New policies
Your premium is calculated using a combination of factors about you and your pet. These factors can affect the premium amount up or down depending upon whether we believe it increases or decreases the risk to us, such as the cover you have chosen, the excess selected, the benefit percentage applicable to the cover you have chosen, where you and your pet permanently live, your age and the species, breed, gender of your pet, the current age of your pet, the age you first insured your pet, and other factors related to our cost of doing business.
Renewing policies
Factors that are taken into consideration for renewal premium calculation include your pet’s age, breed, location, duration for which your pet has been insured, claims history, as well as data relating to the health of pets that are a similar age and breed. Each year we review premiums based on these factors to ensure we can accommodate the costs of possible treatment up to your annual benefit limit, in the event that your pet becomes injured or ill.
Will my premium increase every year?
Yes, your premium will increase each year. This is for two main reasons:
Reason #1: Just like humans, the older our pets get, the more likely they are to have health hiccups. Cats and dogs age faster than we do, which means that their likely veterinary treatment costs go up rapidly each year too. As a result, the cost of insuring your pet will also increase as they get older.
Reason #2: Advancements in Veterinary Treatments.
The overall cost of medical treatment for pets has increased in recent years due to the increased availability of medical treatments and technology-enabled services and ongoing demand for these services. The treatment options and advancements in technology are providing us with great opportunities to give our pets a great quality of life for longer.
While this is great news for the care of our pets, these treatments come at a significant cost. Year on year treatment costs increase, and this is factored into the cost of pet insurance.
Please see ‘How do you calculate my premium’ for more information about calculation of premiums.
Will my premium increase even if I don’t submit claims?
Every year, we review the cost of everyone’s insurance with regards to a combination of factors as well as claims inflation across all our insured pets. Increases in our claims costs due to increases in the range of available veterinary procedures, or due to an increased take-up of those services, impacts everyone’s premiums.
Your premium takes into account the average cost of care for pets like yours. To provide an example of this, a pet parent with a three-year-old French Bulldog will be affected by the trends we see in our data from hundreds of three-year-old French Bulldogs that we insure, as well as the specific claims history of their own pet.
Is my premium calculated the same way as my Private Health Insurance?
No. Pet insurance does not work like health insurance. Health insurance is ‘community rated’, which means that everyone pays the same premium for their health insurance regardless of their individual health status, age or claims history. This is not the case for pet insurance.
Health insurance providers are able to community rate health insurance because there are many other factors at play in the human health care system, such as Medicare and government rebates and subsidies, which is not the case with veterinary care and pet insurance.
Pet insurance claim reimbursements are paid for purely by the premiums received by those who insure their pets. In order for each person to pay a fair price for their pet insurance, premiums vary depending on your and your pet’s risk factors.
Medibank Pet Insurance is general insurance issued by the insurer The Hollard Insurance Company Pty Ltd (ACN 090 584 473; AFSL 241436) (Hollard), is promoted by Medibank Private Limited (ACN 080 890 259; AR 286089) (Medibank) and administered by PetSure (Australia) Pty Ltd (ACN 075 949 923; AFSL 420183) (PetSure).
This policy is issued for a fixed contract term (12 months in the case of Medibank Pet Insurance). Prior to the expiry of each contract term, you will receive a renewal notice, in which a new offer of insurance is made for the next policy period. You can renew the policy for the life of your pet as long as you continuously maintain your policy and pay the premiums when they are due.
Yes, you may cancel your policy by notifying the administrator of Medibank Pet Insurance, PetSure (Australia) Pty Ltd (“PetSure”). You can do this by telephone, email or post.
Cancelling during the "cooling off" period
You have an obligation free 21 days from the policy Commencement Date (or any renewal date) to make sure you are happy with every aspect of your Medibank Pet Insurance policy. This is known as the “cooling off” period. During this time you may cancel the policy (if you have not made a claim)
simply by contacting to us. If we receive your request to cancel your policy within the 21 day period after the policy Commencement Date (or any renewal date), we will give you a refund of any monies received since commencement or renewal, less any transaction costs incurred by us which we are unable to recover and any taxes or duties that we are unable to refund.
