My grandfather, a veterinary doctor, instilled a deep love for animals within our family. Growing up, my mother and her siblings were surrounded by pets - around 7-8 furry companions. However, when she married, my mother realised the challenge of caring for a dog alone, and reluctantly let go of the idea of having a pet.
Over time, she witnessed the rising costs associated with pet ownership, making it seem increasingly daunting. But recently, we found out about pet insurance, which made things easier on the wallet.
India is currently undergoing a remarkable surge in the pet care sector. With over 32 million pets in the country, experts predict a continuous growth rate of 19 per cent annually until 2032. This trend indicates a significant change in societal values, as pets are now regarded as beloved members of the family.
Pets are getting pricier these days with all the new pet shops popping up. But pet insurance helps. It's like health insurance, but for pets. It means we can take care of our pets without worrying too much about the associated costs.
Dhwani, a devoted pet parent to Lucy, an eight-month-old labrador, recently made the decision to invest in pet insurance. Lucy, who was adopted, faced numerous health challenges in the initial three months after adoption. Dhwani recalls, ’We were constantly shuttling her to the vet and investing considerable time and money into her care. As first-time pet owners, we hadn't anticipated these costs. However, during our research on various options, we stumbled upon pet insurance. After thorough consideration, we chose a plan that best suited both us and Lucy. Since then, it has made a significant difference towards managing her health needs.’
Several companies such offer pet insurance plans. These options encompass lifetime coverage, time-limited coverage, or money-limited coverage.
How To Select Pet Insurance
When selecting the right pet insurance plan, it's crucial to consider several factors. Firstly, assess the coverage options available, ranging from accident-only to illness coverage, wellness care, and preventative care, ensuring it aligns with your pet's health needs and your preferences.
Emphasise the importance of scrutinising policy exclusions and limitations, particularly regarding pre-existing conditions or genetic disorders. Additionally, compare deductibles and co-payment percentages to evaluate reduced monthly rates against potential out-of-pocket expenses during claims.
It is also advisable to consider yearly and lifetime limits, ensuring the chosen plan adequately covers your pet's potential medical needs without restrictions. Understanding the waiting period for coverage commencement, especially for emergency medical needs, is also essential.
Furthermore, evaluate policy renewability and age limitations to guarantee continuous protection for your pet as it ages.
Types Of Coverage For Pet Insurance Plans:
• Medical bills: Covers veterinary expenses resulting from accidents and illnesses, including medical procedures, hospital stays, prescription medications, and follow-up treatment.
• Accident insurance: Covers medical expenses resulting from accidents.
• Illness coverage: Provides coverage for various illnesses, including chronic conditions, congenital disorders and infections, including treatments, medications, and diagnostic tests.
• Hospitalisation: Reimburses costs related to pet hospitalisation, such as boarding and nursing care.
• Surgical procedures: Covers both routine and emergency surgical operations.
• Preventive care: Some policies may include vaccines, deworming, and annual examinations.
• Dental care: May cover dental procedures such as cleanings, extractions, and dental surgeries.
• Prescription medications: May cover the cost of prescription medications, especially for ongoing treatments.
• Third-party liability coverage: Some policies provide coverage if your pet injures someone or damages their property.
Claim Filing Process And Timeliness:
To file a successful claim, notify the insurance provider within 24 hours and seek immediate veterinary assistance for your pet. It's recommended not to delay treatment while waiting for claim processing, as pet insurance claims are typically reimbursed directly to the pet owner's bank account. Submit the claim with the required documents, checking the policy's inclusions and exclusions section, to determine covered diseases and scenarios. Visit the Insurance Product Page to verify claim availability.
Moreover, some insurance providers offer reminders for annual veterinary checkups and vaccinations, covering out-patient expenses. Pet insurance is available for animals aged between two months to 10 years old.