What’s your pet value? The reality about cats and dogs

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Jason Murphy* says latest data is pointing to a species preference when it come to caring for pets.

 

Will we love our dogs greater than we love our cats? That’s the hint** given by the newest data from Finder.

The comparison website ran an enormous survey of 451 dog owners and 314 cat owners in May this yr and, in case you’re a cat, it’s best to probably stop reading because what follows is bad news.

The survey asked the next query: “In case your pet was sick or injured, how much would you pay before considering putting it down?“

Canine owners could find more within the kitty than cat owners: Aussies would pay a mean of $5,137 to save lots of their dog, but only $3,324 on average to save lots of their cat, the survey showed.

The high cost of a furry friend

Those are big numbers, however the amounts pet owners would part with under the emotional strain of a life-and-death situation would surely be even higher than they reported within the cool, rational scenario of responding to a survey.

Vet bills might be high, and who can say no?

In any case, 63 per cent of dog owners consider their pet a part of the family, in accordance with a survey by Animal Medicines Australia (the figure for cat owners was 60 per cent – yet more evidence our feline friends is probably not quite so beloved as their canine competitors).

Vet expenditure in Australia was estimated at greater than $2.6 billion in 2019.

There’s nothing like going to the vet to make you appreciate just how much Medicare and the pharmaceutical advantages scheme do to make medical care cheaper for people.

“Something so simple as your pet eating something they shouldn’t can cost you upwards of $1,300,” Finder insurance guru Gary Hunter said.

“That’s why pet insurance is so vital.

“A comprehensive policy could possibly be your saving grace from having to make a choice from your savings and your furry friend if the worst happens.”

Finding the suitable pet insurance policy

Selecting correctly is important within the pet insurance business.

Policies are rife with exclusions.

Back in 2019, consumer group CHOICE handed out considered one of its “Shonky Awards” to the entire industry.

Things have improved since but there are still traps for the unwary: chronic and pre-existing conditions aren’t covered unless cured.

“Some policies have conditions where they’ll pay, for instance, 100 per cent of the claim when your pet is young – normally so long as they’re aged below eight – but, with some policies and dog breeds, it could actually be as young as three,” CHOICE said.

“But as your pet ages, this payment can drop to, say, 80 per cent, and also you’ll must foot the remaining of the bill.

“This isn’t helpful when you concentrate on that your pet is more likely to need more vet care as they get older.”

What’s more, pet insurance will cost lots more in case your dog is a breed susceptible to health problems.

The RSPCA warned dog buyers concerning the risks of shopping for a pet with “exaggerated features” like short legs or a squashed-in face.

Buyers who go ahead and buy one anyway are more likely to be slugged with much higher premiums.

A fast comparison of canopy through a significant insurance brand showed basic cover for a French bulldog can be $813 a yr, while a kelpie would cost $392.

A ragdoll cat, meanwhile, would cost $259 a yr.

That’s one reason to like a cat more.

Pet ownership in Australia

It will not be known exactly what number of dogs and cats there are in Australia – pets weren’t counted within the national census run last yr – but a survey by Animal Medicines Australia in early 2021 estimated 69 per cent of households had a pet.

Around 47 per cent owned a dog (Labrador is the preferred breed) and 30 per cent owned a cat (ragdoll is the preferred pure breed).

Cat owners were more more likely to own multiple pets than dog owners.

During COVID, pet-ownership rates skyrocketed.

Kilos were emptied out and the value of purebreds went through the roof, with an estimated 1 million more dogs brought into Australian homes.

That’s a variety of love, and a variety of individuals who might want pet insurance.

Victoria has realised it needs up-to-date data on just what number of pets are on the market.

The state Budget put aside $610,000 for a correct pet census in 2022/23.

“The pet census will help us ensure we’re best supporting our furry friends and their owners with the services they need,” Victorian Agriculture Minister Mary-Anne Thomas said.

**In fact, the numbers may not speak only concerning the pure love elicited by a pair of puppy dog eyes.

Cat owners could also be more more likely to live in apartments, while dog owners could also be more more likely to live in larger homes.

And ownership rates may themselves be correlated with financial well-being, so a few of the difference revealed within the survey could also be related to household budgets.

 

*Jason Murphy, is a contract economics author.

This text first appeared at au.finance.yahoo.com