Pet Insurance: Why It Is A Must-Have For Your Furry Kids

Pet Insurance: A Pressing Need?

According to Statista, a leader in global data analytics, there were 12.6 million dogs kept as pets in India in 2014; by 2019, that number had increased to 21.4 million, and by 2023, it is projected to reach over 31 million. It is not surprising that India is one of the world’s pet care markets with the fastest growth rate.

Even though the number of pets is increasing exponentially, exploring how to pay for their medical expenses is still necessary.  Most people need to be made aware of the availability of such a product. You can buy dog insurance online in a hassle-free manner.

How Does It Work?

A pet insurance policy promises to provide for your pets’ overall health and welfare by covering the cost of medical care. Similar to health insurance for people, these products cover the costs of veterinary care for animals if they get sick or are injured.*

This helps pet owners eliminate the risk of high expenditure for medical treatment of the pet and protect its life by providing the ideal treatment, say insurers. These products also cover pet thefts and protect the policyholder from damage claims made by third parties or individuals who might be harmed due to your pet’s actions.*

What Is Covered?

A pet insurance for dogs policy insures your pets against all hospitalisation expenses, surgeries, and critical illnesses. It also covers your pet’s passing away due to an accident or a disease, besides facilitating OPD (Outpatient Department) coverage. Third-party liability insurance is another very significant cover that such products include. When your pet bites someone or damages their vehicle or property, you are covered by third-party liability insurance. The policy also covers replacing your dog or cat if stolen or lost. These costs cover the price of making police complaints, giving out rewards, etc. Claims are subject to terms and conditions set forth under the pet insurance policy.*

Pet health insurance costs vary depending on your chosen insurer and pet’s age, size and breed. Not just these, but your pet’s health and the sum insured you want to opt for will also determine your plan’s cost. The plan will cover epilepsy, pancreatitis, Cushing’s syndrome, diabetes, thyroid dysfunction, ascites, glaucoma, and inflammatory bowel disease. Pet owners can also get coverage against poisoning and breeding risks by paying an additional 0.5–1% premium.*

Major Exclusions And Restrictions

All insurers also impose a co-pay or deductible: 10% for surgery and hospitalisation; and 20% of the sum insured. Additionally, pre-existing conditions and specific ailments like rabies and distemper, which cause the pet’s passing away, are not covered by insurers. Most pet insurance covers also exclude diseases such as kidney failure.*

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.