Is pet insurance essential? Yes, you heard it right. It might sound weird, but there is insurance for your pets, which is necessary for your pet. People from India are relatively more social and emotional than people from any other place in the world. They are so emotionally invested in everything that they consider their pets part of their family.
Insurance becomes essential for pets as they are living beings, and many expenses are related to them. Pets also have many medical bills and are prone to accidents and theft. People do spend a lot on buying their pets. Many typical dog breeds are relatively expensive. So, any harm to them becomes a significant financial loss.
The pet market in India is currently valued at around $434 million. It is boosting rapidly, with an estimated CAGR of 15% for 2021-2026. Pets are usually the responsibility of their owners. It becomes the owner's liability if their pet causes any harm or damage to anyone's property.
These events are not very likely, and no one can plan for them in their budget. Therefore if you are a pet owner who wants to live a life free from these kinds of stresses, you must have pet insurance covering these types of expenses for your pet. Let us understand how you get insurance for your pets.
What is Pet Insurance?
The first question that arises in our mind when hearing about pet insurance is whether pet insurance is somehow different from the standard insurance we humans have. Pet insurance is a special kind of insurance, especially for safeguarding our pets.
People already have many daily life expenses of their own. Pet insurance is there so that the health and well-being of their pet does not become a financial burden on their tight monthly budget. Pet Insurance shares this financial burden by providing insurance coverage for different pet-related expenses.
Why Would You Need Insurance for Your Pet?
There are already a lot of expenses a person has to manage daily. It is uncommon to see anyone spending a notable chunk of his income on his pet. Imagine if, somehow, a pet owner becomes obliged to pay a significant portion of his earnings on an expense related to his pet. It will become challenging for the pet owner to manage such costs. Pet insurance becomes essential for every pet owner to avoid such situations.
- Ensuring the best health for your pet
You can ensure that your pets have top-quality medical services by the pet insurance coverage amount. You would not have to worry about the medical bills while taking your pet to the veterinary doctor.
- Saving other expenses at an affordable cost
Pet insurance secures you against any unexpected expenses like medical care, accidents, etc. A premium amount would be a cheaper cost to pay rather than paying a more significant amount.
- Additional Benefits
Many other benefits come with pet insurance, like third-party damages or getting paid if the pet gets stolen.
Eligibility for Pet Insurance
For different animals, the age limit is different for pet insurance. However, most insurance companies provide insurance for pets between the ages of 2 months and ten years. Dogs of various breeds can be insured by pet insurance. The age, breed, and size of the dog are some factors that depend on which premium price might vary.
What are the Different Types of Pet Insurance?
A few different types of pet insurance are available for your pets. Pets do have a variety of expenses related to them. Considering your constraints and needs, you can choose the insurance policy for your pet. People can have any animal as their pet, so the associated risks are also different depending on the animal. Here are different types of insurance for your pet.
Accident & Illness Insurance
Accident and Illness coverage Insurance is the most common insurance that is commonly bought by the pet owner for their beloved pets. It has an extended range of coverage, and it provides insurance coverage for any kind of medical service for your pet in case of any accident or health problem.
Usually, any pre-existing medical conditions are excluded from the policies. But there are options available if the pet has been cured and has shown no symptoms for a certain period, then it might be eligible(depending on the policies).
Accident-Only Pet Insurance
It is comparatively more affordable than the previous option. It provides insurance coverage only for medical bills in case of accidents. Even if your pet is not healthy, you might not be charged much in premiums. The pet insurance policy would cover all the expenses due to accidents, like getting bitten, eating poisonous, breaking bones, etc. But, no illness, whether major or minor, would be covered in the policy.
Wellness Plans
Wellness plans become essential as they cover costs like doctor visits, vaccinations, dental cleaning, etc. These are some minor expenses that your insurance policy can manage.
Third-party liability Insurance Policy
People having dogs should have third-party liability insurance. Dogs look very cute but they can put their owner in problems by biting other people. You, as an owner, would not want an unexpected medication expense for someone your dog bit. Third-party liability insurance will take care of all the harm or damage that your pet causes to anyone.
What are the Documents to be submitted while buying Insurance for Your Pets?
The various documents required to get insurance for your pet are as follows:
- First of all, you will have to fill out a form in which you will have to fill in information about you and your pet.
- To help the insurance company identify your pet, you will have to provide them with photos of the pet from different angles. If your pet has the RFID chip, having a color photo of your pet with the identification number would also work.
- You must prove that your pet has all the vaccinations on time.
- If your pet is more than the age of four years, then you might require to have some diagnostic test results.
- In the case of dogs, If you need a policy that provides higher coverage, you might be required to have the purchase proof of that breed.
What are Some Exclusions of Pet Insurance?
There are many terms and conditions about which the pet owner might not be aware while buying the policy. It is important to go through the policy thoroughly and make sure about the things listed in the policy. The policy might exclude a few things that may create problems during claims. Here is a list of some things that are usually excluded from the pet insurance policies.
- The policy might not provide coverage for any medical expense of surgery that is not caused by any illness or accident.
- The policies do not cover surgeries to cure deformities or congenital defects.
- The policies do not cover surgeries due to the pet's pregnancy.
- The policies do not provide coverage for any surgery done for grooming purposes.
Pet insurance is popular in foreign countries but has not become popular in India. As pet owners, we must care for our pets and get the best dog insurance in India. Spending money on pets is never the priority of an individual. So, It becomes essential to buy pet insurance so that we do not neglect our pets because of financial constraints when they need your help the most.
A few of the best insurance companies in India that provide pet insurance are The New India Assurance Company Limited, Go Digit General Insurance Limited, Bajaj Allianz General Insurance Company Limited, etc. They are all insurance companies and provide the best dog insurance in India.
