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Pet ParentsPlanning for the costs of pet ownership
Your loyal companion will follow you around forever, but so will their costs. Owning a pet comes with a lot of expensive responsibilities that you need to keep up with but there are ways to shop around for the best price.
When it comes to pet insurance, one of the best ways to keep your costs under control is to go for a policy that offers the best value for money. Some policies can seem cheaper upfront, but they might not cover everything you need, which means you may end up paying more in the long run. It’s a good idea to pay attention to what’s covered (or not covered) under every policy, as well as the annual limits or sub-limits.
With SPCA Pet Insurance, there’s three different levels of cover to choose from, so you can find a perfect match for your needs. Whether you’re only worried about the occasional bump or huge vet bills that could cost you thousands of dollars, there’s an option for almost every breed or budget.
Free Information Pack
Get a free information pack about SPCA Pet Insurance.
Common costs and fees of pet ownership
The most important part of befriending a pet is understanding all the costs that come with your trusted companion. While most cats and dogs can be adopted for a small fee, it’s the ongoing costs that can really bite you. The biggest expense you’ll need to consider is food and other supplements, followed by vet bills. On average, dog owners in New Zealand spend $200-499 a year on medical costs while cat owners spend $100-199 per year.1 Thankfully, most vet visits are for minor accidents and illnesses, and the associated consultation costs, which you may claim back for any eligible vet costs if you have pet insurance.
Toys, grooming, and accessories are also ongoing expenses that you’ll need to deal with. Some pets can chew through their favourite toy in just a few days while a small puppy can outgrow their bedding or doghouse after only 6 months to a year. All up, the total cost of dog care is around $1,686 a year2 while caring for a cat will cost you around $670 a year.3 It’s easy to see why New Zealanders spend over $1.5 billion a year on their cats and dogs – and that amount has only increased over the years.4
| Animal | Total yearly expenditure (2011) | Total yearly expenditure (2015) | Annual cost of ownership |
|---|---|---|---|
| Dog | $752 million | $797 million | $1,686 |
| Cat | $676 million | $747 million | $670 |
How are pet insurance premiums calculated?
The average cost of pet insurance in New Zealand depends on a few different factors that are used to set your premiums.
Animal and breed
Level of cover
Age of pet
Premiums/claim payments
Animal and breed
Although cats and dogs make equally great pets, they’re not quite equal when it comes to their health and biology. Dogs come from wolves while cats share a common ancestor with leopards, tigers, and cougars (don’t worry, they’ve come a long way from their origins). This means they each have different behavioural instincts and health concerns that are considered when setting premiums. Eg – cats may be less prone to joint or mobility issues due to their smaller size but they’re more likely to suffer from vomiting or other gastrointestinal upsets.5
Your pet’s exact breed is also considered when calculating premiums. Some breeds are more prone to health issues than others, which can attract a higher premium. You should always read up on the health concerns of your particular breed so you know what to expect.
Find out more about pet insurance for your dog or pet insurance for your cat.
Level of cover
Like any insurance policy, you can always pay for more cover to give yourself even more peace of mind. Some providers might even offer optional benefits for an added premium. It’s up to you to decide how much cover to take out, just make sure you know what you’re getting with each option.
With SPCA Pet Insurance, there’s three different cover levels to suit almost any breed or budget. A higher cover level means you’ll get more back from eligible vet bills with less annual limits to worry about. If you’d prefer to keep premiums as low as possible, you can still protect your pet with a lower level of cover. For a full list of features and benefits, please see the cover options available at SPCA Pet Insurance.
Age of your pet
Generally, older pets are more likely to get sick or injured, so you’ll be asked to confirm your pet’s age when applying. You can take out cover for any cat or dog between 8 weeks and 9 years of age depending on the level of cover you choose, but premiums may be higher for older pets.
The good news is that once your pet is covered, you can keep the policy for as long as they live as long as you keep your pets policy in place and for as long as we offer the product, no matter how many health conditions they develop over the years. As always, it’s best to get your pet covered as young as possible to avoid any pre-existing conditions being excluded.
Premiums and claims
Every insurance policy has a collective risk to it. Sometimes, premiums need to increase based on the number of claims that are made by other policyholders – you’ll notice the same thing with your car or home insurance.
Pet insurance providers use the premiums they collect to pay out any claims that are made. Think of your premiums as coins in a jar – these funds are saved up until they need to be used. If a large number of claims are made, the jar needs to be refilled to ensure that future claims can also be paid out.
Fetch a price for pet insurance in just a few minutes – your pet will thank you
Supporting SPCA
When shopping around for pet insurance or trying to find the best premiums, it might be helpful to think about where your money is going. What if your premiums were also being used to help vulnerable animals all around the country, creating a better life for pet’s in your community? That’s exactly what you can do with SPCA Pet Insurance. By purchasing a policy, you’re helping support the great work of SPCA, bringing more smiles to animals all over New Zealand. All it takes is one small step to be part of something big.
Get a quote today to join the cause and make your pet proud.
- Cross-sectional survey of pet ownership and pet-related expenditures in New Zealand - PubMed
- Owning a dog - New Zealand Now
- Owning a cat - New Zealand Now
- Companion Animals in New Zealand 2016 Report – Companion Animals NZ
- 6 most common cat health problems – Pets.webmd
- Pre-existing conditions are excluded. Limits, sub-limits, and annual condition limits may apply. A $2,000 annual condition limit applies to Everyday Cover.
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