Choosing a Pet Insurance

While not many options of pet insurance are available at this point but one must be cautious while choosing an insurance product that it should be able to help find the right treatment, doctor/institution, cover the routine, and other major healthcare expenses for your pet. Below mentioned are the key pointers to be considered while selecting any policy option:

  1. Standard versus Custom Plans: Most policy companies have options to provide customized plans for your pet depending on the breed, size, age, etc. as well as coverage required for your pet. Do consider evaluating all options rather than buying any standard plan
  1. IRDA approval: Check whether the company is registered with IRDA (Insurance Agents Examination Portal). IRDA protects the interest of and ensures just treatment of policyholders
  1. Sum Insured and the Premium: Generally, the sum assured for pet insurance products like dog insurance, ranges from Rs. 15,000 to Rs. 30,000 and the premium ranges from 3% – 5% of the sum assured. This depends on the breed and other related factors. Compare the range for available products before selecting any product
  1. Add-On Cover/ Third Party Liability  – Insurance providers like Future Generali offer add-on covers for the base policy, such as for the loss of show entry fee. This cover is offered for the forfeit of the entry fee for dog shows when the pet cannot make it to the show due to an injury or illness. Some pet insurance policies offer third party liability cover, if your pet bites/ attacks a third party or causes damage to third party property. Do check for the available add ons and third party liabilities, which are most suitable for your needs before buying any insurance
  1. Types of Cover – Select the appropriate cover- lifetime cover, time-limited cover or money-limit cover  and also, what is covered under each based on your need before finalizing any insurance product