Pet insurance statistics
Ever wondered how much Aussies are willing to spend on their furry friends? Will Gen Z dish out more than Baby Boomers? We’ve got that info plus way more.
For many Australians, having a pet as part of your family is the norm. In fact, around 69% of Australian households have a pet with the majority owning dogs over cats.
While pets are great companions, they're also a big responsibility and the associated expenses are no joke. Pet insurance can alleviate a lot of the major costs but not all Aussies can fit this in the budget.
Let's go over how much pet owners have dished out for their fur babies.
Key statistics
- Pet owners have spent over $800 at the vet in the last 12 months since March 2024.
- Australians would spend almost $3,000 to save their pet's life.
- The average cost of pet insurance is around $1,233 per year.
That'll be $800, thanks
According to a survey conducted by Finder in March 2024, Australians are spending an average of $825.50 at the vet each year. Interestingly, this varies heaps by gender, generation and state.
Women spent around $934, while men spent just $687 - that's a difference of $247 in vet bills between women and men.
The amount each generation is spending at the vet varies hugely. Some may be unsurprised to learn that Gen Z are spending more than double what baby boomers spent at the vet.
Interestingly, the cost of vet bills varies massively by state. In fact, those in NSW are spending more than twice the amount than those in South Australia. Although, if you're in tune with the housing market or more generally, the cost of a cup of coffee, maybe this isn't that surprising.
How much would you spend to save your pet's life?
Of the people surveyed, we found that pet owners are willing to spend an average of $3,000 to save their pet's life if they were sick or injured to avoid having to put it down. However, this varies hugely by generation. In fact, Gen Z are willing to pay almost $15,000 whereas Baby Boomers are only willing to pay around $2,500.
When it comes to dishing out for the vet bill, women are again more generous. According to our survey, women would spend almost $10,000 before considering putting their pet down, while men would spend just over $6,000.
How much does pet insurance cost?
Despite many pet owners' willingness to spend thousands on their pet, many still exclude pet insurance from their budget. Largely, this can come down to costs and feeling like the expense is 'worth it'.
Paradoxically, young pets require less visits to the vet for serious issues yet this is the best time to insure them as the younger they're insured, the cheaper the premium is. This is because older pets have more issues and therefore their owners are more likely to claim on their pet insurance policy.
We ran a series of quotes to understand the cost of pet insurance in 2024, here's what we found.
The average cost of a pet insurance policy is around $1,233 annually. At its cheapest, we found policies averaging around $505 and at its most expensive, they were upwards of $1,600.
Of course, this varies hugely based on the type of pet you have— cat or dog— and the breed. Dogs with known issues, like dachshunds and their spines, are typically more expensive to insure than other, less problematic breeds.
Here's how different pet insurance providers washed out in the mix. Keep in mind, the below costs are for a specific pet profile and your own quote will differ.
| Provider | Average |
|---|---|
Medibank | $1,610 |
HCF | $1,566 |
Petsy | $1,518 |
Knose | $1,471 |
Woolworths (Everyday) | $1,397 |
Kogan | $1,387 |
Prime | $1,345 |
PetCover | $1,337 |
Petbarn | $1,336 |
Fetch Pet Insurance | $1,311 |
Bupa | $1,284 |
Australian Seniors | $1,253 |
RSPCA | $1,239 |
Coles | $1,234 |
Pet Insurance Australia | $1,188 |
ahm | $1,187 |
Potiki | $1,179 |
Petinsurance.com.au | $1,178 |
Guardian | $1,108 |
Guide Dogs | $1,096 |
Vets Choice | $853 |
Bow Wow Meow | $774 |
Budget Direct | $505 |
See more about our methodology for gathering these quotes.
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