There is no denying India’s passion for furry friends. We are the sixth-largest pet dog-owning nation in the world, with over 10 million canines. The Journal of Animal Health and Production has reported that despite the increase in pet ownership, most pet parents are still ignorant of the many zoonotic infections that could harm their pets. Beyond health hazards, proactive pet care is hampered by two main issues: restricted insurance alternatives, as stated by 36.25 per cent of pet parents, and excessive veterinarian costs, as reported by 43.33 per cent of pet owners. The demand for financial stability in pet care has never been higher due to escalating medical costs.
Pet insurance covers the costs of accidents, diseases, surgeries, and, in some situations, regular care, diagnostic tests, hospital stays, and prescription drugs. Third-party liability coverage for damage by your pet may also be included in some policies. As a result, each provider may have different details, and you may need to review a number of them.
Some insurance schemes exclude older pets or certain breeds due to higher health risks and costs. Restrictions may also apply to pets with pre-existing ailments or puppies less than a certain age. These exclusions aid in risk management for insurers, but they also emphasise how crucial early pet insurance is for complete coverage. Because of the higher chance of claims, high-risk breeds with genetic or health problems usually have higher premiums. Because they are often healthier, low-risk breeds may have lower rates. In order to maintain sustainable coverage and fair price, insurers evaluate these risks.
Pet insurance is usually advantageous though. It provides financial stability in the event of unforeseen medical crises, guaranteeing that pets receive prompt, high-quality care without experiencing financial hardship. Additionally, it promotes preventive care and regular care, which enhances your pet's general health. In the long run, this makes the pet healthier, lowers stress levels, and helps pet owners budget for unanticipated costs.
Pet insurance is a prudent investment that offers piece of mind and guarantees that your pet's health is given priority, just like any other future financial preparation. It promotes preventive care and protects you and your pet from unforeseen medical expenses. It's a proactive approach for pet owners to ensure their companion's health and wellbeing without sacrificing high-quality care.
What Is Covered Under Pet Insurance
The average cost of a pet surgery or hospital stay in India is between ₹3,000 and ₹50,000. Depending on the insurer and the policy selected, a pet insurance plan can assist in paying for such medical costs.
• Typical coverage for basic pet insurance includes veterinary consultations, prescription drugs, diagnostic tests, procedures, and boarding at accredited hospitals, which are all included in the price of hospitalisation.
• Specialised therapy includes modern procedures such as stem cell therapies and chemotherapy.
• Coverage for critical illnesses includes severe ailments such as organ-specific disorders or tumours.
• For minor treatments that don't necessitate hospitalisation, OPD cover is provided.
• As part of mortality benefit, a one-time payment is made in the event of a disease or accident-related death.
• Third-party liability provides coverage for legal obligations in the event that your pet injures someone or damages property.
• There is compensation for advertising expenses in the event that your pet disappears, with certain exclusions.
• Unless medically required, the majority of conventional policies do not cover basic vaccines, microchipping, or castration.
• Conditions like tick-borne illnesses and dental procedures not related to accidents might also not be covered by standard insurance unless they are added through optional riders.
• Coverage also includes protection for medically required equipment, external aids or prosthesis.
When opting for a pet insurance, ensure to check the specifics with your insurer. One company’s coverage can differ greatly from the other.
Even though pet insurance is still relatively new in India, it is growing in popularity as more comprehensive policies become available and awareness of the issue rises. Pet insurance is a financial safety net that can make all the difference.