If you have not made a claim
If you have not made a claim under the policy and you have paid the annual premium in full, the portion of the premium that reflects the remainder of the policy period will be refunded to you. No refund is available where you have chosen the monthly or fortnightly payment options.
For example: If you decide to cancel at the beginning of March, but you pay your premiums monthly, no portion of the March monthly premium is refunded.
If you have made a claim
If you have made a claim under the policy, and you have chosen to pay premiums annually, no refund is provided if you cancel your policy. Where you have chosen to pay monthly or fortnightly, any remaining premium still has to be paid for the remainder of the policy period.
For example: If your renewal date was March, you decide to cancel in August, you need to pay premiums until the following March before the policy is cancelled.
The policy period is the time during which we provide cover as specified on your Certificate of Insurance. This is generally a 12-month period from each renewal date.
Like most insurance policies, there are some exclusions and benefit limits to help keep your premiums affordable.
These include behavioural problems, food and diets, pregnancy, elective procedures, grooming and pre-existing conditions that showed clinical signs before you took out Medibank Pet Insurance.
You should carefully read the Product Disclosure Statement (PDS) for a comprehensive list and full explanation of policy exclusions.
You can claim online via the PetPortal. Visit now to login or register.
You are required to submit your claim within 90 days of your pet receiving treatment. The vet must complete a small section of the claim form and sign it, so it’s a good idea to take a printed claim form with you when you visit your vet.
It’s important to note if you’re lodging your first claim, you’ll need to attach a complete veterinary history from both current and previous veterinary clinics. If you’ve provided this information previously, there’s no need for you to submit it again.
Once PetSure (our administrator) receives the documentation they need, your claim will be processed without delay and payment will be made to the policyholder by cheque or directly into a nominated account.
Aside from your first claim, in many cases your claim can be processed directly without veterinary records being required. However, in some cases veterinary records may be requested to assist in understanding some aspect of your claim to ensure it is processed correctly and fairly. Sometimes this can result in a delay in payment of claims.
Whether it’s for a general check-up at the vet or for something more serious, Medibank Pet Insurance can help provide financial assistance with many treatment costs.
It’ll not only help with the burden of expensive vet fees, it’ll help you provide your dog or cat with the best care when they need it most.
Plus, you’ll enjoy peace of mind, knowing that your best friend, and your back pocket, are covered.
It’s important that you read the Product Disclosure Statement (PDS) before you make a decision to buy or continue to hold this product.
The Product Disclosure Statement (PDS)contains details of the features of Medibank Pet Insurance, you can get a copy by calling 134 190.
Remember, this information is general in nature and does not take into account your personal objectives, financial situation or needs. You also need to be aware that certain limits and exclusions apply.
Your policy will automatically renew each year, on the terms contained in the renewal offer, unless you choose otherwise. We will deduct/charge the renewal premium from your nominated account/credit card unless you tell us not to.
Each year we’ll send you a renewal notice each year advising you of the renewal date, the new premium and any changes to your existing level of cover.
You may pay your premiums either by credit card or direct debit and you can choose to pay fortnightly, monthly or annually. Please note, you may be charged a collection fee if you choose to pay your premium in fortnightly or monthly instalments.
If you need to change your payment method or frequency, please contact us and we can make the change for you.
Yes, you can use any vet who is licensed and registered to practice in Australia.
Each pet has its own policy with its own individual choice of cover and excess option. If you insure more than one pet, a multi-pet discount of 5% will apply to each additional pet.
No, the purpose of Medibank Pet Insurance is to assist pet owners in being able to afford the very best veterinary treatment for their pet. Mortality insurance, life insurance or liability insurance are not offered.
You can start your pet’s cover from 8 weeks of age and before its 9th birthday on Ultimate Pet Care and Emergency Pet Care. There is no upper age limit on Essential Pet Care, so any dog or cat can be insured for accidents and illnesses, no matter how old.
Cover is available for the life of your pet. This means once your pet is insured with Medibank Pet Insurance you will be able to renew your policy for that pet for life and your cover level will not be reduced as your pet ages, provided you continuously maintain the cover and pay premiums when due.
