Pet insurance: is it a must-have, or could you be better off putting away savings for vet bills? The answer isn’t always straightforward. Let’s explore the pros and cons of both approaches so you can decide what’s best for your furry friend.
Welcoming a new pet into your life is an exciting time. You might have spent on the essentials – a bed, food, and some toys – but as a pet owner, the real costs are still ahead. Veterinary bills, in particular, can add up over time.
What Can You Expect to Spend on Your Pet?
According to recent data, pet owners in Australia can expect to spend $3200 a year on a dog and $1715 a year on a cat. And this figure doesn’t even include the potential for unexpected vet bills due to injury or illness.
With the cost of living on the rise, many pet owners are questioning whether pet insurance is worth the cost. Could putting aside savings for emergencies be a better strategy?
Understanding Pet Insurance
Pet insurance policies usually come with annual benefit limits, which cap how much the insurer will cover each year. Limits can range from $5000 to $30,000, but most policies only cover 60% to 80% of the bill, meaning you’ll still have to pay a portion out of pocket.
Additionally, policies rarely cover routine care like vaccinations or check-ups, and there’s often an excess to pay for any claims.
For older pets, it can be difficult to find coverage beyond accident-only policies. Even if you do find cover, premiums tend to be higher for older animals.
How Pet Owners Feel About Insurance
Some pet owners have found pet insurance to be worth every penny. For example, Samir’s family was grateful for their pet insurance when their German Shepherd developed a condition requiring specialised care. Without insurance, they wouldn’t have been able to afford the ongoing treatments.
However, not everyone feels pet insurance is a good deal. Chris, who adopted a senior cat, estimated that he would have spent far more on premiums than the $2500 he paid in vet bills over four years.
Is Self-Insurance an Option?
For those who prefer more control over their funds, self-insuring – setting aside savings for future vet bills – may seem appealing.
One advantage is that you have access to your funds whenever they’re needed. However, saving takes time, and an emergency early on in your pet’s life could mean you don’t have enough set aside to cover the costs.
How Much Should You Save?
If you decide to go the self-insuring route, you’ll need to budget for both regular care and emergencies. Even if you have insurance, routine costs like vaccinations are usually not covered, so you’ll need to set aside money for these.
You’ll also want to plan for potential emergencies. For example, surgery to remove a foreign object from a dog could cost around $5067, while more complicated procedures like hip replacements can exceed $12,000.
Ultimately, whether you choose to self-insure or opt for pet insurance, it’s essential to plan for your pet’s healthcare needs. Consider their breed, age, and any potential health risks. Your vet can offer guidance on the best approach to ensure your pet stays healthy and happy throughout their life.
Paddington Vet – Your Trusted Veterinary Partner
Serving the vibrant communities of Paddington, Red Hill, Bardon, Milton, Auchenflower, Toowong, Taringa, St Lucia, and surrounding suburbs with exceptional veterinary care.
At Paddington Vet, we're dedicated to ensuring the health and happiness of your pets. Whether it’s a routine check-up, urgent care, or personalised advice on pet health, our experienced team is here to support the wellbeing of your furry family members.
Why Choose Paddington Vet?
Local Expertise: With deep roots in Paddington and surrounding areas like Red Hill, Bardon, and Auchenflower, we understand the specific health needs of pets in our community.
Comprehensive Services: From preventive care and surgical procedures to emergency care and wellness exams, we offer a wide range of veterinary services to keep your pets in top health.
Advanced Care: Utilise our innovative tools and resources, including our Pet Health Checker, available on our website, to stay proactive about your pet’s health.
Virtual Assistance: Access veterinary support from the comfort of your home with our virtual vet nurse, available through our website and social media channels.
For those in Paddington, Red Hill, Bardon, and beyond looking for expert veterinary care, Paddington Vet is your go-to destination.
Stay Connected: Visit our website for more information, resources, and to book your next appointment: www.petkind.com.au
Follow us on social media for the latest updates, pet care tips, and community stories. We’re committed to enhancing the lives of pets and their families in our community.
Paddington Vet – Your Pet’s Health, Our Priority
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