Petplan has been a world leader in pet insurance for more than 35 years, and is the longest operating pet insurance plan in Australia. Petplan pet insurance policies are underwritten by global insurance giant Allianz, and is the only meaningful competitor to the wide range of brands underwritten and administered by Hollard and PetSure. As such, PetPlan offers a number of pricing plans and some important benefits that extend beyond just medical care. However, high premiums and a few hidden ‘gotchas’ keep Petplan from being one of our top recommendations.
What we like about Petplan Pet Insurance:
- Petplan pet insurance offers a number of unique and valuable benefits, including $1 million to $5 million in third party liability coverage (depending upon the policy) for injuries or property damage caused by your dog. All plans include coverage for advertising and a reward if your pet is missing. A holiday cancellation benefit will reimburse you for up to $2,000 of costs if you need to change your travel plans because your dog or cat is seriously ill, injured or missing.
- There is a low $150 fixed excess amount, meaning 100% of your approved claims beyond that amount will be reimbursed in full. However, you should note that an additional age excess will kick in once your pet reaches 8 years of age (20%) and 10 years of age (35%) that significantly reduces your benefits.
- The waiting period is just 21 days, compared to 30 days for most other insurance plans. This means that your coverage for illnesses starts sooner on new policies.
A few things to consider:
- Petplan tied for the 18th most expensive plan (out of 20) in our recent price survey of Australian pet insurance providers.
- Petplan’s Website is a bit dated and clunky, requiring more information than other plans to obtain a quote. The presentation of options is cluttered and a bit confusing, so be sure to carefully review the range of options presented to you, and read the product disclosure statement prior to purchasing, so that you fully understand the terms and restrictions on your benefits.
- The bargain-priced 12 Months Essential plan is no bargain. Low premiums come at the cost of no long-term coverage for chronic or lingering illnesses or injuries. You are only entitled to benefits for the first 12 months after diagnosis, leaving you without coverage for any treatment costs that extend longer, which is common with arthritis, diabetes, skin conditions, and many other chronic ailments.
- Petplan was subject to an ASIC action in June 2016, for misleading advertising. The company had been advertising 100% rebates on vet bills, while failing to adequately disclose that this amount excludes the excess amount, which can grow to 35% of the claim for pets over 10 years of age. Petplan agreed to refund $231,000 to 740 customers and has updated its advertising to more clearly callout the excess amount.