Lack of pet insurance could leave pet owners with a hefty vet bill

Would you put a price tag on your pet's health?

28 Jan 2019 By Leanne Philpott Comments

The latest Canstar research reveals that despite being a nation of pet lovers, Aussie pet owners would not be prepared to pay more that $1,000 on vet bills.

“Australians love their pets, but with only just over one third (35%) of respondents prepared to cover the costs of a serious vet bill, it raises the point that pet owners need to take a proactive approach to avoid the financial burden that can be associated with unexpected, or high vet bills,” said Canstar’s finance expert and proud dad to Cadbury the chocolate labrador, Steve Mickenbecker.

He adds, “It’s important to know that pet ownership isn't just about covering the costs for food, treats and toys. It's important that families factor in routine care, accidents and illness as part of their pet budget.

“We insure our cars, homes, health and belongings, but insurance for man’s best friend still falls short. Our investigation found that just 16% of pet owners currently hold pet insurance, with a further 15% planning to get it in the near future.

“Alarmingly, 41% of Australian pet owners without pet insurance said they don’t see the value in it yet only 21% said they had enough money saved to cover vet bills.

 “The reason pet owners should consider pet insurance is the same reason we invest in any kind of insurance - you never know if something may go wrong. We have a duty to care for our pets and the last thing you want is to be caught out of pocket and unable to provide the best care possible.”

Key findings include:

  • 65% of Aussie pet owners would not be prepared to spend more than $1,000 on vet bills if their companion got sick or injured and required surgery.
  • According to further investigation into the cost of vet bills by Canstar, the cost for an accident as common as ingesting a foreign object such as a toy, chocolates or rodent poison, ranges from $765 up to approximately $12,000.
  • Dog owners are more prepared to spend up big when compared to cat owners, with 41% of respondents stating they would be prepared to spend more than $1,000 on vet bills for the family dog, compared to only 32% of cat owners. 
  • 41% of Australian pet owners without pet insurance say they don’t see the value in it yet only 21% say they have enough money saved to cover vet bills. 
  • Canstar compared the pricing of 142 pet insurance policies from 24 insurers for its latest Pet Insurance Star Ratings. It found that the cost of pet insurance per year for dogs starts at around $430 and is approximately $360 for cats

With many pet insurance rates costing less per year than your average car insurance, it begs the question – is your car more valuable than your fur friend?

 

What are your thoughts on pet insurance? Do you have cover?

 

28 Jan 2019 By Leanne Philpott Comments

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