Pet Insurance has been available for some time. Owners of insured pets are taking full advantage of their policies. In the last five years, more than $14 million in claims have been processed in Australia. Of the insured pets, dogs constitute the overwhelming majority at 87%.

With any form of insurance, to give advice we must be authorised under the Financial Services Reform Act. So the following information is general in nature and does not take into account your individual situation. It is for comparison only and you should confirm any details with the appropriate company especially where conditions apply.

Here are some features to take into consideration when deciding on pet insurance.

• Maximum benefit, is the total amount paid usually expressed as a percentage of vet's fees. There are usually limits which apply to specific accident, illness or routine care procedures.
• Exclusions include conditions known before the policy was started and now most insurers have breed-specific excluded conditions which apply to every breed of dog or cat.
• Excess, can be either condition excess or claim excess (remember one condition can have several claims).
• Premiums, probably the most important, how much payable each month to insure your pet.
• Cover for older pets, once your pet is older than 8 years, some insurers will not renew your policy and others will renew the policy at their discretion.