Note: This webpage is not classified as financial advice and any information provided is displayed for informative purposes only with no recommendations for a specific user.
This guide is for pet parents looking to make sure their pets live a long, healthy life by having the correct level of cover for their pet, their situation and for the best value.
Important Note: We don’t receive any commission or benefit from any insurance providers mentioned in this guide. It is 100% transparent, independent and correct as of April 2022.
We start the guide with an overview of why insurance is important, who it’s for and how the pet insurance industry works in New Zealand. From there we deep-dive into some real-life cost comparisons across 8 New Zealand pet insurance providers in New Zealand.
Lastly we wrap up this guide with some tips on how to save money, get the most from your insurance and other factors which will help keep your pet healthy to live a long and happy life.
Pet insurance is great for a range of pet parents. You could say anyone with a pet would be open to using a pet insurance provider for reducing the financial burden of potentially large unexpected vet bills.
Even though pet insurance isn’t compulsory, it still appeals to a large and growing number of pet parents. Especially in New Zealand where dog and cat ownership rates are on the rise.
Pet insurance is typically attractable to pet parents who:
After deciding that you’re going to insurer your pet, there’s a lot to consider when selecting a insurer. Below are our top 5 considerations when selecting a insurance provider:
In the world of pet insurance it’s easy to get confused with each insurance providers terminology such as ‘Plus’ ‘Extra’ ‘Value’ and ‘Everyday’ however as general rule of thumb almost all insurance can fit into three levels of cover. For simplicity sakes, we’ve categorised them in basic, comprehensive and premium which seems appropriate on what we’ve discovered during our research of the main providers. So what are the differences in the cover and who are they aimed at?
As it’s name suggests, basic pet insurance cover in New Zealand covers the basics and ongoing needs of your cat or dog. The basics which are covered are dependent on which provider you go with but all will have some sort of cover for accident and sometimes an illness. Generally the annual limit for cover is approximately $5,000.
Basic cover is good for pet parents who:
One step higher in the middle of pet insurance is comprehensive pet insurance. Comprehensive pet insurance varies sustainably across the providers we researched so it will pay to compare and read the policy wording. Comprehensive generally covers illnesses for both medical and surgical and other key benefits such as third party liability and hereditary conditions.
Comprehensive pet insurance is often the most popular pet insurance for pet owners who:
As it’s name suggests, this is the highest level of cover for your pet. It’s often the no hassle, stress free option and there’s some excellent benefits included in most high-level plans – but they do come at a cost.
Premium pet insurance cover often goes beyond preventative care and policies may include help to cover indirect costs associated with owning a pet. For example, holiday disruption costs, boarding feeds, lost & found associated costs and training and development costs may be covered.
Premium pet insurance cover in NZ is well-suited for people who:
Although we’d like to say the pet insurance industry is straight forward in New Zealand, in recent times there has been an increase of competition (which is good for us pet parents!) however it also means that providers are looking for a way to stand out from the rest. Because of this, some of the differences between the providers can be small, big or hard to compare.
We explore some of the ways which differentiates the main pet insurance providers in New Zealand below.
Annual benefit caps are the limits the pet insurance providers will pay up to unrelation to the policy. e.g most providers will cap their surgery or accident limits at a value between $5,000 and $15,000 and any additional costs occurred over and above the limit will need to be paid by the pet owner.
These are reset annually, normally at the time the policy was started. Other factors to consider for benefit caps is the co-payment structure where some payments require the pet owner to co-pay any costs.
E.g. to reach out a limit of a $10,000 benefit cap with a 20% co-payment the pet owner would to of incurred a $12,500 vet bill with the insurance company contributing $10,000 with the owner funding the rest ($2,500) which is 20% of $12,500.
As your pet ages and is more susceptible to illnesses and injuries, it’s important to be aware of exclusions and limitations for your pet insurance. This area is a large part of choosing the right insurance and how some providers can seem to be half the price except one caveat is that there’s also likely to be at least half the value also.
Waiting periods are timeframes which need to passed in order for it to covered under the policy. An example of insurance providers waiting periods may look like:
Accidental injuries: 0 to 6 months
Recent Illness: 21 days
Ligament conditions: 6 months
Some providers, especially at the basic level cover won’t cover and chronic or pre-existing conditions or may exclude these if you haven’t had the policy with since the pet was young. This is less of a problem for premium insurance policies however they are also more likely to be co-funded also which means you’ll still be contributing to some of the cost.
