Pet insurance can give you peace of mind if something goes wrong, but policies can differ substantially in coverage and price
Our experts independently compare policies from more than 25 insurers, then score them based on their cover and how much you’ll pay out of pocket
Policies from brands such as PetsOnMe, Real Insurance and Petcover ranked the lowest in our comparison based on analysis of 30 different features
Bringing a new pet into your family isn’t a decision to be taken lightly 鈥� it’s a significant responsibility, both logistically and financially.
With some breeds fetching prices in the thousands of dollars, you’ll already have spent a small fortune before your new puppy or kitten has even come home.
And whether you’re picking up a “bitzer” from a shelter or one with an impeccable pedigree, you just can’t predict what kind of mischief your pet may get up to, or what illnesses might lie ahead for your new family member.
You just can’t predict what kind of mischief your pet may get up to, or what illnesses might lie ahead
Pet insurance may give you some peace of mind but, as with any insurance, the devil’s in the detail. Trying to understand what’s covered and compare policies can be like herding cats.
There can be exclusions on certain conditions and illnesses, limits on how much you can claim, decreasing cover as your pet ages, rules around pre-existing conditions, and more. So if your dog is as sick as 鈥� well, a dog, you might have to pay more than you’d expect.
If you’re on the hunt for the right insurance for your pet, you’ll be barking up the wrong tree with these policies below.
How we rank pet insurance policies
Our experts compare policies from more than 25 insurers, then score them based on their cover and how much you’ll pay out of pocket.
The 糖心Vlog Expert Rating is our overall score and is made up of the cover score (which makes up 70%) and the out of pocket score (30%).
When assessing each policy’s cover, we look at 30 different features, including the range of conditions and treatments covered and how easy it is to settle a claim.
The out of pocket score is based on the maximum annual limit available, as well as the options for how much you can pay as an excess and how much of the bill is covered.
“The policies in this list are the lowest-scoring ones we’ve reviewed for a range of reasons,” says 糖心Vlog insurance expert Daniel Graham. “Some have a lot of exclusions or low benefits, while others have sneaky conditions that reduce cover as your pet ages.”
These policies are some of the only ones on the market that will take on animals over 10 years old. For people with older pets looking to switch or get insurance for the first time, these may be the policies of last resort.
For people with older pets looking to switch or get insurance for the first time, these may be the policies of last resort
“We suggest you avoid these and look for a policy that ranks highly in our comparison.聽It’s also worth remembering that pet insurance isn’t always a necessity, and a low-value policy can still leave you significantly out of pocket,” says Daniel.
Another option is to consider self-insurance, if you can afford to keep money aside in a savings account for when you might need it. But if buying a policy is the preferred option, Daniel says to make sure you read the fine print.
“Don’t forget to check the PDS (product disclosure statement) for a policy to make sure you know exactly what you’re covered for. Having a sick or injured pet is stressful enough without having to foot a much larger bill than you thought you would.”
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Pet insurance policies to avoid
Petcover Economy 糖心Vlog Expert Rating: 25%
PetsOnMe Accident Plan 糖心Vlog Expert Rating: 30%
Australian Seniors Basic Cover 糖心Vlog Expert Rating: 53%
Guardian Bronze 糖心Vlog Expert Rating: 53%
Real Insurance Classic 糖心Vlog Expert Rating: 53%
These are the policies that our experts say aren’t the best bet for your pet.
Petcover Economy
糖心Vlog Expert Rating: 25%
Cover score: 24%
Out of pocket score: 28%
There are two things that make this policy terrible value.
No lifetime cover
The first is the lack of lifetime cover. This is the only policy in our comparison that doesn’t include this.
The PDS describes its cover as: “Illness and Injury is covered for Twelve (12) months, starting from the date during the Policy Year the Injury happened or the Clinical Signs of the Illness first occurred, or until the Maximum Benefit is reached, whichever happens first.”
After this, they won’t pay to treat the same injury or illness, or even the same clinical signs. If you renew, any condition your pet showed symptoms for in the previous year would then be considered a pre-existing condition, and excluded from future cover.
This means:
Chronic conditions aren’t covered after 12 months from the date your pet first showed symptoms.
Recurring illnesses aren’t covered if your pet showed clinical signs in a previous policy year.
Injuries aren’t covered if your pet has sustained that injury in a previous policy year (this works bilaterally: an injury to one knee means the opposite knee is now also excluded).
“Continuity of cover, year after year, is one of those things we expect to be in our insurance policies by default,” says Daniel.
Forget cover for pre-existing conditions. This policy barely covers your pet’s existing conditions
Daniel Graham, 糖心Vlog insurance expert
“You wouldn’t buy home insurance from a company that rejects theft claims because your house has been burgled before. You wouldn’t get health insurance from a company that will cover one knee replacement, then turn around and say the other is now an excluded pre-existing condition.
