Pet Insurance

What’s fluffy, furry, and loves you unconditionally? Oh come on, it's not your spouse!!!

Kidding 😁

We know, you know we are talking about pets. We also know that you know how important it is to keep your pets safe, and would do everything in your power to keep them healthy and happy. 

But did you know that your neighbor could sue you for liability damages if your labrador bit his wife. Well, technically, he should be thanking you, but let's save the jokes for the weekends.

Given the increase in the population of pet owners it is only natural to be curious about the nature and extent of coverages under a pet insurance policy.

Lets explore.

Just like us, our pets, too, are vulnerable to illnesses, accidents and injuries, and require quality health care and treatment. But medical treatments, even for animals, could get quite expensive. Treatment for a fracture alone could cost you around Rs.10,000, and the rising medical costs can make it progressively challenging to bear such expenses on a regular basis. It therefore becomes important to stay prepared for unfortunate events. A pet insurance policy is a great way to do that.

The pet insurance products presently available in the market broadly cover hospitalization, accidental death and injury, OPD, theft and liability. The premium is quite low and depends on the breed and age of the pet. And the best part about these policies is that they’re customisable; you can choose the covers that suit you best.

Apart from the obvious benefit of getting your pet’s medical costs covered, getting a pet insurance plan has other advantages too:

With your pet insured, the only cost that you need to bear is the premium for the policy which is a small amount in comparison with the treatment costs. The medical expenses will be borne by the insurer, and you need not spend your own money on the treatment.

A pet insurance plan gives you the freedom to choose the best healthcare facilities for your pet. There is no need to forgo treatment just because it is expensive. If your pet is adequately insured, your policy will cover the expenses, provided the treatment falls within the terms and conditions of the policy.

In case of a liability arising out of an accident because of your pet, your insurer would reimburse you for the damages. 

In case of theft of the pet and subsequent non-recovery, your insurer would reimburse you for an agreed amount. While the amount is not significant and hardly compares to the emotional loss, it could ease your burden in case you plan on getting a new pet right away.

With the increase in the number of nuclear families and changes in lifestyles, there has been a steady rise in the number of pets over the past few years. Covid accentuated the adoption of pets. India now has a population of 32 million pets, with an annual growth of more than 12 percent. Although the number of pet insurance products in the Indian insurance market is low, more insurers will soon enter the segment due to the rising demand for such products, and there will be more policies to choose from in the near future.

In a very short period, a pet becomes a beloved member of the family. I speak out of personal experience, but I am sure you can relate. The kind of love I see in Bruno’s eyes, reminds me of my early marriage days. God, those were the days. Ironically, Bruno has been with me for more number of years than the wife, but he still seems to be in love with me 😁 

On a serious note though, I feel morally responsible for his well being, as I am sure you do as well. Not for my Bruno, but for yours, ofcourse!!!