The proportion of Australians with pet insurance could soon be the same as that who has private health cover, and the cost of insuring pets can exceed motor insurance premiums, according to studies.
Of 1,000 pet owners surveyed, 54% have, or would consider, pet insurance, compared to 55% of Australians who currently have some form of private health cover, according to research commissioned by Comparethemarket.com.au.
The company's spokeswoman Abigail Koch said the research also revealed some pet owners were willing to spend upwards of A$10,000 (US$7,640) on medical costs.
Separately, financial comparison website Canstar recently analysed 134 pet insurance policies from 23 providers and found that annual premiums for dogs can cost owners up to A$1,123 and A$770 for cats. It costs less for comprehensive care insurance in New South Wales with the average policy for drivers aged between 30 and 49 worth A$763.