As you admire the animals staring back at you in need of a home, you face the impossible task of deciding which one will be your friend for life. It’s a decision that every pet owner recalls but never regrets. It’s hard at first, but you always feel it was the right choice in the end.
Deciding which pet insurance policy to go for isn’t quite as demanding, but it’s still a big call that can be the difference between success or frustration for you and your pet. Every option has something unique to offer which means you could miss out on some great features that you need. Are you a fast claims type of pet owner who needs things settled quickly, or are you simply after the highest benefit rate on the market?
Comparing different pet insurance policies can help you figure out what’s on offer and avoid missing out on the perfect deal, but that’s a lot easier said than done. One common mistake that many people make is getting caught up on the price and not considering the long-term value of a pet insurance policy. Here’s why that’s a risky move and what else you should look for when comparing pet insurance options.
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When comparing pet insurance cover options from different providers, you might want to consider not only the price (premiums) of each policy, but also other features like the benefit amount, the annual limit of your cover, what types of conditions are covered, and more. This is important when comparing both dog insurance cover options and cat insurance cover options. To help you see how each policy stacks up, we compared SPCA Pet Insurance (The Works Cover) to four other policies in New Zealand.
The table below highlights the common benefits and features to consider when comparing pet insurance policies.
| Product Feature | SPCA Pet Insurance | Policy A | Policy B | Policy C | Policy D |
|---|---|---|---|---|---|
| Excess | Nil | Nil | Nil | Nil | $150 per claim, plus a % of bill as pet ages |
| Benefit rate | 80% | 80% or 100% | 80% | 80% (higher co-pay for specialist treatments, dogs over 10 years and chronic conditions) | 100% (reduces to 80% at age 8 and 65% at age 10) |
| Overall annual limit | $20,000 | $15,000 | $11,000 | $6,000 illness $3,000 accident | $15,000 cats $20,000 dogs |
| Lifetime limits on chronic conditions | |||||
| Non-chronic pre-existing conditions covered if symptom-free | |||||
| Congenital conditions covered | |||||
| Hereditary conditions covered | Not if occurs before pet age 3 | Not if occurs before pet age 4 | |||
| Endo & ectoparasites covered | |||||
| Max eligibility age | 9 years | 6 years | 9 years | 11 years | 9 years |
| Average claims turnaround time | 1-2 business days | 10 days | 14 days | 10 days | |
| Online claims portal | |||||
| Lifetime cover |
This information is accurate as at April 2021. This table compares a sample of policy features but does not compare all aspects of each policy. There are also other policies available that have not been compared. Maximum Cover amounts available are dependent on your age at time of application.
Excess is the amount you need to pay upfront each time you make a claim. Luckily, most pet insurance policies in New Zealand don’t charge excess which means you don’t need to worry about whether it’s worth making a claim whenever you receive a vet bill.
We only found one policy in our comparison that required an excess. Policy D charges $150 plus a portion of the vet bill (depending on the age of your pet) every time you make a claim. This means that if your vet bill is less than $150, you may not receive any amount back with Policy D. For all other policies compared, you can claim up to the respective benefit amounts, limits and percentage levels on eligible vet bills with no excess.
Most pet insurance policies won’t cover your cat or dog for any conditions that they had before you took out cover. This means that if you take out cover late in your pet’s life, you won’t be able to claim on most pre-existing conditions that they’ve suffered from in the past.
Although this is a standard aspect of almost every policy on the market, SPCA Pet Insurance is the only provider that does things differently. When signing up, you may still be covered for your pet’s pre-existing conditions as long as they’re symptom free for a specified period of time.
If your cat or dog has already had medical concerns in the past, don’t sign up until you’re sure that their pre-existing conditions will be covered. Request a quote with SPCA Pet Insurance to find out more.
If you exceed the annual benefit limit on your policy, you may not be able to make another claim until the following year, but SPCA Pet Insurance offers a generous $20,000 annual limit. This gives you the peace of mind knowing that you can say ‘Yes’ to every treatment your vet recommends.
Policy C has the lowest annual limit from the policies compared– $3,000 for accidents/injuries and $6,000 for illnesses. This might not cover all your yearly vet bills especially if your cat or dog needs surgery which can cost thousands of dollars at once.
