Pet insurance vs saving: What’s best for Kiwi pet owners?

Bringing a pet into your life is exciting and full of joy, but it also comes with responsibility – like being ready for those unexpected vet bills. One of the big questions Kiwi pet owners face is, “Should I get pet insurance or just save up for vet bills?”

Saving may sound like a good idea, but it often falls short when emergencies strike. Let’s dive into the debate between pet insurance and self-saving to help you figure out what works best for you and your furry friend.

Jump to:

• Why some pet owners prefer saving over insurance
• The risks of relying only on savings
• Pet insurance vs. saving: a comparison
• Why credit cards aren’t the best backup
• Does pet insurance save you money?
• The smart choice for your pet’s health

Why some pet owners prefer saving over insurance

Some people like the idea of saving for vet bills instead of paying monthly premiums for insurance. Here’s why:

Control over your money

When you’re saving, you have full control of your funds. You decide how to use it – whether it’s for unexpected vet bills or a general emergency fund. Watching your savings grow can feel great, but it also means you’re on your own when it comes to covering a big, unexpected cost.

Doubts about insurance

Let’s face it – insurance can feel complicated. High premiums, limited cover, or confusing terms can make it seem like more trouble than it’s worth. Some people worry about claims being denied or paying for something they might not need. Others just don’t trust insurance providers enough to see it as a smart investment.

Optimism about your pet’s health

If your pet is young and full of energy, it’s easy to think they’ll stay healthy for years. Paying for insurance might feel unnecessary. But accidents and illnesses can happen at any time, and they can come with huge costs.

While these reasons make sense, they often overlook how unpredictable pet health can be – and how expensive vet care is these days in New Zealand.

The risks of relying only on savings

Saving for vet bills might seem like a solid plan, but it has some big risks. Emergencies can be unpredictable and shockingly expensive, and relying only on savings can leave you unprepared. Here’s why:

1. Vet bills can be sky-high

Veterinary care in New Zealand can be costly, especially when it comes to emergencies or chronic conditions. Here’s a snapshot of average prices from NZ clinics:

• Surgery for something your pet swallowed: $2,000 – $7,000 NZD¹
• Treating a broken leg: $3,000 – $6,500 NZD¹
• Cancer treatments: $500 – $15,000 NZD²
• Chronic care medication (e.g. diabetes): $80 – $300 NZD per month¹

One big emergency could wipe out your savings in an instant.

2. Savings take time to grow

It can take years to save enough for a major vet bill. But what happens if your pet needs treatment before you’ve saved enough? Without a solid safety net, you might not be able to afford the care they need.

3. Temptations to spend savings

Even if you’ve saved up, life happens. Car repairs, holidays, or other expenses might eat into your savings. That means when your pet needs expensive treatment, the money might not be there.

4. The stress of not having enough

When savings fall short, it can lead to tough decisions about your pet’s care. Pet insurance can act as a safety net, giving you peace of mind and ensuring you can afford treatment when it matters most.

Pet insurance vs. saving: a comparison

Why credit cards aren’t the best backup

When savings run out, some pet owners turn to credit cards to cover vet bills. But this can have serious downsides:

• High interest rates: With many NZ credit cards charging up to 22 % interest, even a $3,000 vet bill can quickly balloon if paid off slowly.
• Financial stress: Using credit for emergencies can leave you juggling debt and feeling under pressure.

A better option? Pet insurance. It’s a more affordable and reliable way to handle unexpected vet bills, so you can focus on helping your pet recover rather than worrying about your savings.

Does pet insurance save you money?

Pet insurance might feel like an extra expense at first, but it can actually save you money in the long run. Those monthly payments cover unexpected vet bills that could otherwise hit your wallet hard. Plus, they give you peace of mind for costly emergencies, such as:

• Cruciate ligament repair: $5,000 – $6,500 NZD³
• Foreign object removal: $5,000 – $6,500 NZD¹
• Fractured bone surgery: $3,000 – $6,500 NZD¹

If you’re paying around $40 – $60 a month for pet insurance, it might seem like a lot – but think about it this way: it could take more than five years of saving to cover just one major $5,000 surgery. Without insurance, you’d be scrambling to pay for your pet’s care, and that’s stress no one needs.

Some policies, such as day-to-day cover, can also help with routine care costs – like de-sexing, microchipping, teeth cleaning, annual vaccinations, and even behavioural therapy. On average, Kiwi pet owners spend around $200–$500 per year on routine vet visits alone. While not as dramatic as an emergency surgery, these ongoing costs add up – and pet insurance can ease the pressure.

The smart choice for your pet’s health

Ever find yourself asking, “Should I get pet insurance or just save?” It really comes down to your goals and budget. Saving is great, but it might not cover those surprise vet bills that seem to pop up out of nowhere. While savings can help with small, expected costs, pet insurance provides peace of mind that you’re protected when life throws you (and your pet) the unexpected.

Pet insurance takes the stress off your shoulders by giving you instant cover and peace of mind. You’ll know your pet can get the care they need without breaking the bank.

Why take the risk? Check out our flexible pet insurance plans made for Kiwi pets and owners. Because they deserve the best, and so do you.

¹Give a little   ²ReadersDigest NZ  ³Franklin Vets Example prices are correct at the time of publishing.