What are downsides of having pet insurance in Australia include cost $30 to $80 per month for dog $360 to $960 per year, $20 to $50 for cat $240 to $600 per year, pre-existing conditions excluded, waiting periods 14 days illness, 2 days accident and 6 months cruciate, excess $100 to $500 per claim, and premium increases 10% to 20% per year as pet ages, with claims may increase premium 20% and some conditions have sub-limits $1K to $2K. Downsides include cost $30 to $80 per month $360 to $960 per year for dog, $20 to $50 for cat $240 to $600 per year, which over 10 years totals $3,600 to $9,600 for dog, $2,400 to $6,000 for cat, plus excess $100 to $500 per claim, so if pet healthy with only routine care $500 per year vaccinations and worming not covered by pet insurance which covers accidents and illnesses only, you pay premium with no claim. Pre-existing conditions excluded permanently, so if dog has arthritis diagnosed before policy, arthritis treatment $1K to $2K per year excluded. Waiting periods 14 to 30 days illnesses, 2 days accidents and 6 months cruciate $3K to $5K, so if cruciate within 6 months not covered $4K out of pocket. Excess $100 to $500 per claim reduces payout $3K bill 80% = $2,400 minus $100 = $2,300 you pay $700 plus premium $600 = $1,300 versus $3K saving $1,700 but still cost. Premium increases 10% to 20% per year as pet ages from $40 to $60 to $80 per month, and claims may increase premium 20% and some insurers have sub-limits $1K to $2K per condition limiting $5K cancer to $2K payout. So downsides cost $360 to $960 per year, exclusions pre-existing, waiting periods, excess and premium increases 10% to 20% per year.
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