Pet insurance is the insurance that covers veterinary and health-related costs attributed to pets.
It provides the pet owner with protection against increased costs of veterinary care such that pets get the necessary medical attention without financial pressure.
Like human health insurance, pet insurance covers a variety of treatments, and the buyer only has to pay for the premium after real coverage takes place.
These plans cover costs related to veterinary care, including routine expenses such as vaccinations and grooming and, most importantly, emergency treatments and surgeries.
As veterinary services remain costly, be it a surgery or some emergency treatment running into over Rs. 50,000 annually, it brings relief knowing you have an insurance policy for your pet.
The insurance pays either partly or fully, depending upon the policy and provider.
There are three kinds of pet insurance plans common in the market and are available for pet owners:
Accident-Only Policy: This covers costs to an owner whose pet has met with an accident such as falls, fractures, or foreign body swallowing.
Accident and Illness Plan: The general plan covers accidents and illness, including infections, cancer, arthritis, diabetes, among others. It will give better coverage but at a high price in the premium.
Routine Wellness or Preventive Care Add-on: This is an optional add-on that reimburses all costs of regular wellness check-ups, vaccinations, flea treatments, and preventive care.
All vary in terms of deductible, premium, and coverage limits; different insurances have to be compared to get the correct policy that fits both the needs of the pet and the budget of the owner
Just like human medical insurance, the price of pet insurance varies according to several factors. Some of the factors include pet owners paying a monthly or yearly premium to cover routine spending and unexpected emergencies.
The premiums are influenced by elements such as:
Species: Dogs are considered to be more expensive to cover compared to cats since they are larger and probably have more claims compared to cats.
Breed: Some breeds have a higher incidence of specific diseases or injuries, which makes them more expensive to cover.
Gender: Insurance claims for males are higher than females. Therefore, the female end is considered more wise and receives lower premiums as compared to males.
Age: Older Pet insurance premium is more expensive due to age related health issues
Location: Premiums are often high for city-centre locations and town centres. Smaller cities tend to be less expensive.
Pet insurance normally covers, out of a wide list of benefits such as Surgical cost, costs for death by accident or diseases, hospitalization, OPD cover and compensation for lost or stolen dogs.
But, there are also some exceptions like surgeries for insignificant reasons not connected with an illness or accident, surgeries for known pregnancy or grooming reasons are not, and dental surgeries not caused by an accident or injury are also excluded from their coverage.
There is also a wide variation in the benefits based on the insurer and premium, thus the need to review the specifics of the policy in order to gain an all-rounded understanding.
Even healthy pets come with costs to which new owners must habitual themselves.
For instance, the Fosters knew they would incur several first-year costs when they brought home an adult rescue dog named Rufus.
These included regular medical treatments including vaccination and wellness visits, preventative medications for heartworm and flea and tick control, and spaying and neutering.
Altogether they estimated their first year running $710. Any other health issues, such as ER visits or medication, would further increase the cost.
When put in such a situation, where you know that the average insurance premium cost for pets in 2021 was $584, Fosters had no doubt about signing up for Rufus’ insurance.
Why invest in pet insurance? Owners generally cost anywhere from Rs. 70,000 to 80,000 a year to spend on veterinary care and treatments, as well as grooming. Pet insurance is a well-practiced policy abroad but is gaining momentum day by day in India.
It offers several benefits, including quality medical treatment to your pets, protection against accidents, and even while traveling abroad. Some policies even have extra features such as reimbursement for any third-party damages or theft of your pet .
The ability to buy pet insurance largely depends on how economical you are and what requirements your pet has.
For example, an $3,000 hospitalization bill could be greatly reduced by paying a $360 yearly premium. Breeds known to be disease-prone, such as hip dysplasia, will take you to the vet often, so insurance is even more useful in such cases.
It’s wise to consult your veterinarian about probable costs for your pet and weigh this against the benefits offered by pet insurance companies and the rate of reimbursement to make an intelligent decision over whether it really pays to invest for your pet.