet Insurance cover?
Depending on your level on cover, pet insurance can cover you for a range of eligible vet costs, along with treatment for injuries and illnesses. You may also choose optional routine care for services like de-sexing, micro-chipping, tick control and obedience training.
What to consider when you’re insuring your pet
There are several things you may need to keep in mind when you take out accident cover.
Your pet’s needs
Your pet’s current health, medical history and age are all factors that can affect the costs of premiums and the policies available to them. You may feel that your pet needs protection for more than just accidents.
As such, it’s always important to check your provider’s Product Disclosure Statement (PDS) to ensure that your pets needs are met.
Excesses or out-of-pocket expenses
An excess is a one-off payment per claim you pay to your insurer, while an out-of-pocket cost is the remaining amount you pay after your insurance covers their portion of your pet’s treatment.
While an excess is a fixed amount that you pay for each claim, out-of-pocket expenses will likely change with each claim, and can increase as your vet bills do.
For example, you may not be able to claim on cruciate ligament injuries until a certain amount of time has passed (e.g. six months). This can vary from insurer to insurer so make sure to review your Product Disclosure Statement (PDS) for exact details.
Most policies will outline which specific accidents and injuries are covered in their Product Disclosure Statement (PDS), so make sure you get a policy that meets your needs.
If you’re looking to get your pet covered for illnesses, you can read about accident and illness cover, as well as comprehensive coverage, in Knose’s guide to different types of pet insurance.
Levels of Pet Insurance
An accident-only policy is the most basic level of cover. If your dog gets into a scuffle or they’re hit by a vehicle, this policy will help cover a chunk of the vet bill.
Accident and illness cover
A mid-range level of cover that includes accidents and illness diagnosed by a vet (e.g. cancer). The amount you can receive back from vet visits ranges from 60% to 80%, and you can claim up to a maximum of $15,000 a year. However, this type of cover is only available for dogs aged eight weeks to nine years old. Adding routine care can also be available on some of these policies.
The highest level of pet insurance you can take out, a comprehensive policy covers illnesses, accidents and provides routine care as an optional benefit for an additional premium. The benefit rate can be up to 85%, and you can claim up to a maximum of $20,000 per year. Please note: you’ll need to insure your dog after it’s eight weeks old and before it turns nine years old.
Australian vets have seen a steady rise in pets being insured. However, up to now, that hasn’t been matched by any increase in choice.
I’d love to know what your experience is with your pet insurance company!
By clicking the link to obtain a quote you will be referred to Knose Financial Services Pty Ltd (ABN 38 620 795 735, AR 1275755) (‘Knose’). Knose distributes Knose Pet Insurance as an authorised representative of Blend Insurance Solutions Pty Ltd (ABN 47 617 346 353, AFSL 500768) (‘Blend’). Blend is an underwriting agency acting under a binder as agent of the insurer, Australian Branch of Allied World Assurance Company, Ltd (ABN 54 163 304 907)(‘Allied World’). Blend and Knose act as agents of the insurer in respect of the insurance products offered on the Knose website and not as your agent. Any advice provided is general advice only and has been prepared without taking into account individual objectives, financial situations or individual needs. You should consider the appropriateness of any such advice and the Product Disclosure Statement (PDS) before making a decision to acquire the product. Your Top Dog, ABN: 22965074197 is acting as a referrer for Knose and is not providing any financial service, including advice. If you purchase a Knose insurance product as a result of this referral to Knose, Your Top Dog, ABN: 22965074197, may receive a referral fee for each policy taken out. For more details see the Knose Financial Services’ Financial Services Guide available on www.knose.com.au. By proceeding, you acknowledge and confirm that you have read and understood this disclaimer.