It’s important to be upfront with your provider, especially if you’ve seen vets and there is a history of certain conditions as if this isn’t disclosed at the time of the policy is taken out, it may void your insurance and be deemed worthless and money down the drain.
See exclusions further down for more information.
From what we understand, insurance is done on a risk level analysis and then a margin is added on top to cover business costs and profit and pet insurance seems to be no different.
Pet insurance providers in New Zealand have algorithms that work of a large database of information to estimate the chance and cost that you’re pet may be injured. Pet insurance may actually be a lot less complex when compared to other insurance calculations such as home and contents.
The consistent factors (in relation to the pet) which we saw influence the price for insurance were:
All pet insurance providers in New Zealand offer a monthly payment frequency and with most also offering the flexibility of weekly, fortnightly and annually too. The most popular frequency to pay is monthly however if the other frequencies, particularly annually suit your needs then it’s definitely worth considering. Most providers reduce costs by up to 20% for annual payments.
We found the following factors have a large impact on pricing:
Let’s start with a scenario.
3rd generation farmer John who has a border collie farm dog named Locky is looking for pet insurance. John knows from previous litters that Locky may need surgery to fix a common hip issue.
Some insurance providers may only allow one surgery and then identify it as a pre-existing condition. Some may allow a ‘reset’ after 12 months from the first survey and claim against the surgery an unlimited amount of times up to the policy limits.
There are many aspects such as the above which will influence the value you get form the insurance so it’s definitely best to shop around and narrow it down to 2-3 based on your and your pets needs.
We went through 8 major pet insurance providers for comprehensive pet insurance for both cats and dogs. We did this so you can decide which may be best for your needs and to also:
*See factors and assumptions when comparing
We chose 8 pet insurance providers based on research and popularity within New Zealand. These were:
below are the key difference we found when researching the pet insurance providers in New Zealand. Depending on your situation, some may be more important to you and your pet but being aware of them is important. We also outlay some of the benefits and how it directly impacts you.
Percentage or co-payments are a fantastic way to ‘hedge your bets’ and to help keep your insurance affordable by being mostly covered. On one hand, it’s a lot more digestible to pay for 20% of a five-figure injury rather than the whole amount. On the other you’re still receiving 80% of the benefit of having pet insurance and keeping your premiums at an affordable rate.
Depending on your insurance provider, they will either pay the vet directly or request invoices to be sent through in order to provide you with a refund. Naturally the former is much less hassle and more stress free than the latter, especially if the cost incurred are large sums. Most vets will also offer payment plans for large vet bills however that can complicate the process as you may not be eligible for the cost until you’ve paid in full, leaving you in a financial no-mans-land.
Underlying medical conditions are sometimes excluded or often have a waiting period until you can receive the benefit in the policy. This part is almost always up to the pet parent to disclose any information which may effect the policy for the insurance provider.
Below are some key points to keep an eye out for exclusions:
When looking at pet insurance cover for mature pets (above 8 years) we found each provider had their own terms and conditions.
Below are some key points to keep an eye out for:
As per any insurance policy, it’s paramount to read the fine-print before purchasing your insurance. In fact, it’s best-practice to compare with at least 1 other insurance provider with a similar level of cover to ensure you’re happy with the wording. If anything is indicating red-flags then it’s best to approach the provider before committing as it has the risk of causing more stress further down the track. Anything that you’re not sure of can also be requested in writing via email to ensure there’s piece of mind for you and your pet.
All policy documents can be downloaded from the providers website prior to accepting the insurance.
We wouldn’t be acting in your best interested if we told you the ‘best’ insurance provider for you. The main reason for this is we simply don’t know your situation in everyone will likely be in a different position. Examples of this include:
Sure, there will be better value providers than others and we hope we’ve outlined this throughout this guide so you can make the most informed decision so you can select the best pet insurance right for your needs. If not, feel free to let us know on what we can do better to make this the go-to guide for Kiwi pet parents wanting their pets to live healthy and happy lives.
