The number of pet owners in India is now increasing. Pets are care for with the same love and care as children and treat as important family members. Pet owners provide the best quality food for their pets and take care of them in the best possible way. Today, many companies offer insurance on some aspects of pet care to reduce the burden on its owners. Let’s learn more about pet insurance.
Why Should You Take out Pet Insurance?
Your pet means the world to you, you can’t left alone in case of a medical emergency. If you take care of your pet, taking out pet insurance can help you show love to your pet. There are many benefits to taking out pet insurance, as follows:
- You can decide on a veterinarian to treat your pet. Unlike health insurance policies for people who require them to treatment under a particular health care provider, pet insurance gives you the freedom to treat your pet from a veterinarian of your choice.
- Pet insurance does not discriminate on the age or ancestry of a pet. While it is advisable to pet insurance immediately after apply for a lower premium profit, your pet can insured a few years later.
- Taking out insurance for your pet allows you to choose the best appropriate treatment for your injured or sick pet based on the options available, not limited by your financial circumstances. Most policies pay almost 80% of the cost after deductions.
- With pet insurance, it is easier to manage the cost of pet care. The amount for the policy can paid monthly, quarterly, semi-annually, or annually. It is up to you to choose the plan that works best for you. A large number of plans also offer discounts for additional pets at home.
- Taking out pet insurance is best if you don’t want to compromise on your family’s emergency funds. Sure, you can create a savings account for a pet, but oftentimes you put it in whenever you face an unexpected expense like a household renovation or an expensive vehicle repair. That little or nothing remains in the emergency animal care fund.
- Perhaps the most important benefit is that insurance can save your pet’s life in an emergency by letting you authorize the necessary medical treatment without having to worry about the cost.
What are the Features of Pet Insurance?
Here are some features that someone who chooses pet insurance must know:
Customized plan
Insurance plans can be customize and available for pets such as cats, dogs, birds, and even rabbits insurance.
IRDA Approved
IRDA (Insurance Regulatory and Development Board) approves pet insurance plans from various companies that offer them. There are various types of pet insurance schemes listed under this plan. Some of these include dog insurance, cat insurance, cattle insurance, horse insurance and more.
Sum Insured
Usually the amount guaranteed for pet insurance products such as dog insurance can range between INR 15,000 to INR 30,000.
Add cover
There are insurance providers that offer additional coverage to existing base police. An example is the loss of a show entrance fee if the dog is unable to attend the show due to illness or injury, and the entrance fee is lost.
Third Party Liabilities
Some pet insurance policies also offer coverage for third party liability, in case your pet attacks a third party, bites them or damages their property.
Premium
The premium to be paid is around 3% to 5% in general for pet insurance policies in India.
Different Types of Covers
Pet insurance coverage can be divided into three types; money limit protection, time limit protection and lifetime protection. Three different types of covers will help you take care of your pet in the best way.
Types of Pet Insurance Cover
There are three types of pet insurance coverage:
Lifetime Protection
Pet insurance lifetime coverage is a safety net against serious or long -term illness. Some examples include conditions such as eczema and arthritis. The specified amount is given to the policyholder each year ‘this amount is used for the treatment of the pet. The maximum limit can also be reset at the time of policy renewal.
Time limited coverage
This is cheaper than lifetime coverage and offers protection to pets after being infected or injured. Coverage is only available for a certain period of time.
Money limit protection
This offers financial assistance to pet owners for the treatment or medical expenses of their pet. This policy has no time limit and can be used until the money limit is reached.
What is Covered by a Pet Insurance Policy?
Pet insurance policies cover a wide range of accidents, including:
- Accidental death.
- The disease is contracted during the policy.
- Treatment expenses. Some pets are more prone to injury than others, and they all get older with some requiring surgical intervention.
- Accidents while traveling by road, train, or air.
- Loss or theft of a pet. It provides coverage for the purchase price of a pet. Evidence must be provided before making a claim; otherwise, the insurance company will only pay the available market value.
- Treatment for behavioral problems. Pets with behavioral problems need treatment in the form of therapy, and insurers will bear the cost.
- Death due to accidental poisoning.
- Third-party responsibilities, most of which are for dogs. This policy will cover the costs you legally bear if a third party is injure by your dog or if their property is damaged as a result of an accident involving your dog.
Exemptions Under the Pet Insurance Scheme
There are several general exceptions under various insurance schemes; it is as follows:
- Injuries to pets are cause by intentional acts with malicious intent.
- Illness or injury in a pet is cause by the neglect or unskilled handling of the animal.
- Loss or injury of a pet due to war, revolution, foreign hostility, insurrection or military unrest.
- Deaths due to disease such as rabies, rabies, viral enteritis, viral hepatitis, leptospirosis for which the pet not vaccinated before taking out the policy.
- The disease shrinks before taking out a policy.
- Some companies do not offer insurance for pre -existing conditions such as epilepsy, diabetes, heart disease, urinary tract obstruction, etc.
