Pet Insurance - Is it worth it

Pet Insurance: Is It Worth It  

Anyone, who has a pet, at some point must have thought about getting pet insurance. While looking after a pet is not a hard task, it’s taking care of the pet’s medical needs that might put a dent in your pocket. Some people say medical care for pets cost more than people’s medical care. It is true, in some cases. Other than covering the medical costs of your pet, pet insurance also offers to cover for third-party liability claims for damages your pet has inflicted on others or their properties and even theft. If you are a new pet owner or a long time pet owner and are wondering whether pet insurance is worth it, here’s what you need to know.

 

 

 

Does pet insurance cover all kinds of pets?

 

So far, in Singapore, pet insurance is available only for cats and dogs. The pet should be older than 8 weeks and younger than 9 years of age. Liberty Insurance is one of the companies offering pet insurance and currently, they are offering 3 plans (standard, enhanced, and superior).


Premiums can range from as low as $350 to $750 yearly and not making a claim can earn you a No Claims Discount in the following policy year.

 

 

What do pet owners get when they purchase pet insurance?

 

Purchasing pet insurance would entitle pet owners to have coverage for non-surgical expenses, surgical expenses, accidental death, third party liability, theft, chemotherapy cost and final expenses.


All of the above benefits can be quite costly. For surgical and non-surgical expenses, you are expected to pay portion of the bill and the insurer will pay the rest up to an annual limit. Any fees above the annual limit will have to be borne by the pet owner. Liberty insurance’s PetCare insurance surgical benefits for example, covers 70% of eligible bills with an annual claim limit of up to $10,000. There is usually also a waiting period before the first claim can be made.


Cats and dogs too can be afflicted with cancer, just like people do. For chemo treatment, the pet owner would have to bear the cost as pet insurance for now does not offer coverage for chemotherapy.


If your pet passes away due to accidental injury, you will be entitled to an accidental death benefit, where you will be compensated through a payout by the insurer. The benefit for accidental death could ranges from $1,000 to $3,000.


As a pet owner, you are responsible for the damages your pet causes to people. Hence your pet causes any mischief or attacks someone else, you might have to compensate the third-party accordingly. If that happens, then you will be covered from $100,000 to $500,000. This includes any medical costs on bodily injury or loss or damage to property caused by the insured pet.


For pet insurance, theft cover benefit is only available to dog owners, where they will be offered a coverage of up to $300 to $1,250 in the event that their dog has been reported lost or stolen.


When your pet passes away, there are final expenses that you will need to pay to have your pet cremated. As of now, pet insurance does not offer this benefit for pet owners.

 

 

Is pet insurance worth it?

 

Just like premiums for people, premiums for pet insurance depends on the coverage you are looking for and the coverage that is offered by the insurance company. Understand the benefits of the product and you will be able to decide if the product is useful to you.


For example, Liberty Insurance offers pet owners the freedom to go to any vet in Singapore and their pet insurance costs less than $1 a day. Pet owners also get No Claim Discount of up to 15% for healthy pets not in need of surgery or any other non-surgical treatment.


If the above benefits offered in a pet insurance policy sound attractive to you, then you might consider getting your pet covered. Healthy food and adequate play time with exercise are vital for ensuring your pet lives a healthy and happy life!


Click here to apply for your pet insurance now!