Pet insurance policies found to offer inadequate cover
Anyone who’s ever been faced with the misfortune of a pet that isn’t feeling well would agree that the expenses that come with treating an animal can rise quickly.
And a recent review of pet insurance policies from consumer advocacy group CHOICE has suggested many consumers are paying for policies that don’t fully cover their pets.
The CHOICE review found consumers were paying up to $2,120 a year for pet insurance that didn’t provide coverage for a range of illnesses commonly found in animals. This includes a range of commonly found conditions like chlamydia, leukaemia, cat flu, herpes, kennel cough and infectious canine hepatitis that many pets end up contracting.
CHOICE head of media Tom Godfrey said, “With pet owners coughing up significant premiums each year, it pays to read the fine print.”
Nineteen brands and 68 policies were reviewed by CHOICE in total, including insurers such as Bupa, Woolworths, RSPCA, Petplan and HCF. The reviews made a number of startling revelations, including the fact that Petplan had failed to disclose co-payment requirements on seven of its policies. CHOICE has since referred Petplan to the Australian Securities and Investment Commission (ASIC).
"We found after covering 100 per cent of the vet bills until age eight, Petplan's cover drops to 65 per cent right at the time in the pet's life when they need it the most," Mr Godfrey said.
Mr Godfrey ultimately recommended that the best step for owners looking to ensure that their pets didn’t find themselves in situations where they required treatments they were not covered for was to buy insurance for the pet while it was young.
Mr Godfrey said, "Premiums increase as your pet ages, and ... the longer you wait the higher the chance your pet will have a pre-existing condition that won't be covered."
For more information, or to access the CHOICE review, click here.
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