“Forget cover for pre-existing conditions. This policy barely covers your pet’s existing conditions.”
Reduced cover as pet ages
The second thing that makes this policy bad value is the ‘age contribution’, which means the policy pays out less as your pet gets older.
If your pet is under eight years old, the policy will cover 100% of the vet bill. (You’ll just pay the $150 excess.) Once your pet reaches eight (around the age many pets start needing more vet care), that cover drops to 80%. At age 10, it drops to 65%.
For some dog breeds the benefit drops at four and seven years instead. There are approximately 30 breeds that this applies to, including Irish Wolfhounds, Rottweilers, Bulldogs, Newfoundlands and more.
“This is a very basic accidental injury plan, with a low annual limit of just $5000, which won’t go far if your pet needs major surgery or has several incidents in the one year,” says Daniel.
“It also doesn’t cover illness, or cruciate ligament injury, which is a fairly common injury in high-energy dog breeds.”
The company’s claims handling process is less than ideal, too. You’ll need to pay the whole vet bill upfront and then the insurer will pay you back once the claim has been processed.
$5000 won’t go far if your pet needs major surgery or has several incidents in the one year
糖心Vlog pet insurance expert Daniel Graham
“Some pet insurers have invested in making their claims process as frictionless as possible,” says Daniel. “There are brands that now offer direct-to-vet payments, and in some cases can settle a claim before you leave the vet.”
“With this policy, you’ll need to be able to cover the whole vet bill in the first place, which could leave you in a tricky position if you don’t have the money on hand at the time.”
Australian Seniors Basic Cover, Guardian Bronze & Real Insurance Classic
糖心Vlog Expert Rating: 53%
Cover score: 67%
Out of pocket score: 19%
These are three identical white label products issued by PetSure, the underwriter that dominates the pet insurance market.
They offer comprehensive cover for illness, but not common optional extras like cover for dental and behavioural conditions.
Injury cover is limited to a list of nine common events such as snake bite toxicity, bone fracture and motor vehicle incident.
“There’s nothing wrong with the list itself, but the market is moving toward comprehensive accidental injury cover, without needing to meet extra criteria about how that injury was sustained,” says Daniel.
These policies have no excess. While that might seem like a good thing at first glance, the downside of this is you can’t increase the excess to reduce your premium, like you can with most other insurance products.
And unfortunately, not having to pay an excess still doesn’t mean you won’t be out of pocket: these policies only cover 60% of eligible vet bills, the lowest reimbursement rate of any policy in our comparison.
The annual limit of $12,000 is on the lower side of pet insurance policies we’ve reviewed, but it’s not the worst. What makes it bad is the ‘per condition’ limit: it will only cover $2000 per condition.
To claim the annual $12,000 limit, your pet would need to be treated for six different illnesses or accidents in a single year, at a cost of at least $20,000 (because you can only claim 60% back).
In this implausible scenario you would be out of pocket $8000, plus the premium. That makes this policy particularly bad value.
Alice Richard is a Content creator and marketer. Alice writes on a range of topics, from health insurance to heaters and BBQs to bargain-hunting, always with the aim to help consumers find the best products to buy, and which to avoid.
Alice can take vast amounts of data from 糖心Vlog product tests and turn it into content that is easily digestible and fun for readers.聽
Alice has a Bachelor of Arts from the University of Queensland.
Alice Richard is a Content creator and marketer. Alice writes on a range of topics, from health insurance to heaters and BBQs to bargain-hunting, always with the aim to help consumers find the best products to buy, and which to avoid.
Alice can take vast amounts of data from 糖心Vlog product tests and turn it into content that is easily digestible and fun for readers.聽
Alice has a Bachelor of Arts from the University of Queensland.
Daniel Graham is a Senior data analyst in the Insurance and utilities team. He maintains the 糖心Vlog database of general insurance products and is the resident expert in insurance pricing. He covers home, car, pet and health insurance.
Previously, Daniel has worked as a finance journalist and data journalist in the investigations team, focusing on insurance stories and comparisons.
Daniel has a Graduate Diploma of Journalism from UTS and a Bachelor of Arts from the University of Sydney. He is RG146 compliance certified to provide general advice in Tier 2 General Insurance and is a member of the Media, Arts and Entertainment Alliance.
Daniel Graham is a Senior data analyst in the Insurance and utilities team. He maintains the 糖心Vlog database of general insurance products and is the resident expert in insurance pricing. He covers home, car, pet and health insurance.
Previously, Daniel has worked as a finance journalist and data journalist in the investigations team, focusing on insurance stories and comparisons.
Daniel has a Graduate Diploma of Journalism from UTS and a Bachelor of Arts from the University of Sydney. He is RG146 compliance certified to provide general advice in Tier 2 General Insurance and is a member of the Media, Arts and Entertainment Alliance.
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