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Pet Insurance Cover on the Rise

Is pet insurance cover soon to match the rate of private health cover in Australia?

Leading insurance comparison service comparethemarket.com.au recently commissioned a survey to gauge how much Aussies are now willing to spend on their pet’s health and some of their findings really surprised us... More than 1 in 2 pet owners surveyed would not only insure their pet, but would spend a $1000 or more on their pet’s health.

We love our pets and money seems to be no object when it comes to their health. New research [2] reveals 54% of Australian pet owners have, or would consider, pet insurance. Even without insurance, 50% would spend more than $1000 on treatment and recovery if their pet had an accident or was diagnosed with a serious illness, and 34% would spend more than $2000.


Younger pet owners are more likely to take up pet insurance
than any other generation: 70% of 18 to 34-year-olds already are or would consider insuring their pet. This compares to 56% of 35-44-year-olds, 50% of 45-54-year-olds, and 40% if over 55.


The survey further revealed that 12% of pet owners would spend more than a whopping $10,000 on medical costs if their precious pet fell ill. Interestingly, twice as many women (16%) as men (8%) would spend these amounts on their cat or dog.

Respondents were also asked how much they currently spend on medical costs, grooming, food, products and accessories for their pet. 58% admitted to spending over $50 a month for these services - which sounds very low indeed...
For 82% of respondents, most of these costs are food-related.


Comparethemarket.com.au
spokesperson Abigail Koch said: “While many Australians may be dropping their health cover, the number of Aussies insuring their pet’s health is increasing. Since 2013, the number of households with pet insurance for their dog has increased from 18% to 26% [4].

“Aussies love and see their pets as family members, and while they can be costly, many of us would do whatever we could to afford treatment if they were to fall ill or become injured. With pet insurance, Aussies could spend as little as $20 a month [5], depending on their level of cover, and save up to 80% on expensive vet bills. Comparison websites make it easy for pet owners to compare pet insurance policies to find a level of cover best suited to their pet’s age and breed.”


About comparethemarket.com.au

Comparethemarket.com.au is a free online comparison service that helps Australians to quickly and easily compare and buy products from a wide range of providers across personal finance products, utilities, car, health, home and contents insurance etc.

[1] APRA Private Health Insurance Quarterly Statistics June 2017: http://www.apra.gov.au/PHI/Publications/Documents/1708-QPHIS-20170630.pdf
[2] Pureprofile survey of 1,006 Australian adult pet owners
[3] APRA Private Health Insurance Quarterly Statistics June 2017: http://www.apra.gov.au/PHI/Publications/Documents/1708-QPHIS-20170630.pdf
[4] Animal Medicines Australia: Pet Ownership in Australia, 2016: http://animalmedicinesaustralia.org.au/wp-content/uploads/2016/11/AMA_Pet-Ownership-in-Australia-2016-Report_sml.pdf
[5] Monthly averages sourced from ASIC (2016, December 13th). Pet insurance. moneysmart.gov.au/insurance/pet-insurance
[6] Animal Medicines Australia: Pet Ownership in Australia, 2016: http://animalmedicinesaustralia.org.au/wp-content/uploads/2016/11/AMA_Pet-Ownership-in-Australia-2016-Report_sml.pdf

Press Release 25/10/2017
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