Although cats and dogs are among the most common types of family pet in Australia, many other types of creature are also kept as pets. In 2005, the pet population of Australia included some 20 million fish, 9 million birds and approximately 3 million other pets including horses, rabbits, guinea pigs and other small animals. Some Australians own unusual or exotic pets including snakes, frogs, monkeys and even dwarf crocodiles, ostriches or scorpions.

Some of these animals and creatures are of a high monetary value due to their pedigree or rarity or prize-winning status, while others are of major sentimental value to their owners, just as cats and dogs often are. If you own a rare or valuable pet, it is worthwhile considering taking out comprehensive insurance to cover theft, straying, medical expenses and public liability. Insurance for your pet is particularly important if they are at particular risk of theft or disease, for example prize horses which are often stolen.

Unfortunately for such owners, insurance for valuable or exotic pets can be very expensive, and is not normally available through a standard pet insurance policy. Moreover, many pet insurance companies do not offer comprehensive pet insurance for potentially dangerous pets such as crocodiles and snakes, only public liability insurance.

If you do find a policy to suit your particular pet, you will need to check whether the insurance company will refund the full purchase price of the pet if it is lost, and whether it can be insured for more than the purchase price, if its value has been increased due to its achievement in competitions, for example.

In addition, if you have part-ownership of an animal such as a horse, under a syndicate arrangement, some companies will allow you to insure your individual share in the animal.