One common misconception about pet insurance is that it should work like our health insurance. But, in fact, it is designed to work like your car or house insurance. So, just as your car insurnce will not pay for your registration or servicing, the pet insurance does not pay for vaccination or routine health care. It is there primarily for catastrophic accidents or breakdowns.
It has been invaluable for those clients whose pets have had a terrible accident or chronic condition. We would always recommend it for puppies in their first year, especially large breed pups. These can develop bony issues such as hip dysplasia, which can cost thousands of dollars to effectively treat. Our surgery offers a month’s free health insurance for all pets under 1 year of age, courtesy of pet Plan. Ask when you come down for your vaccination.
There are only 2 underwriters in Australia for pet insurance, so the policies are usually what the insurance company wishes to provide.
Before taking out insurance, look at the exclusions carefully, especially if you have a pure breed such as a Pug or Great Dane. Some breeds can be excluded for common health conditions. Treatment for tick paralysis is a common limiting factor. We do have ticks in Toowoomba, but if you are not in a tick area, this may not be something you need.
Also, check the waiting periods. Some companies get you to do a cruciate exam to avoid a 6 months waiting period.
Most do not do cover preganancy or assisted birth, so if you are thinking of breeding, you will need to check this seperately. And many exclude older pets or pre-existing conditions.
It may be that our Health care Plan is a better option. see
Pet insurance is considered a financial product under the Corporations Act 2001. Therefore, any advice provided in relation to pet insurance must be provided in accordance with the terms of the Act.
The Corporations Act sets out the licensing requirements and obligations associated with the provision of financial services in Australia. A person providing a financial service must hold an Australian Financial Services Licence (AFSL), be an authorised representative of an AFSL holder or be an appointed insurance distributor of an AFSL
The purpose of the licensing requirements and obligations contained in the Corporations Act is to promote a fair and transparent market for financial products, promote fairness, honesty and professionalism from those who provide financial products and allow consumers to make confident and informed decisions.
Under the Corporations Act, a veterinarian may be viewed as providing ‘financial products advice’ in relation to pet insurance if they make a recommendation, or give a statement of opinion, that influences a person’s decision in relation to a particular pet insurance policy or could be considered to have influenced that decision. For this reason, we do not do more than recommend companies that Choice recommend, or we have found worthwhile and easy to deal with. However, everyone should look into their own circumstances.