A Comparison of Pet Insurance Providers in Australia as of 2025

Key Takeaways

• Unexpected vet bills in Australia can be substantial, with costs for common issues like a broken bone reaching up to $5,000 and snake bite treatments potentially exceeding $25,000.

• When comparing policies, look beyond the monthly premium at key factors like the annual benefit limit (the maximum payout) , the reimbursement rate (the percentage of the bill covered) , and the excess you must pay per claim.

• Different providers cater to different needs; for example, Budget Direct is known for affordable premiums , Knose offers highly customisable policies , and RSPCA provides multi-pet discounts.

• Always check for exclusions and waiting periods. Most policies do not cover pre-existing conditions , and there are typically waiting periods for illnesses (often 30 days) and some specific conditions.

Choosing the right pet insurance can feel like wading through fine print and confusing terms, but with vet bills running into the thousands for unexpected illnesses or accidents, it’s a decision worth taking seriously. The right cover can mean the difference between financial stress and peace of mind when your dog swallows a sock or your cat develops diabetes.

This guide breaks down the real costs of vet care, weighs up whether insurance is worth it, and compares some of the leading providers in 2025. We’ll look closely at what each insurer offers, their strengths and weaknesses, and which one might suit your household best.

First, Is Pet Insurance Worth the Cost in Australia?

Pet ownership is rewarding, but it comes with unpredictable expenses. Insurance can help spread those costs, though some people prefer to set aside money in savings instead. Deciding whether it’s worth it depends on your budget, your pet’s health, and how much risk you’re willing to take.

Related Read: A Guide to Pet Costs and Loans for Australians in 2025

The True Cost of Common Vet Bills

Even routine visits can stretch a budget. According to recent Australian vet pricing guides and pet insurance data, common vet costs can look like this:

• Broken bone treatment: $2,500 to $5,000

• Cruciate ligament surgery: $2,000 to $7,000

• Diabetes management: $700 to $3,500 or more, depending heavily on the dog's specific needs

• Snake bite treatment: $1,950 to $25,373 based on severity

Peace of Mind vs. Self-Insuring (Saving Money Instead)

Some owners choose to “self-insure” by putting aside a set amount each month into a savings account. While this avoids paying premiums, it takes years to build a safety net large enough to cover worst-case scenarios. If your pet gets sick early in life, your savings may not be enough.

Insurance spreads the risk across a larger pool, meaning you pay premiums but gain immediate financial protection. The trade-off is that you may pay more over time than you claim back, particularly if your pet remains healthy.

How to Compare Pet Insurance: 5 Key Factors to Check

When comparing policies, these five criteria will help you understand what you’re really getting. They also connect directly to the providers, which are reviewed later in this guide.

1. Types of Cover (Accident Only, Accident & Illness, Comprehensive)

• Accident Only policies cover injuries caused by external events such as car accidents or snake bites.

• Accident & Illness adds cover for diseases, infections, and hereditary conditions.

• Comprehensive often includes extras like dental or routine care.

If you’re looking at providers like Fetch or Knose, check whether extras are bundled into comprehensive plans or only available as add-ons.

2. Annual Benefit Limit and Reimbursement Rate (%)

Two key numbers:

• Benefit limit is the maximum payout each year (commonly $15,000–$30,000).

• Reimbursement rate is the percentage of costs covered (usually 70–90%).
  

For example, a 90% reimbursement with a $15,000 cap may be less useful than an 80% reimbursement with a $30,000 cap. Petsy recommends weighing both figures together.

3. The Excess You Have to Pay Per Claim

This is your out-of-pocket contribution before insurance kicks in. Some insurers apply it per claim, others per year. Lower excess = higher premium. Flexible options (like those at Petsy and Knose) let you adjust excess to balance cost and cover.

4. Exclusions, Waiting Periods, and Age Limits

Exclusions often include pre-existing conditions, congenital issues, and preventive care unless added. Waiting periods typically run 2 days for accidents and 30 days for illnesses, though some conditions, like cruciate ligament, may have longer waits. Age limits can also apply to new policies.

