PET parents are spending thousands of dollars on their furry friends' vet bills.
According to new findings from the annual PETstock Pet Parent Survey, pet owners spend $1649 on medical expenses including hospitalisation, surgery and treatments for everything from anxiety and orthopaedic injuries to cancer and snake bites.
PETstock chief executive Shane Young said many pet owners will do whatever they can for their pet's health.
"Given that an incredible 83 per cent of respondents agreed or strongly agreed that they treated their pets as their children, these figures are not surprising," he said.
Despite these costs, only 30 per cent of survey respondents had a pet insurance policy.
The survey showed some the deterrents to taking out a policy included the cost and value.
Owners that did take out insurance spent on average $629 on the policy annually.
PETstock has some general hints for pet owners considering taking out a pet insurance policy:
- Coverage - most pet insurance providers typically offer a range of policies to choose from. When selecting cover for your dog or cat consider whether you want cover for accident only, accident and illness, or more comprehensive cover for accidents and illness, along with some provision for "routine care" items such as teeth cleaning and vaccinations.
- Pre-existing conditions - when considering pet insurance be aware that any conditions in existence before the start of the policy (a pre-existing condition) will not be covered. For example, if your pet has been treated for a skin condition previously, all skin conditions will be excluded from cover.
- Benefit limits and waiting periods - pet insurance policies have an annual benefit limit which you can claim up to within that year and there may be sub-limits for certain conditions. Additionally, when you first take out a policy there may be a waiting period to serve before a claim can be made.
- Age - it makes sense to consider insuring your pet from an early age, as young pets can often get themselves into trouble accidentally, and it helps lessen the chances of pre-existing conditions being excluded from cover. Generally, for illness cover, pets need to be less than 9 years old to be accepted.
- Breed - some breeds may be more likely to suffer from certain health conditions.
