We love our pets like our own family and it’s a fact. They keep us healthy and happy. About 5.7 million of the 9.2 million households nationwide are home to a pet, based on data from last year’s Animal Medicines Australia’s Pet Ownership in Australia. It is somehow surprising that our furry pals cost more to insure than our cars. And in this article, we study on why Aussies spend more to pets than cars.
The Increasing Rate in Pet Insurance
This year, pet owners should watch out on the increasing rate in insurance premiums for our beloved pets. While inclusive car insurance in NSW for drivers aged between 30-49 is worth $763, a large dog aged 7 could cost over $1000 a year.
Some people may think pet insurance is wrong. They think pet insurance premiums doesn’t make any sense at all and would rather save up to pay veterinary expenses. It is somehow misunderstood.
You Will Never Know What Happens Next
You might not have experienced having a pet seriously injured or ill or your pet almost losing its life. Your pets have always been consistently healthy and haven’t ever encountered a large, unexpected vet bill, you might think that pet insurance is just a waste of money. Sadly, the future isn’t foretold. You will never know what happens next, or you could just care less.
Health Issues with Aging
Like any individual, health becomes an issue as we age. It goes the same with our loving pets. As they age, their body’s ability to fight infection becomes lower making them prone to a lot more health risks and complications. For this reason, they might be taken to a vet clinic more times than the usual. This is what pet insurance covers, and this is why pet owners need to be prepared for premiums to increase as the pets grow in age. Unlike us, our insurance gets cheaper as we grow old because we get more rebates.
$490 Million a Year on Pet Insurance
Canstar, the financial comparison website, evaluates over 100 pet insurance policies from a little over 20 providers and also concluded that babies steer higher premiums than two to three year-olds.
Australian pet owners are actually spending an estimated $490 million a year on pet insurance and are ready to face increasing rates for their beloved animals.
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