5. Optional Extras (Dental, Routine Care)

Optional add-ons can cover dental work, vaccinations, desexing, microchipping, and worming. If you use these regularly, it may make sense to add them. For others, routine care extras may not justify the higher premium.

The Best Pet Insurance Providers in Australia for 2025: A Review

Fetch Pet Insurance: Best for Comprehensive Coverage

Fetch offers flexible reimbursement rates (70%, 80%, 90%) and benefit limits up to $30,000. Their policies are known for wide coverage options, making them a strong choice for those who want maximum protection.

Pros:

• High annual benefit limits

• Multiple reimbursement options

• Flexible cover levels

Cons:

• Premiums are higher than those of budget-focused providers

• Some extras require add-ons

Budget Direct Pet Insurance: Best for Budget-Friendly Options

Budget Direct is known for affordable policies that still cover both accidents and illnesses. Their premiums are typically lower, but annual limits may also be smaller.

Pros:

• Low premiums compared to competitors

• Reliable for basic accident and illness cover

• 24/7 claims support

Cons:

• Lower annual caps than some providers

• Limited extras compared to comprehensive-focused insurers

RSPCA Pet Insurance: Best for Multi-Pet Discounts

RSPCA insurance supports animal welfare initiatives while offering accident and illness cover. They provide discounts for multiple pets on the same policy.

Pros:

• Multi-pet discounts available

• A portion of your premiums supports RSPCA programs 

• Wide recognition and trust factor

Cons:

• Fewer options for customisation compared to specialists like Knose.

• Premiums can be higher than niche providers

Knose Pet Insurance: Best for Customisable Policies

Knose lets you tailor your plan by choosing reimbursement rate, annual limit, and excess. This flexibility appeals to owners who want control over balancing premiums and coverage.

Pros:

• Highly customisable

• No sub-limits on claim categories

• Easy-to-use online claims process

Cons:

• Routine care is not included as standard

• Premiums vary widely based on customisation

Petsy Pet Insurance: Best for Transparency and Simplicity

Petsy stands out for its clear, straightforward policy wording and customer-first approach. It’s designed to avoid the confusion of hidden exclusions.

Pros:

• Transparent policy terms

• Clear comparison tools are available

• Simple online claims process

Cons:

• Fewer optional extras than competitors

• Newer provider with a smaller footprint

Bow Wow Meow: Best for Added Benefits

Bow Wow Meow offers free 24/7 vet advice through their VetChat service, alongside flexible accident and illness policies.

Pros:

• Free vet advice hotline

• Flexible excess and reimbursement choices

• High customer satisfaction ratings

Cons:

• Premiums can rise steeply as pets age

• Some add-ons increase costs significantly

Medibank & HCF: Best for Members with Existing Policies

Both Medibank and HCF extend pet cover to their health insurance members, making it convenient to bundle policies.

Pros:

• Discounts for members

• Trusted, established insurers

• Easy to combine with other covers

Cons:

• Policies may be less flexible than pet-only providers

• Waiting periods and exclusions still apply

At-a-Glance: Pet Insurance Comparison Table

Note: Coverage options, annual limits, reimbursement rates, and premiums may vary between policies and are subject to change. Waiting periods, exclusions (such as pre-existing conditions), and age limits typically apply. Optional extras such as dental or routine care are not always included and often require additional premiums. Always review full policy documents before purchasing.

Frequently Asked Questions (FAQs)

What is not typically covered by pet insurance?

Pre-existing conditions, elective procedures, pregnancy, and preventive care (unless added as extras) are usually excluded.

Can I get pet insurance for a pre-existing condition?

Generally, no. Most insurers exclude pre-existing conditions, although some may review and cover conditions considered “cured” after a set period.

How much does pet insurance cost per month in Australia?

Premiums typically range from $30 to $100+ per month, depending on breed, age, and level of cover.

Need funds to cover pet insurance costs? Apply through Friendly Finance today for quick processing and a hassle-free application.