During our research, we saw a substantial amount of people who were wondering how far their current policy would get them in the event of an accident or illness. Although this can sound like a ‘how long is a piece of string’ question we’ve provided some examples below. This, in turn should help give you example of what level of cover you can expect from any given policy.
Below is a list of examples of recent vet bills Kiwi’s have experienced with their cat or dog.
We saw this discussed a lot during our research phase and it’s definitely a popular method amongst some pet parents who don’t mind the risk. After an internal discussion in relation to self-insurance we decided it’s an option for many kiwis.
We believe self insurance is a catch-22 as the pet parents who can afford to self-insure and are looking for costs saving are highly likely the ones who can afford a medium to high level of cover from an insurance provider.
If you’re not sure if self-insuring your pet is right for you, or you’re questioning why you should go with a pet insurance provider in New Zealand ask your self the following questions.
If you answered more ‘No’s that ‘Yes’s then self insurance is probably not for you.
After many hours of research from the team we came to a consensus with the below recommendations for anyone that was either looking for new insurance or looking to update their current policies.
If you’re looking to balance costs, then definitely consider raising the excess amount if possible by your preferred insurer. Also look at what savings can be had by paying in full on an annual up-front amount as this can help with savings up to 20%. If insurance cost is still an issue then compare policy wordings an consider reducing cover on some of the more basic needs that aren’t so relevant to your pet.
As per above, there’s always savings to be had for covering only large significant events and ones that you’ll likely feel the most. It may leave you exposed to some minor cost risk however that is something you’ll have to consider when choosing your insurance risk appetite.
Is the insurance provider based online or do they have physical stores? If they have physical stores, chances are there may be a saving or special for online applications.
Rather than auto-renew, look to see if there are savings or promotions from other pet insurance providers in New Zealand. There are often sign up bonuses for new customers however there is an exception to this. Be aware that as your pet ages the insurance provider may not be willing to cover some of the conditions, or if that do, it may be at a higher cost.
One way to check this during shopping for insurance is to also see how the prices increase for the pet you have in 5 or 10 years time. This helps establish what it may cost further down the track to insure your pet.
If you have multiple pets, consider consolidating all pets insurance needs for extra discounts.
In addition to consolidating pets, check to see if there are any partner or affiliation specials. AA, Tower and other insurance providers generally offer multi-policy or member savings for their current customers.
We’ve all heard horror insurance stories. Pet insurance isn’t any different. In fact, because of the emotional attachment we have to our pets and often referred to as family, it can be even worse. Double check the criteria and policy wording before you accept as much of the ‘online channel’ or self-check-out approach many insurance providers use, the onus is on the customer to make sure their happy with the level of cover and the fineprint.
Before jumping into a complete and premium policy for your pet, it’s worthwhile considering the future of the pet. If there’s elements further down the line which may benefit from a quality insurance policy, it may be better to be on that policy from the start.
For example a dog which will undergo substantial training for hobbies or other uses will likely benefit from a longer life, where as if you’re researching policies for an older family cat and the house is now and empty nest – you may be wondering where the value is on a premium level plan.
We also found that after 6-8 years, insurance are typically less likely to insure your pet at a premium level. Basic cover was always available however if you’re looking at premium level insurance then make sure you lock in with a reputable provider before your pet matures past 6 years so you’re not caught out.
Pet insurance isn’t a must. It’s not for everyone and it certainly in compulsory but 1 in 5 pet dogs are insurance and approximately 1 in 10 cars are insured to some level which reflects its popularity retrospectively.
You may be able to get cover from alternative methods. Perhaps a family friend has experience as a vet or knowledge about pets. Perhaps you’ve have a lot experience with dogs and cats and the environment they’re in will be of minimal risk so it’s worth the price of insurance so you self-insure over the long term?
For most New Zealand pet owners there is substantial value in both the extrinsic and intrinsic components of pet insurance. What price do you put on never having to worry about about your pets health for as long as you have the insurance policy? On the other hand some pet parents prefer to self insure as the low-risk and high-reward for their situations. Lastly there is a small minority who don’t insure due to affordability challenges and also are unable to save for any unforseen circumstances.
General insurance providers are regulated in NZ via Reserve Bank of New Zealand (RBNZ) and Financial Markets Authority (FMA), however this only applies to the general insurance industry.
We found for pet insurance providers, most were underwritten or provided insurance under a larger parent company insurance company.
