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Comparing and reviewing pet insurance
When comparing pet insurance from different providers, consider the following advice which has been adapted from Choice Magazine.
If nothing is too good for your furry friend, then Pet Insurance can be a worthwhile investment. If your pet is accident prone or particularly active, then pet insurance can help cover the cost of the inevitable vet’s bills that will arise. Having pet insurance in place can mean the difference between life and death of your pet. A difficult choice, but one that many pet owners are forced to make each year, if they are faced with the possibility of a hefty vet’s bill that they simply cannot afford to pay.
Choice Magazine compared premiums and benefits from and range of providers, and reported that the premiums for cats average at about $200 per year for accident cover, and $410 for accident and illness cover. For dogs, the average cost is around $390 for common breeds, but more high risk breeds (eg bulldogs), accident and illness cover averages about $550 per year.
Premiums are generally based on the breed and age of your pet. Get a quote and compare to see how affordable pet insurance can be with Petsecure.
If insurance is not for you, then you would be wise to compare it with the option of setting aside some cash each month to ensure you have the money on hand should an unexpected accident or illness strike. You need to be disciplined to ensure that you build up a fund with a few thousand dollars at least. Of course your credit card could also come in handy, but when you factor in the added cost of interest rates, this could be quite expensive.
Once you have your pet insurance in place, it’s difficult to move from one insurer to the other, as pre-existing conditions are excluded in new policies. This means that if you switch from one pet plan to another, anything that you have claimed for with your current insurer would not be covered by the new insurer. So do your homework, review the insurance, and compare the premiums and options available. Choose wisely, taking account of your budget and needs, as you need to think about being in it for the long haul, because as your pet ages, the more valuable the cover is likely to be for you.
The following is a sample of pet insurance claims from The Hollard Insurance Company during 1 July 2010 to 30 June 2011. Includes the cost of medicines, vet fees and other associated expenses.
Choice Magazine compared and reviewed Australian pet insurance policies on the market, comparing premiums, excesses payable, co-payments, benefits, exclusions and reviewing the pet insurance cover in a range of scenarios –for cats, dogs, various ages and breeds.
In 3 of the 4 plans (Accident only – cat and dog cover, Accident & Illness – dog cover), Petsecure was recommended by Choice Magazine. Important to note that Choice did not factor in discounts that are available – such as the Petsecure discount for seniors, assistance dogs and the multi pet discount. Choice Magazine also highlights that with some insurers (for example Pet Plan) benefits drop significantly after a certain age (7 years or 10 years), meaning that the overall value drops when you need to make a claim. Remember the older your pet, the more likely you are to need to make a claim!
Here are some things to look at when you are comparing pet insurance:
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