In addition, your policy will not be cancelled on the basis of your pet's age. But you may wish to consider joining while your pet is young before they develop any conditions that may be considered pre-existing (and therefore excluded from cover) prior to the start of the policy.
Yes, you will receive a 10% discount off the insurer’s Medibank Pet Insurance rates for non-members. This discount is applied to every year's premium.
Medibank Pet Insurance only covers dogs and cats. Breeds that have been listed by your State or Territory as dangerous, prohibited or restricted are not covered.
You can start your pet’s cover from 8 weeks of age and before its 9th birthday on Ultimate Pet Care and Emergency Pet Care options. There is no upper age limit on Essential Pet Care, so any dog or cat can be insured, no matter how old.
Cover is available for the life of your pet. This means once your pet is insured with Medibank Pet Insurance you will be able to renew your policy for that pet for life and your cover level will not be reduced as your pet ages, provided you continuously maintain the cover and pay premiums when due.
In addition, your policy will not be cancelled on the basis of your pet's age. But you may wish to consider joining while your pet is young before they develop any conditions that may be considered pre-existing (and therefore excluded from cover) prior to the start of the policy.
No, you are not required to submit veterinary records when you apply for Medibank Pet Insurance.
However, when making a claim you are required to provide a full veterinary history of illnesses and injury your pet may have had before you applied for the policy.
This is necessary as any Condition existing before the start date of the policy or during Waiting Period is not covered under your pet insurance policy.
This is a common problem, especially if you have adopted a pet. That’s why, if you don’t know, providing your honest 'best guess' is fine. However, if you truly have no idea, ask your vet who should be able to estimate your pet's age based on an examination of certain physical characteristics.
Yes, provided symptoms or clinical signs of these defects were not present prior to taking out Medibank Pet Insurance.
If any symptoms or signs of a condition occur, or the condition exists in any form prior to insurance or during the applicable waiting period, then it will be considered to be a pre-existing condition and it will not be covered.
Yes, you can change the level of cover you have selected for your pet, provided you haven't made a claim against the policy.
If you have made a claim, any change to the level of cover can only be applied or activated at the point in time that the policy is renewed and the next policy term commences.
Once your pet reaches their 9th birthday you cannot change their cover level from Essentials Pet Care to the Ultimate Pet Care and Emergency Pet Care options.
Medibank Pet Insurance policies do not include cover for Third Party Liability. Your domestic contents insurance would normally provide third party liability cover for your pet.
We suggest you contact your home contents insurer for details of your cover.
When you make your first claim, you’ll be asked to attach a complete veterinary history from both current and previous veterinary clinics.
However, if your cat or dog was adopted from an animal shelter you are unlikely to have their full veterinary history and instead you will need to provide a copy of the adoption records for verification.
Things you should know
The information provided is general information only and is not a substitute for professional veterinary medical advice. Medibank Private does not guarantee the accuracy of any of the information, representations or advice contained. To the extent permitted by law, Medibank Private accepts no responsibility for any loss, injury or inconvenience sustained by readers of this website as a result of or in connection with the information contained on this website (whether by way of negligence or otherwise).
Terms, conditions and waiting periods apply.
* - Medibank Pet Insurance is general insurance issued by the insurer The Hollard Insurance Company Pty Ltd (ACN 090 584 473; AFSL 241436) (Hollard), is promoted by Medibank Private Limited (ACN 080 890 259; AR 286089) (Medibank) and administered by PetSure (Australia) Pty Ltd (ACN 075 949 923; AFSL 420183) (PetSure). Medibank acts as an authorised representative of PetSure. Medibank will receive a commission which is a percentage of the premium paid to Hollard and PetSure may receive a portion of the underwriting profit, if any - ask PetSure for more details.
Any advice provided is general only, has been prepared without taking into account your objectives, financial situation or needs and may not be right for you. Consequently, before acting on this information, you should consider the appropriateness of this information having regard to your objectives, financial situation and needs. You should obtain and consider the Product Disclosure Statement (PDS) in deciding whether to acquire, or continue to hold, Medibank Pet Insurance. PetSure can be contacted by telephone: 132 331 or by mail: Locked Bag 9021, Castle Hill, NSW 1765.