Pets costing more to insure than cars
New research has found that pet insurance each year is costing Aussies more than car insurance.
Pet insurance is booming in Australia and research has found the annual premium for dogs can cost up to $1123 and $770 for cats.
The costs for comprehensive car insurance is lower than pet insurance with the average policy in NSW for drivers aged between 30 and 49 worth $763.
The size and age of pets also influences the insurance cost with larger and older animals attracting higher premiums.
Leading financial comparison website Canstar researched 134 pet insurance policies from 23 providers. The research also found that puppies and kittens attracted higher premiums than two to three-year-old pets.
Researchers also rated the best policies for pet insurance in three categories: accident only, accident and illness, and comprehensive care.
Canstar’s Steve Mickenbecker said pet insurance premiums would continue to rise each year.
“The reality is that health care costs are rising, whether it’s for a person or for your animal. If the costs of claims go up, of course premiums will go up,” he said.
Last year’s Animal Medicines Australia’s Pet Ownership in Australia found that of the 9.2 million households in Australia, around 5.7 million are home to a pet.
It is estimated that Australian dog and cat owners are spending $490 million a year on pet insurance.
Last year, 26 per cent of dog owners had pet insurance compared with 19 per cent for cat owners.
Is pet insurance worth the expensive premiums? Let us know in the comments below.