The first time most pet owners realise the importance of pet insurance is when their beloved furry friend gets sick and they get slapped with a hefty veterinarian bill.
Whether you’re a new or existing pet owner who is considering getting your pet insured to give peace of mind, here are some pros and cons to consider.
Using Pet Insurance As A Tool For Managing Healthcare Expenses
Pet insurance covers your for a range of unexpected (and costly) incidents, including accidental death, vet bills from accidental injury, and third party liability from damages caused by your pet.
Premiums can start as low as $1 a day and there are also no-claim discounts offered by some insurers.
Pet Insurance Only Covers (Certain) Dogs And Cats
If your pet is a dog or cat, you’ll be glad to know that they can be covered by pet insurance policies in Singapore, though some species may be excluded from coverage.
At this time, pet insurance does not exist for other kinds of pets, such as rabbits, hamsters, or fishes.
Your Pet Needs To Be Microchipped
Microchipping is the process of embedding a tiny rice-grain sized device on your pet, which contains a identification number to uniquely identify your pet, which you can register to you.
By law, all dogs need to be licensed and microchipped. However, there is no such requirement for cats to be microchipped.
If you wish to buy pet insurance for your cat, you will need to bring your cat to your veterinarian to be microchipped, as a cost of about $60.
Pet Insurance Only Cover A Portion Of The Pet’s Lifespan
Unlike life insurance policies for humans, there are only term insurance policies for pets. This is an important consideration, since you cannot count on insurance to manage healthcare costs for your pet for its entire natural lifespan.
Insurance policies cover your pet from around a few weeks old to about 13 years of age. Thus, you’ll need to set aside money for end-of-life care and burial expenses once the pet insurance term is over.
Pet insurance policies typically include a co-payment or deductible. For example, Liberty Insurance’s PetCare covers 70% of eligible vet bills, so you would need to pay the remaining amount.
Other pet insurance policies may have deductibles of $3,000 or $5,000, after which the pet insurance policy benefits kick in.
Compare And Buy The Most Suitable Pet Insurance
Now that you understand the benefits and limitations of pet insurance, you’ll understand what to look out for when selecting a pet insurance policy.
To help you with your selection, Insurance Market has a pet insurance comparison tool that allows you to compare the various types of insurance policies that you can buy in Singapore for your pet dog or cat. Do check it out to see if it helps you choose the right policy to buy for your pet.