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.

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Peta Taylor

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Pet Insurance

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.

ProviderAverage
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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Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio

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