Vet costs are soaring, but is pet insurance worth all the hype?
Important information on terms, conditions and sub-limits
If you’ve been to the vet lately, you might’ve noticed your bill creeping higher and higher. With the cost of vet visits rising thanks to inflation, vet shortages^, and pricey new treatments, pet owners are feeling the pinch. The big question: should you get pet insurance to help cover the cost?
Why vet costs are on the rise
From emergency surgeries to routine check-ups, vet bills aren’t what they used to be. The price of medications, diagnostics, and advanced procedures has climbed, and more pet owners are opting for sophisticated treatments once reserved for humans. All this means more out of pockets for you and hefty vet bills that could leave you in the red.
How much could you be out of pocket?
A simple check-up can cost $100 or more, while emergency treatments like surgery for a broken leg can run into the thousands. Cancer treatments for pets can exceed $10,000, and ongoing conditions like diabetes or arthritis mean regular vet visits for life. Without insurance, those costs come straight out of your pocket.
Does pet insurance actually save you money?
Like any insurance, pet cover isn’t one-size-fits-all, but it can take the sting out of unexpected vet bills. Policies can cover anywhere from 60% to 100% of eligible costs, with annual limits ranging from a few thousand dollars to much more. Some plans even include extras like routine care, dental, and alternative therapies.
The trick? Comparing pet insurance policies to find great value for your pet’s needs. Not all pet insurance is created equal: some have breed-specific exclusions, waiting periods, or caps on claim amounts. Shopping around could mean the difference between paying thousands out of pocket or having your insurer foot the bill.
What to look for in a pet insurance policy
- Coverage type: Accident-only, accident & illness, or comprehensive with routine care.
- Reimbursement rate: How much of the bill your insurer will cover (e.g. 70%, 80%, or more).
- Annual benefit limit: The maximum amount you can claim each year.
- Exclusions & waiting periods: Some conditions may not be covered, especially pre-existing ones.
Compare and be prepared
If vet bills keep climbing, having pet insurance could be the difference between giving your furry friend the best care or facing an impossible financial choice. Not every policy is right for every pet, so comparing your options now can save you heartache (and money) later.
Important information on terms, conditions and sub-limits.
Petsy Pet Insurance*
- $25,000 annual limit for accidental injury and illness
- Covers up to 90% of your eligible vet bills
- Customisable policy
Petsy Pet Insurance offers a maximum annual benefit limit of $25,000 for accidental injury and illness if you take out their top level of cover. Their top level of cover may also reimburse up to 90% of your eligible vet bills. You can also customise your policy by not adding optional extras like dental, behavioural problems, and alternative therapies cover or, lowering your annual benefit limit to $10,000, reducing your benefit percentage to 80%, or opting for a $150 annual excess.
Petsy has zero sub limits and gives you the option of annual excess and percentage benefits to suit your needs. Plus, with Petsy, you'll be able to choose your own vet, with over 12,000 registered vets in Australia.
Knose Pet Insurance**
- Annual benefit limit of $25,000 for accident and injury cover
- Get 10% off your first-year premium using the promo code "MOZO10"
Knose Pet Insurance won Mozo Experts Choice Pet Insurance Provider of the Year^ for its flexible approach which makes it simple to tailor your pet insurance cover. Policyholders choose their desired annual limit, benefit percentage and annual excess to create a pet insurance plan for their needs. You can also select optional extras such as dental issues, behavioural problems and alternative treatments. To be eligible for cover, your pet needs to be at least 6 weeks and less than 9 years when starting insurance.
Fetch Pet Plan*
Get dental, physio and behaviour cover included as standard with a Fetch Pet Plan. You can enjoy $30k insurance cover with no sub-limits and get an all Aussie vet nurse team to manage claims. Plus, claims are conveniently paid directly to your vet.
Day or night, the Fetch vet team are just a tap away. Chat to them in-app, or call 24/7 for emergencies. You can manage your pet's plan, treatments, and claims with a a single tap, direct from your mobile phone.
Budget Direct Pet Insurance*
- Annual benefit limit of $12,000 for illness and accidental injury
- Covers 80% of your eligible vet bills
Budget Direct Pet Insurance brings you coverage for a range of common dog and cat medical concerns. There is an annual benefit limit of $12,000 if your cat or dog is accidentally injured or falls ill (sub limits apply).
In addition, they’ll cover a generous 80% of your eligible vet bill when you take your furry family members to your choice of registered vet or veterinary practice in Australia. You’ll also receive a 15% discount on your first year’s premium for a new policy quoted online.
* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
^See information about the Mozo Experts Choice Pet Insurance Awards