Comparison Table Review
We have scanned through more than 20 different pet insurances available in the market and made a table composed of monthly premiums, annual benefits, reimbursement rates, excess amounts, and waiting periods.
Among all the pet insurances presented below, Medibank pet insurance had the highest premium monthly, with a cost of $102.01. Although the annual benefit limit of MediBank was not that high in comparison with the other insurances like Guide Dogs and Knose, taking into consideration the additional benefits included in the package, MediBank still had a high monthly premium.
Meanwhile, Knose pet insurance has the shortest waiting period among all the pet insurances presented below. Although it also has a high monthly premium but compared to the benefit of Knose pet insurance, we think that it is one of the best purchases, considering the high reimbursement rate of up to 90%.
|Pet Insurance Plan||Monthly Premium||Annual benefit limit||Reimbursement Rate||Excess Amount||Waiting Period for Illnesses|
|Guide Dogs||$82.03||$20,000||85%||$0||30 days|
|Pet Secure||$99.07||$12,000||85%||$0||30 days|
|Pet Insurance Australia||$82.29||$15,145||80%||$0||30 days|
|Real Insurance||$70.90||$12,000||80%||$0||30 days|
|Australian Seniors||$76.90||$12,000||80%||$0||30 days|
|Bow Wow Meow||$92.99||$20,000||80%||$0||30 days|
|Australia Post||$62.98||$15,000||80%||$0||30 days|
The pet insurances that we presented above are tabulated based on their monthly premiums, annual benefit limit, reimbursement rate, excess charges, and waiting periods because these pieces of information are the most important ones when it comes to searching through pet insurances.
Monthly premium – according to Moneysmart, by the Australian government, the average monthly premium for pet insurances is from $20 to $60 a month. But the actual amount that you can pay is dependent on the benefits included in your policy or that benefit that you want to have to depend on your budget. Some pet insurance has plans that you can choose add-ons. If this is the case, your monthly premium may change.
Annual benefit limit – the annual benefit limit is the total amount that you can claim per year. Sometimes, pet insurance breaks down the yearly benefit into a per condition limit to have a more precise amount presented to the client.
Most of the time, people do not usually reach their annual benefit limit. But knowing that you have that much amount you can spend for your loved one’s health is more calming and gives you a peace of mind.
Reimbursement rate – the reimbursement rate of pet insurance has a basis of age of a pet insured. If your pet is younger than the maximum age limit, you will more likely have a higher reimbursement rate. However, some pet insurance providers have a term where they reduce the reimbursement rate of the client’s pet once it reaches the maximum age limit.
Excess – the excess amount is the amount that you have to pay over a claim. In some insurance providers, they let you choose the excess charges so that you can either pay for a lower premium or a higher premium. Lower excess fee means a higher monthly premium, and higher excess charges mean a lower monthly premium.
For the table presented above, we chose the pet insurers who give $0 excess so that there will only be a smaller factor to be considered, such as the monthly premium, annual benefit limit, and reimbursement rates.
Waiting periods – the waiting period is the time between you can file a claim after the policy comes into effect. If you file a claim right after the purchase of the plan and not wait for the waiting period to take effect, your Claim will be forfeited.
Often, pet insurers offer waiting periods per condition. For accidental injuries, most insurers have no waiting period, which means you can file for a claim right after the purchase of the policy. Illnesses usually have a 30-day waiting period for other insurance providers. But for the table above, you will notice that Knose pet insurance had the shortest waiting period. Shorter waiting periods are a plus for an insurance plan.
There are specific reasons why insurance companies implement waiting periods. First, older pets may have pre-existing conditions wherein treatments done for that condition before the enrollment of the policy; however, it requires further treatments. And this is not covered by the insurers.
Another reason for the waiting period is to prevent fraud. Other clients may get their pets insured immediately due to a scheduled operation and may cancel the policy right after the Claim is being made.
Please note that the table above obtained through the online quotes given by the insurers is for a six-month-old de-sexed puppy last 2019 with a 60-year old owner. There were no promos availed, and comprehensive packages with no add-ons also done. Moreover, we must still take into consideration the health of the dog, the location of the owner, and the breed to know the exact amount that you need for your desired pet insurance.
The table above is only a representation for dogs, and may or may not change for the insurance plan for cats.