Do you currently have, or are planning to, grow your family with a new fur baby? Pet insurance is something you may want to consider as it can help cover a portion of eligible veterinary costs if your pet gets sick or injured unexpectedly.

Pet insurance products are designed to cover large, unexpected pet healthcare expenses and may not cover routine costs, such as flea and worm preventive treatments, vaccinations or pet grooming services.

To determine the type of pet insurance product and level of cover that may suit your needs, consider the following:  

Does animal breed matter?

Health conditions for pets can vary depending on their breed, so ensure you research your pet’s breed to identify common breed-specific conditions that may affect your pet, including the average treatment costs. It’s also important to understand that each year pet insurance premiums rise due to the change in their risk profile, which is impacted by factors such as your pet’s age.

What are the different policy types?

Accident-only insurance 

This covers vet costs if your pet is injured in an accident. This may be less relevant if you walk your pet on a leash and keep them mainly indoors.

Accident and illness insurance 

This covers your pet if they are in an accident or get sick. This cover can reimburse you for a portion of eligible vet treatments if your pet becomes unexpectedly sick or is injured.

Comprehensive insurance 

This covers your pet for accidents, illness, preventive care and some routine vet checks such as vaccinations and worming. When comparing the various policy types available, consider the features of each and your budget to determine what best suits you and your pet. 

Also, note that most insurers won’t cover pre-existing medical conditions for the above policy types.

What are the key product features you should consider?

• Annual benefit limit: Policies have annual benefit limits, which means there is a maximum amount you can claim against your insurance in a policy period, which can usually be 12 months.
• Sub-limits: Most policies have sub-limits for specific illnesses, which can also limit amounts you can claim.
• Benefit percentage: Policies also offer a set benefit percentage. This is the amount you’ll get back for any eligible claim you make. You will have to pay the remainder as a gap or an out-of-pocket expense, for example, applying an 80% benefit percentage means that 20% of a fee will be paid by you.
• Excess: This is the amount you pay when you make an insurance claim. Effectively that's the amount you pay before insurance cover should kick in. You can save on your premium payments if you accept a policy with a higher excess amount.
• Value-add services: Many policies offer a range of value-add services, for example, access to telehealth services for pet owners to quickly determine next steps to resolve their pet’s issues. These vary across provider to provider, so this is something to note when considering your options.