The CommBank research1 found that on average pet owners spend around 10 percent of their monthly take-home income on their pets.
CommBank has teamed up with PetSure to distribute Pet Insurance to help pet owners with veterinary costs in the event of unforeseen illness or injury experienced by their pets.
CBA General Manager Insurance Partnerships, Vanessa Rowe, said: “Ninety per cent of pet owners see their pets as fully-fledged family members1, so it’s not surprising they spend so much time and money on them. PetSure claims data from 2016 to today2 shows that 1 in every 5 pets have a lifetime healthcare cost exceeding $50,000 and the research by CBA1 shows that only 28 per cent of owners have a pet insurance policy. Pet Insurance can assist with pet healthcare expenses in the event their furry best friend falls ill or is injured unexpectedly.”
PetSure Chief Insurance Officer, Joni Hudson, says “Pets are beloved family members, and we are fortunate to have access to world-class veterinary treatment in Australia to help us take care of them. The partnership between PetSure and CommBank aims to help Australians prepare for the costs of veterinary treatment so that we can focus on enjoying our time with our furry companions.
"The start of a new year is a popular time for Aussies to welcome a new pet into their home, and a good reminder to check how prepared we are for the financial responsibilities of being a pet-parent. Whether your pet is young or old, accidents and illnesses happen, and treatment can be a significant and unexpected expense that pet insurance can help with."
Pet Insurance policies distributed by CommBank:
- Provide CommBank customers with complimentary access to a 24/7 vet telehealth service
- Allow customers to claim up to 90 percent of eligible vet bills^
- Allow customers to claim on the spot with GapOnly® through participating veterinary clinics, meaning customers only pay the gap* (the difference between the vet’s invoice and the eligible claim benefit under the policy) on eligible claims
- Offers two cover options, Classic Cover and Plus Cover, and optional benefits, including Booster Care Cover; and
- Comes with two months free premiums for new customers in their first year of cover, available until 30 June 2024#