Everything You Need to Know Before Buying Pet Insurance

What is Pet Insurance?

Pet Insurance was introduced in India a few years back, and since then, it has started catching up with the market. A Pet Insurance Policy covers veterinary expenses incurred for the treatment of a pet in case of an injury or illness. A few Pet Insurance Plans also cover the death or loss of the insured pet. Since the medical treatment and other veterinary expenses are very high, the policy helps pet owners provide the best treatment to their pets and eliminates the risk of sudden high expenses. Moreover, the Pet Insurance Plans are approved by the Insurance Regulatory and Development Authority of India (IRDAI), which is the apex institute that regulates the insurance sector in India.

What are the benefits of buying a Pet Insurance Policy?

Here are the key benefits of buying a Pet Insurance Policy:

1. Ensures Better Healthcare:

Having a pet insurance cover opens wider options for treatments for fractures, pregnancy complications, dental issues, cataracts, etc. Besides, with age, the pets might need additional healthcare facilities that could be possible to provide them without stretching your budget.

2. You do not have to break your Savings:

As we know, being a pet owner is a costly affair. The expenses of pet food, vaccinations, accessories, grooming, medications, etc. are very high. A sudden illness, accident, or medical treatment due to any reason can leave you with the only option of breaking your savings. However, if you have a pet insurance policy, the insurance company will take care of these expenses, and you do not have to break your savings or take a loan to provide quality treatment to your fur baby.

3. Helps with high-end treatments without burning a hole in your pocket:

Just like humans, animals can also go through major illnesses that require surgeries or other costly treatments. Such expensive treatments can be taken care of by the insurance company.

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4. Flexibility in Premium Payment:

Paying the Pet Insurance Premium at once might not be affordable to everyone. But the good news is that the insurance companies allow you to pay the premium at your convenience. So, you can choose to pay the premium monthly, quarterly, half-yearly, or yearly, just like our regular insurance.

5. Additional Coverage:

Apart from covering the injuries and illnesses, some Pet Insurance Plans also cover death or theft/loss of the pet, overseas travel, and third-party liability in case your pet causes injuries to someone or damages someone's property.

What is the eligibility to buy a Pet Insurance Policy?

• A Pet Insurance Policy can be bought for a dog or cat. Some insurers extend their plans to other pets like birds.

• Most insurers have an entry age criteria of 3 months. So, you can buy a Pet Insurance Plan for your pet once they turn 3 months.

• The maximum age limit varies from insurer to insurer and depends on the type and breed of the pet.

• Many insurers offer insurance plans only to vaccinated pets.

What are the inclusions of the Pet Insurance Plan?

The list of inclusions may vary from insurer to insurer. However, here is a list of common inclusions:

• Hospitalisation cover

• Death due to an accident or disease

• Theft and loss cover

• OPD and surgery cover

• Third-party liability cover

What are the exclusions of the Pet Insurance Plan?

Although the list of exclusions may vary from insurer to insurer, here are some common exclusions present in most plans:

• Surgery that is not necessitated due to an accident or illness

• Surgery to cure congenital defects

• Grooming and cosmetic surgeries

• Surgeries necessitated due to pregnancy or whelping

• Dental surgery that is not necessitated due to an accident

How to buy a Pet Insurance Policy?

Many insurers in India have started providing pet insurance. Tata Capital, Bajaj Allianz, Future Generali, National Insurance, MetLife, etc. are amongst the major pet insurance providers in India.

Many insurers offer to purchase Pet Insurance policies online. Visit the official website of the insurance company that wants to purchase the policy from and click on 'Pet Insurance'. If you do not find the 'Pet Insurance' option on the home page, search it from the search bar. It will guide you to fill in the necessary details, such as your name, identity proof, address proof, pet's name, pet's date of birth, location, contact number, email id, etc. You will need to verify your contact number with an OTP. After you verify it and click on submit, you will receive a call from the insurance company representative, who will guide you throughout the process.

If you are not comfortable buying the policy online, you can visit the nearest branch of the insurer and buy the policy in person.

How does a pet insurance claim work?

The claim process of pet insurance is similar to regular health insurance. You are required to fill out the claim form and submit it along with necessary documents like your pet's vet bills, vaccination certificates, hospital bills, etc.

To Conclude:

If you are wondering whether the Pet Insurance Policy is for you, it is advisable to talk to your pet's vet. You and the vets are the only people who know the pet and his/her health well. If your pet is young, you will have to pay a lower premium. But as the pet gets older, the premium can become unaffordable. Besides, the insurers will most likely avoid offering a policy to your pet if they have any pre-existing condition. Hence, it makes sense to buy the lifetime policy when the pet is young and healthy. Consider your current vet expenses and how much they can increase in the future and the current premium, and how much it will increase as the pet ages. You should find the balance between both and choose the right policy that offers maximum coverage at an affordable premium. Moreover, make sure to read the fine print of the policy to avoid any disputes in the future.

Warm Regards,
Ketki Jadhav
Content Writer