New Zealanders love their pets. In fact, we have one of the highest pet ownership rates in the world, with 64% of Kiwis owning a furry, feathered, or scaled friend.
According to the Southern Cross reports, “64% of Kiwi households own at least one pet.”
Cats are the most popular pet for Kiwis and interestingly, “the number of registered dogs in New Zealand is growing even faster than our human population”.
However, being a pet parent comes with a cost.
According to PD Insurance, the average cost of owning a pet in New Zealand is between $500-$1,000 per year for health-related expenses.
Pet insurance can help to ease the financial burden of unexpected vet bills. With numerous pet insurance providers and policies available on the market, navigating the options can be difficult.
The rising cost of living has had an impact on pet owners, with animal shelters reporting an increase in people giving up their pets because they can’t afford to care for them anymore.
Gabby Clezy, the Chief Executive of the SPCA, told Radio New Zealand (RNZ) they reported a 20 percent increase in strays arriving into their care, mainly puppies and kittens, in the six months to January 2023.
She emphasised, "the financial cost of living crisis is really having an impact on animal owners.
"If people are in financial difficulty", we do ask them to reach out to us for help and support, which we can provide, rather than just abandon the animals".
Helping You Help Animals (HUHA) Chief Executive, Carolyn Press-McKenzie, told RNZ they had seen an influx of various animals, including turtles, horses, cows, and pigs.
"Back in the day, you'd have an influx of puppies and kittens and be able to work through that, but now it's finding accommodation for just about every species you could imagine," she said.
An easy way to keep your vet bills down in the long-term is by ensuring your pet receives good-quality food and staying current with worming, flea treatments, and vaccinations.
Veterinary Association Companion Animals head, Sally Cory, cautioned RNZ that pet owners could incur bills at the vet for potentially avoidable things, such as pets ingesting something they shouldn’t.
"We do have a lot of unforeseen things happen because dogs do eat things that they shouldn't," Cory said.
Pet insurance is a specialist type of insurance designed to assist in covering the cost of vet bills relating to things like your pet’s illness or injury.
Comparable to health insurance for humans, you pay a monthly premium, and then the insurance company will contribute towards your vet bills if your pet becomes sick or injured.
Pet insurance policies can vary, so it's important to read the fine print carefully before you commit to one. Generally, most policies will cover the following:
Pet insurance may not be necessary if you can afford to cover unexpected vet bills.
However, if you're on a tight budget or concerned about potential vet bills, then pet insurance can be a valuable means of protection for both you and your pet.
Southern Cross, offering ‘PetCare’ and ‘AcciPet’ plans, explains that “pets don’t have purses or pockets, so a surprise trip to the vet will be coming out of yours.”
Here’s what it could cost, based on claims Southern Cross has paid. Zoom, who developed a skin problem and needed consultations, medication, testing, and immunotherapy, incurred a cost of $6,000. Similarly, Archie, who needed surgery, consultations, medication, and diagnostic imaging after ingesting a piece of string, had expenses totalling $4,000.
These examples underscore the potential financial impact that pet insurance can mitigate.
Related article: Should you cancel an insurance policy to save money?
The cost of pet insurance in New Zealand depends on several factors, including the type of policy you choose, your pet's breed, age, and health history.
Some insurance providers including SPCA, Tower, and Southern Cross, may offer discounts if you have multiple pets covered under insurance.
Generally, you can anticipate monthly premiums ranging from $20 to $70 for a basic policy. In the comparison between cats and dogs, dog insurance typically tends to be more expensive.
These estimates serve as a general guide, and it's advisable to obtain specific quotes based on your pet's unique circumstances and the desired coverage.
There are several methods to compare pet insurance policies in New Zealand. You can utilise online comparison tools, seek quotes from various providers, or consult your vet for more insight.
By carefully considering these factors, you can make an informed decision when selecting your pet insurance.
When choosing a pet insurance policy, it is important to consider the following factors:
Some breeds of pets are more prone to certain health conditions than others. Additionally, older pets are more susceptible to developing health problems. Therefore, you may need to consider a policy with high levels of coverage for pets at a higher risk of health problems.
Pet insurance premiums can vary widely depending on the provider, chosen coverage, and your pets breed and age. It is crucial to choose a policy that aligns with your budget.
Consider your lifestyle when choosing a policy. If you are an active person who frequently enjoys taking your pet on adventures, a policy that covers accidents and illnesses might be suitable. If you have a more sedentary pet, accident-only cover might suffice.
According to Canstar NZ, the top six pet insurance providers in New Zealand are:
These considerations and the listed provider can help guide your decision-making process.
Here are a few tips for choosing the right pet insurance policy in New Zealand:
Pet insurance can be a great way to protect your pet and your budget. Selecting the right policy for your individual needs is crucial. By following the tips above, you can confidently choose a pet insurance policy that provides peace of mind, ensuring your pet is protected.
Here are some additional tips for saving money on pet insurance in New Zealand:
By incorporating these tips into your decision-making, you can find the best pet insurance policy that aligns with your needs, your pet’s needs, and your budget.