Pet treatment getting costly: Here’s why having a pet insurance cover can help
Pet Treatment Costs Rising: How Pet Insurance Can Help
Pet insurance cover is slowly making its way into the limelight in India but is still considered an esoteric segment. The increasing cost of treatment makes many people delay or outrightly deny vet trips for their pets. A pet insurance cover ensures the financial burden doesn’t weigh you down during emergencies. Most policies cover common ailments and treatments; however, cashless options have yet to be introduced.
Why Pet Insurance Matters
Pets are considered family. When they fall sick, the financial stress can hit owners hard. A study by Universal Sompo General Insurance shows many pet owners avoid vet visits due to high costs. Instead, some rely on natural remedies or skip treatment altogether.
Meenakshi Goel from Gurgaon is one such case. After receiving a hefty ₹7,000 bill for one Indie dog, she insured her other two dogs. Though she hasn’t filed a claim yet, she feels secure knowing her financial interests are protected.
Common Myths and Misunderstandings
It surprises one how many pet owners are still unaware of pet insurance. Around 10% of those interviewed have sought the service. The majority of them drop out on the basis of some misconceptions. Take Dr. A. Thirumaal from Chennai, for instance: He never insured his cats because he felt they wouldn’t cover any injuries his cats might sustain when outdoors. In fact, they do cover accidental injuries in most cases.
How to Choose the Right Plan
While they do have certain things in common, most insurers specify dental treatment and age restrictions in the exclusions of the policy. In general, pets are insured from about three months of age to around seven years, when mostly they are then renewed till the pet is turned 12 years.
There simply is no one-size-fits-all policy for pet insurance. You may want to specifically cover OPD visits, hospitalization, terminal illness, or third-party liability. Always ask what suits your pet best depending on breed, age, and its particular health issue.
Cashless claims are not provided by any insurer in India at present. They instead ask the owner to make the payment upfront and reimburse the claim within 1 to 3 months. The premium, in any case, goes anywhere between ₹5,000 and ₹10,000.
What If Insurance Isn’t an Option?
In the current set of policies, only dogs and cats are covered by insurance; exotic pets like rabbits or birds are denied any coverage. Consider setting up some sort of emergency fund for your pet if you have one of these very special pets or you feel that insurance is just not your thing.