If your cat or dog suffers a serious injury or illness, a single vet bill could exceed the entire annual limit on some policies. For some peace of mind, you might want to consider a policy with a high benefit limit.
If your pet develops a chronic condition, most vets will suggest long-term or ongoing treatment to improve their day-to-day life. Even serious ailments like cancer, diabetes, or kidney disease can be managed well if you stick to a consistent treatment plan. This is the time most owners pat themselves on the back for taking out pet insurance as the cost of long-term treatment can really add up.
However, we found that most policies have a lifetime limit on how much you can claim for chronic conditions, meaning that when you reach the lifetime limit you are then unable to claim for that condition ever again.
SPCA Pet Insurance and Policy D are the only two options that offer unlimited cover for chronic illnesses. As long as you renew your policy every year, you can keep claiming on any ongoing conditions that your pet suffers from without ever having to worry about lifetime caps. With other policies, you’ll need to be wary of any limits that apply. Suppose your pet developed a skin condition when 6 months old – if you treat them with regular medication or ointments, you could end up exceeding your lifetime limit after just a couple of years. This means you’ll be left paying out-of-pocket for this condition for the rest of your pet’s life!
If you’re worried about the long-term cost of your pet’s health, SPCA Pet Insurance and Policy D are ideal options. Your pet will owe you one for life!
Only SPCA Pet Insurance and Policy D offer unlimited lifetime cover for chronic conditions, helping you improve your pet’s quality of life for longer.
Every policy that we compared offers cover from just eight weeks after your pet’s birth. That’s the age most breeders and rescue centres will start separating the puppies or kittens and allow them to join a new family. Signing up at this age also means you’ll be covered for any conditions that your puppy or kitten develops later on, otherwise they may be excluded as pre-existing conditions.
You can still take out cover later in your pet’s life but there may be age limits to keep in mind. The highest entry age in the policies compared was with Policy C which lets you apply all the way up to your pet’s 11th birthday. With most other policies compared, the cut-off is nine years of age or younger. However, we found that only two policies compared offered lifetime cover for your cat or dog – SPCA Pet Insurance and Policy D.
An unpaid claim is like a constant reminder of your pet’s bad experience. The faster it gets settled, the sooner you can move on without the financial stress hanging over you. Our comparison of advertised turnaround times found that SPCA Pet Insurance is faster than any other provider, settling claims after 1-2 days compared to the 10 or 14 day wait with other policies.
SPCA Pet Insurance is also the only policy with an online claims portal which lets you make a claim anytime, anywhere (as long as you have your documents and an internet connection).
Every dog has its day. We’ll cover yours for all sorts of issues or mishaps such as arthritis, foreign ingestion, and more.
Stay one step ahead of your feline with cover for bites, falls, illnesses, and the consultations that follow. No need to worry about their adventurous climbs or leaps.
Medical care for animals has come a long way which means there are more options than ever for sick or injured pets. With the right care, your cat or dog’s quality of life can be massively improved, but the downside is that treatment can be expensive.
If you look at the costs and fees associated with owning a pet, the total cost of dog care is estimated to be around $1,686 a year1, while your cat’s care will cost you around $670 a year.2 And that’s just for the expected costs – if your pet was to be hurt in an accident or to develop a condition later in life, you can expect to face additional costs. This is when pet insurance can make owning a cat or dog much more affordable for some owners. Without cover, you’ll need to budget for expensive vet bills on top of the ongoing standard costs of pet ownership. That’s why it may be worth considering pet insurance in case you’re unable to pay for your cat or dog’s essential treatment.
When considering pet insurance, there’s a few things you should consider looking into before signing up:
Pet insurance reimburses you for eligible medical costs when your cat or dog needs treatment up to the specified benefit limits and percentage amount. Depending on the policy you have, you can reduce your out-of-pocket costs by up to 90%. Not having to worry about financial stress while giving your pet the best possible care is a treat you can both enjoy.
With vet bills getting more expensive due to the development of new treatment options, it’s not hard to see why Kiwis spend over $797 million on their dogs and over $747 million on their cats every year. 3
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