Pet insurance – is it worth it
Pets fall sick, like humans do. Taking care of the pet’s medical needs might put a dent in your pocket. You would be surprise to find out that medical care for pets may cost more than that of humans! This is why many pet owners often consider buying pet insurance. 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 insurances PetCare insurance surgical benefits for example, covers 70% of eligible bills with an annual claim limit of up to $10,000. There is usually a waiting period before the first claim can be made. Cats and dogs too can be afflicted with cancer. For chemo treatment, the pet owner would have to bear the cost as pet insurance for now does not offer coverage for chemotherapy.
What would you be entitled to if your pet passes
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 range from $1,000 to $3,000.
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.
What about the cost when damage is done to a third party
As a pet owner, you are responsible for the damages your pet causes to people. Hence if 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 body injury, loss or damage to property caused by the insured pet.
For pet insurance, theft cover benefit is only available to dog owners, 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.
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’ll be able to decide if the product is for 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. Owners also get No Claim Discount of up to 15% for healthy pets not in need of surgery or other non-surgical treatment.
If the above benefits offered in a pet insurance policy sounds attractive to you, maybe consider getting your pet covered. Healthy food, adequate play time and exercise are vital for ensuring your pet lives a healthy and happy life!
InsureDIY has financial advisers that can help you make the right choice and answer any of your questions. Simply email us at [email protected] anytime!