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Is your Pet Insurance credible? Some companies have begun selling Pet Insurance as a bit of an add-on, mainly because it’s another opportunity for insurance companies to enter new markets.
It helps to research the insurance policy you are about to buy beforehand to better understand the kind of coverage you will be getting. We understand insurance companies provide a service for a specific fee, but research will ensure you are getting the right policy. The more you know about what’s on offer the more confident you can be in committing with the company and policy of your choice.
1. Can you interpret the jargon?
Do you really understand the insurance you’re buying, what it includes and excludes?
Hardly anyone reads every inch of the Product Disclosure Statement (PDS) and this makes it hard to understand if the insurance is right for you. We always recommend reading over the PDS, but it helps to have something in a language everyone can understand.
Look at our Frequently Asked Questions (FAQ) on the insurance page and reviews to help better understand other people’s experiences for your benefit. We understand that not everyone can understand the logistics of everything and a large amount of content comes over as pure jargon. Keeping everything simple and understandable is best.
2 What exactly are you investing in?
What kind of promises are your insurance companies making?
It can be stressful and aggravating when your beloved pet is faced with a medical emergency and you suddenly realise you have insurance that doesn’t help. Or even worse, you need something you don’t have. Your pets are part of the family and you need to know exactly what you have and what you need when things take a turn for the worse.
Make sure you understand your insurance inside and out. Read one or two articles about the topic. This helps you understand if your insurance company is providing you with what you really need.
3. Does the insurer have character?
Pets are part of the family and are as important as anyone else.
So when your pet gets injured or is sick the last thing you want to do is speak to customer advisor or company that doesn’t understand or care for you and your pet.
One of the insurance policies available on Insurance Market is Liberty PetCare. Liberty Insurance tries to convey a strong message that they place an emphasis on communication and understanding. Not all insurers take such an open and accommodating stance. Rather, many insurers take a more distant approach. Some have even threatened to take us to court if we compare their policies to others. Pets are part of your family and you have a right to get all the details and comparison done before you purchase the policy.
4. What is their minimum?
If you are on a budget and want to do what is best for your pet. Look for a company that will provide all the basics within budget. As a minimum, look for Pet Insurance that provides:
- Medical, accidental, and liability cover
- Coverage for a portion of veterinary bills
- Limited or no requirement for medical examination before approval of claims
- Use of any registered vet throughout Singapore
- A no claim discount of up to 15% to reward healthy pets
When you have considered all the above things, compare the Pet Insurance policies for yourself.
This article is based on a blog published by Liberty Insurance