We were recently asked about the value of pet insurance, so here are a few thoughts.
As we all know, having a pet in the family is one of life’s greatest pleasures, and a privilege that comes with great responsibility. They give us unconditional love and loyalty, and in their time we all wish for them to receive proper care.
Pet owning families hope that a serious accident or illness will never happen to their pet, but it often does. Pet insurance is a proven method to allow pet owners to be confident that they have an affordable and reliable method to pay the costs of veterinary care.
Unlike our public health care and the ACC provision, when a health issue pops up for our pets, there is no public funding to help pay for treatment. This can result in an unexpected expense placing pressure on your family and may require some tough decisions.
So, what is pet insurance?
Basically it is a healthcare policy for your pet, that reimburses you for certain agreed veterinary care expenses. Pet health insurance plan premiums are paid monthly. Prices vary depending on what type of pet you have, the level of cover you choose, and the amount of excess / co-payment you have selected.
In most cases the policyholder pays for their pet's treatment at the time and puts in a claim with the insurance company for reimbursement of the costs, less their elected excess. The claim process is now well established, and repayment is usually prompt.
If your pet is hit by a vehicle, gets attacked by another animal, swallows a bone, develops cancer, or eats too much chocolate, the costs of surgery, diagnostics and medications can quickly add up. These costs are related to the provision of full veterinary services (including after-hours emergency care), professional staff & time, medications, diagnostic imaging, laboratory tests, clinic facilities and equipment.
Onward referral for specialist veterinary care is also a more manageable option if your pet is insured.
Who do we recommend?
We are unable to recommend a specific provider (we leave this to qualified insurance brokers), but there are a number available on the market. Do your research, thinking about the species, breed and age of your pet, and what coverage is right for you (accident only, accident & illness, or comprehensive cover). Some providers will give you an initial free period of cover when you first join up.
Another strategy is to set up a savings account for your pet's care, or by regularly making small advance payments to your veterinary clinic. Not the same scope as insurance, but it would provide funds you might need to cover unexpected problems.
We do recommend that you consider Pet Insurance soon, so that decision making in these challenging times is made simpler, giving you peace of mind over your pet’s healthcare and well-being.
Useful readings:
How to choose the right pet insurance in New Zealand
Compare Pet Insurance for Cats and Dogs: The Definitive Guide
