Pet Insurance – All you need to know
Having a pet in your life is – like having your best friend move in! Our four-legged companions weave threads of joy, loyalty and unwavering companionship and bring boundless love into our homes.
Having pets is known to be incredible for stress relief and general mental health.
But like us humans, pets are also prone to health issues, and as such with the joy they bring comes the responsibility of ours to safeguard their health and well-being.
This is where pet insurance comes in. But where do you start?
The needs of your pet, of course
Every pet is different, hence it’s important to first understand your pet’s unique needs. You can start with your pet’s: Age, Breed, Weight, Health history and Vaccinations. This is all you need to get a quote!
How much and what coverage does your pet need?
It goes without saying that the unique needs of each pet would demand unique coverage. How much coverage your pet needs depends mainly on their health history. A good starting point would be how much you currently spend out of pocket on health-related expenses of your pet.
Most pet insurance plans cover accident and illness (surgeries, hospitalization, OPD cover) and third-party liability but there are some which also offer more comprehensive coverage that includes preventive care, death benefit, terminal illness, theft cover, vaccinations, yearly check-ups etc.
Do you need a deductible?
Having a deductible in your pet insurance cover is not only a good way to keep your premium within budget, but also to avoid claiming minor expenses from your insurance company. A deductible is the amount of the claim you bear before the insurance policy kicks in. Make sure you choose an appropriate deductible and are also aware of reimbursement percentages.
About pre-existing health conditions…
Pre-existing conditions is a phrase that is often the root cause of claim rejections, even in human health insurance policies.
Pet insurance generally does not cover any pre-existing health conditions of your pet, and if they do there is generally a waiting period. This is a very good reason why you should insure your pet while they are still young and healthy.
Exclusions
Exclusions in your pet’s insurance policy refer to specific situations, conditions, or events that are not covered by the insurance policy. It’s important that you understand these exclusions to avoid misunderstandings and ensure they have a clear picture of the limitations of your pet’s insurance coverage.
Some examples of exclusions are:
- In case of third-party liability, claims where no liability is established by a competent Court or Tribunal or Forum constituted under Law.
- Any expenses for surgeries which is not necessitated due to any accident or illness.
How do you claim?
Contact your broker or insurance company and they will guide you through the process!
Some of the main documents you will need at the time of claiming are:
- A completed claim form
- Vaccination certificates
- Vet medical reports and hospital bills
- Copy of the FIR (in case of third-party liability)
- Death certificate (in case of claiming Death benefit)
This is not an exhaustive list! The documents required will depend on what you are claiming for and the insurance company’s own requirements.
When should you buy pet insurance?
As soon as possible! Your pet is healthier when they are still young.
This means you would get the lowest possible insurance premium with the best possible coverage for your pet.
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This blog post is brought to you by the minds at insurancepe!
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