If you have a pet, they’re probably more like furry members of your family, aren't they? And as part of the family, we’re sure you want to give them the very best care, especially when it comes to their health.  

A pet insurance will surely help you do this. And, with so many options out there, and pet insurance still being a new concept in India, you might be confused about what to look for. But let’s look at it this way – when you plan to buy something expensive, like a phone, what do you do? You go online and research to find the model that meets all your specifications, right? 

Well, getting a pet insurance for your furry BFF can be a bit like that. Comparing all the pet insurance policies and different providers out there will help the one best suited for your requirements. 

Even though pet insurance is still quite new in India, you can still find quite a few insurance companies offering policies for you to compare your options and see what works for you.

Just to make things easy for you, here are some factors to look out for while you compare pet insurance plans:

1. Is the Insurer reputable?

First things first, check if the insurance company is registered by the IRDA. You can also check out online reviews about their services and see if it comes with any recommendations.

2. Check the insurer’s claim settlement ratio

A claim settlement ratio is essentially the percentage of insurance claims an insurer has settled, and since claims are one of the most important things when it comes to any insurance, look for a company with a higher claim settlement ratio. 😊

3. What is their claim settlement process?

Claims are one of the main aspects of any insurance, so see if the insurer has an easy online claim settlement process instead of the traditional one that involves tons of paperwork. At Digit, whether you’re going for a pet insurance or a car insurance – all our processes are paperless and can be done within few minutes online 😊  

4. Make sure you get the coverage you want

Compare the different coverage benefits of the different policies so that you get the best coverage possible for your pet. For example, some insurers might offer third party liability (for when your pet harms someone else or their property) while others might not.

5. Do they offer any add-on covers?

A pet insurance will come with some basic benefits, but there may be even more optional covers that you can choose from. Some of these covers may include; overseas travel cover, dental care coverage, cover for loss of pet, wellness related covers and more. 

6. Is there any Waiting Period, and what are their waiting periods like?

Most pet insurance policies won’t start covering your furry babies right away; there will be at least a short, initial waiting period and any illness which may occur during this time may not be covered. So, do check for waiting periods such as the initial waiting period and specific illness waiting periods as well.

7. How much is the Sum Insured?

The sum insured for your pet is the maximum amount that the insurance company will pay you in case of claims, and it can differ from insurer to insurer. But generally, you should remember that the higher your pet’s sum insured, the higher the insurance premium will be too. 

8. What would your Premium be?

Your premium is the amount you pay your insurer for your pet’s coverage. It’s based on a lot of factors, including your pet’s breed and age, the plan you pick and the sum insured you opt for. Be mindful to not only blindly compare premium prices, but also look at the benefits you get for the premium you pay.

9. Is there any Copayment or Deductible?

A copayment or deductible is a percentage of the claim amount that YOU will have to pay at the time of claims. While most insurers come with a small deductible involved in some coverages, some even come with voluntary deductibles and zero deductibles as well. Generally, higher copayments mean lesser premiums and vice versa. Based on your preference, check if your insurer has copayments and whether it’s compulsory or not.

10. Will you get any bonuses or benefits?

Every insurer will offer you different benefits, especially for claim-free years or renewals. This can include discounts or complementary health check-ups for a claim-free year. So, look out for ones that would be the most useful for you and your pet.

11. Are there any other Service Benefits?

See if the insurer also provides you with any other special service benefits, like 24x7 support, a paperless buying process, or cashless facilities among many others.