What do you mean by a Pet Insurance?

A pet insurance is basically like having a health insurance for the furry members of your family (i.e. your pets 😸). Maintaining your pet’s health can get pretty expensive these days, so a pet insurance helps to cover for your cat, dog or any other pet for veterinary expenses when they are sick or are facing any kind of medical issues - both minor and major ones.

To understand this better, let’s take a look at the average cost of parenting a pet in India:

• When you first get your beloved pet, the starting healthcare expenses can cost between Rs 28,000 to Rs 54,000 for things like vaccines, accessories, checkups, etc.   

• Even routine expenses like deworming, tick treatment, and repeat vaccinations can cost somewhere between Rs 5,000 to Rs 10,000 per year! 

• If you need to go for a one-time vet visit for any other reason, it can cost between Rs 1,000 to Rs 3,000 depending on the breed of your pet.  

• So, in total, all things your pet needs (pet food, grooming, healthcare, toys and treats) can cost between Rs 65,000 to Rs 90,000 annually!  

So, if on top of all of this, you have to pay for any unexpected expenses out of pocket, it can add up to a lot, especially as your pet gets older. For example, 

• Treatment for major illness such as cancer or heart disease can cost anywhere from Rs. 50,000 to Rs. 2 lakhs depending on the breed of your pet. 

• Surgery expenses for fractures due to accidents and other reasons can also cost up to Rs 2.50 lakhs. 

Getting a pet insurance can help you in such situations, especially if you’re concerned about large and unexpected healthcare expenses. 

Just like your own health insurance plan is affected by things like age and your location, your pet insurance premium is also affected by many different factors such as: 

• The type of pet you have – because dogs, cats and all other animals have different needs 

• What breed your pet is – every breed is different, and while they’re both super cute, a pug and a Labrador may require different types of care

• The age of your pet – usually older pets will require more coverage 

• Your location – in general metropolitan cites have more risks and higher expenses 

• What type of plan you opt for – your premium will also vary based on the kind of plan you pick

• You pay a premium each year to your insurer. Since insurance works on the notion of risk sharing, this premium (along with so many other pet parent’s premiums through time) helps your insurer cover for you during your pet’s claims. This annual premium can range between Rs. 1,000 – Rs.7,000 depending on your pet, your insurer and the plan you’ve picked 😊  

• You will be asked to choose a sum insured for your pet (which is the maximum amount that the insurance company can pay you in case of claims, for the particular year). Your pet’s sum insured and its pet insurance premium are directly related. This means that, the higher your pet’s sum insured, the higher the pet insurance premium will be. That’s why, it’s important to make sure you customize your sum insured based on what will suit your pet the best. For eg: Older pets may need higher coverage, likewise is the case with specific breeds and type of pets. 

• Every pet insurance will come with some basic benefits and some, which can be opted for. For example: Perhaps coverage for when you are travelling with a pet is not covered in the basic plan but, you can still opt for it as an add-on and a small increase in your premium.  
   
  If you’re confused about what certain terms mean in insurance, you can check out our super simple insurance dictionary here.
  

Pet insurance may be relatively new to India, but there are still a few options to compare your options and see what works for you best. Here are some things to look out for to pick the best pet insurance for you:

• Evaluate Coverage Details: When you’re picking a pet insurance, compare both the premiums and the different coverage specifics so that you evaluate all covers available which will help you select the best pet insurance policy for you and your pet. Choosing just basis the cheaper premium is never wise, always check it along with the coverage benefits! 😊
  
• Check the Processes: Often, the process of buying and especially claiming insurance can be quite long and cumbersome, so check if the company offers simple, online processes, and how good they are with claims.
  
• Service Benefits: Insurers will also provide you with many special service benefits, like 24x7 support and online vet consultations, among other service benefits -  so also evaluate these benefits, before making your choice.
  
• Bonuses and other benefits: Every insurer also gives its customers benefits for claim-free years or renewals. You can check for these too and see which seems most useful for you and your pet 😊 A common benefit includes a discount or bonus for claim-free years.  

We hope this pet parent guide on how a pet insurance works has been helpful for you and your pet 😊

Note: We at Digit are building a pet insurance product for you and your furry babies! To help us customize the same, fill in your details above! 😊