The Insurance Council of NZ (ICNZ) is a membership-based council which acts on behalf of 95% of the insurance providers in NZ. The ICNZ is an intermediary and helps sets expectations for both insurance companies and consumers.
No pet insurance consumer brands were identified as being members with the ICNZ, however most parent companies were listed on the RBNZ list of registered insurance providers along with their ratings.
For most Kiwi’s pet insurance isn’t tax educatable unless the pet was part of a business activities and in which the pet owner would likely need to seek commercial insurance for their pet.
E.g a farmer with a working dog.
This will depend on the insurance providers policy wording. We found evidence that policies can be transferred to new owners who take out a policy with the same provider. It’s best to check with your provider and ask prior to buying or selling a pet with current insurance.
The cover of pet insurance is varies. This will depend on the insurance provider you go with, the level of cover you go for and the underlying conditions of your current pet.
In general, like all other insurance types, pet insurance in New Zealand covers all direct costs which are linked to an accident your pet may have. Higher level cover will also help cover indirect costs associated to your pet also.
No pet insurance providers could be identified when looking for pre existing condition cover however this won’t stop you from being able to be insured – it may just be added to your policy as a an exclusion.
Some insurance providers will cover dental costs but they will only be provided with premium level policies. At this level of insurance, it’s paramount to shop around so you’re getting the best value for money. Most providers included this an ‘additional extra’ over an above premium cover.
PetPlan was the only provider we identified that advised it can pay the vet directly. All other pet insurance provers in NZ had similar claim processes via online methods.
Vaccination cover is very dependent on the pet insurance prover in New Zealand. At a premium level, some providers gave an annual contribution to vaccinations.
We wouldn’t be acting in your best interested if we told you the ‘best’ insurance provider for you. The main reason for this is we simply don’t know your situation in everyone will likely be in a different position. Examples of this include:
Sure, there will be better value providers than others and we hope we’ve outlined this throughout this guide so you can make the most informed decision so you can select the best pet insurance right for your needs. If not, feel free to let us know on what we can do better to make this the go-to guide for Kiwi pet parents wanting their pets to live healthy and happy lives.
For some, pet insurance in NZ pay seem expensive, for others it may seem very cost effective. Basically the cost of insurance is the average of all claims then the providers operational costs nd profit margins added on top.
This will be influenced by all parties involved including your pet’s needs and the costs specific to the insurance provider.
Lastly, it could potentially be skewed with pet owners. The ones that take out insurance may have increased costs vs self-insure pet owners to maximize the value they receive out of the policy. This in turn puts upwards pressure on premiums in the long term.
We saw this discussed a lot during our research phase and it’s definitely a popular method amongst some pet parents who don’t mind the risk. After an internal discussion in relation to self-insurance we decided it’s an option for many kiwis.
We believe self insurance is a catch-22 as the pet parents who can afford to self-insure and are looking for costs saving are highly likely the ones who can afford a medium to high level of cover from an insurance provider.
If you’re not sure if self-insuring your pet is right for you, or you’re questioning why you should go with a pet insurance provider in New Zealand ask your self the following questions.
If you answered more ‘No’s that ‘Yes’s then self insurance is probably not for you.
The short answer is no. Your pet insurance provider can be based anywhere in the world, the main consideration is they are easily and readily contactable in the event of an accident or illness.
Having access to a 24/7 phone line, responsive email and chat function online are all ways to make sure you’re able to contact your provider efficiently.
The main providers of pet insurance for cats and dogs in New Zealand are:
Over-all Kiwi’s have a great selection of pet insurance providers and each one positions itself differently depending on your needs. Pet insurance is very popular across New Zealand pets with 1 and 5 dogs being insured and 1 in 10 cats being insured to some level.
Pet insurance can be a bit overwhelming at first however once you dedicate some time to finding the best insurance for your situation, it’s very easy to find which provider may be most suitable.
If you’re still not sure what provider to go with after reading this guide, we suggest looking at what priorities- you would like from a provider and then use a ranking system.
Lastly, if you’re still not sure, it may just need you take the plunge and trial a provider for a year because the most important aspect is that you obtain insurance if it’s the path you’re going down.
If you believe we’re missing important information from this guide, you can let us know by contacting us.
