Australians can save $948 annually with pet insurance: Mozo

Rottweiler owners could save the most by as much as $1,959 per year.

Australians are likely to adopt pets this Christmas but may be overlooking the cost of pet insurance, according to a report by financial comparison site Mozo.

Many pet owners are overpaying for insurance, with potential savings of up to $948 annually for dogs and $335 for cats by switching to more cost-effective policies, it added.

Rottweiler owners stand to save the most, with those insuring a 5-year-old Rottweiler potentially saving by as much as $1,959 per year by moving from the average policy to the cheapest premium. Cat owners pay less for insurance, but could still save up to $392 annually by switching policies for a 5-year-old Domestic Shorthair.

On average, insuring a 1-year-old dog costs around $113 per month, increasing to $161 for a 5-year-old. Cats are more affordable to insure, with premiums averaging $59 a month for a 1-year-old cat and $77 for a 5-year-old.

Older pets are typically more expensive to insure, but significant savings are available for those who switch to better value policies, particularly for larger breeds like Rottweilers.

The report, surveying 2,129 Australians, also found that 6 in 10 struggle with vet bills, ranking them amongst the top 10 most stressful financial burdens. 

Of those feeling the strain, 48% admitted they feel out of control when managing these expenses, underscoring the importance of finding affordable pet insurance.