It’s like Health Insurance for your furry best friend. A visit to the vet can be expensive nowadays, and costs of treatment for your puppy or cat could be cheaper with Pet Insurance. The type of cover includes vet consultations, specialist care surgery, treatment and medications. There are a handful of pet insurers in New Zealand to check out such as Pet-n-Sur, Petplan, Southern Cross Pet Insurance, and newcomer PD Insurance.
If you have a pet, you’d want to consider this insurance. We think it’s worth checking out covers especially for expensive surgeries, as these are the ones that will be most beneficial when you find yourself in a situation needing insurance. You don't want to have to pay for expensive treatment costs from your own pocket.
First, check out some of the pet insurers in New Zealand online and see what type of covers they offer. Decide if you want a comprehensive cover, or just the expensive procedures and treatments if something really bad happens. Typically they have two or three levels of cover on offer, meeting different budgets and needs.
Second, get a quote and do a comparison of the policy benefits, and focusing on which benefits are important to you. Quotes are easy and quick to complete online, so collect a few of them from multiple providers for an even wider comparison.
Third, choose an Excess or Co-payment amount that works for you. Some pet insurers offer Excess whereas others offer Co-payment. The higher the Excess or Co-payment, the lower your premiums. Excess is what you pay when you make a claim whereas Co-payment is the percentage amount you select for example 20% - meaning that you’d pay 20% of whatever amount the bill ends up being. This means that, unlike an Excess where the amount you pay is fixed for any claim, Co-payment changes depending on how much the total claim cost is. Make sure you’ve got enough in your bank account to pay the Excess or Co-payment when making a claim. Putting these bills on your credit card is expensive and tough to pay off!
Lastly, review your insurance every year to ensure that your pet is still well protected and that you’re paying a fair price. Changes can always happen so make sure to check the market and what other areas need protection.
Quashed is an online platform that makes it easy for you to manage and track all your insurance in one place. You’ll be prompted at the right time to check on your insurance and it helps you keep track of how your premiums are increasing each year.
The cost of your premium is different with each provider and they don't all follow the same guidelines when it comes to calculating costs. Premiums are the on-going payments you make to continue your cover and protection. Below are some of the common factors used in the industry that will play a part in determining your premium.
Your pet’s breed: Each breed comes with different characteristics and can determine how much it will cost. For example, some breeds can catch certain illness or diseases more easily than others as well as inheriting health issues. Larger sized pets will require more medication compared to smaller pets.
Your pet’s age: Older pets can catch diseases and illnesses more easily than younger pets, therefore the older your pet, the higher the cost of Pet Insurance due to more risks involved.
Your pet’s gender: The likelihood of developing specific illnesses is also determined by your pet's gender. Other factors like behaviour which could lead to more risks of injury or accident are also taken into consideration.
Where you live: The region where you live and the claims frequency in that area as well as the cost of the vet treatment will also be considered in your premium.
Your specific plan and cover: Choose the right plan for you as some cover and protect more than others. The greater the protection your Pet Insurance offers, the more your premium will be.