One of the important things that Covid taught us is that our life is very unpredictable. No wonder, the life, and health insurance companies saw a boom in their subscriptions. But have you ever wondered whether it’ll help your pets as well? And the answer is a big YES. Yes, you heard me right.
Why does your pet need insurance?
Just like your health, your cute furry friend’s health is also important. Do you know that one in three pets face health emergencies at certain points in their life? Though it might look as if the initial years are relatively more expensive due to vaccination, training process, etc. what is often not told is how the emergency cost might arise out of nowhere, and more often than not this cost outweighs the cost incurred in the initial years. An average Indiansaves around 1500$-1600$ annually and it’s estimated that a medical emergency might cost around 800$-1500$, which surely is a burn on your pocket.
Let’s have a look at some of the important terms before moving on.
Premium: It’s the money that you pay monthly/quarterly/annually as per the terms and Conditions for the policy.
Deductible: It’s the amount that you need to pay before the insurance company settles your claim. If your deductible is Rs.4000 and the medical expense is Rs. 10000, then you'd have to pay Rs. 4000, while the insurance company will take care of the rest (Rs.6000). A higher deductible implies a lower premium.
The rationale behind this concept is to prevent people from taking unnecessary expensive treatments just because of the fact that they have a premium in place.
Limit: It’s the maximum amount that an insurance company will pay under a certain claim. It’scalculated using an extensive mathematical process.
Third-party Liability: Some insurance companies cover the liability caused to the third party by various means, for instance, your pet biting them, etc.
TYPES OF COVER:
Generally, there are three types of cover: (i)life-time cover (ii) time-related cover(iii) money-limit cover
(i)Life-Time Cover: It provides lifetime benefits to the pets and owners once any lifelong disease has been contracted.
(ii)Time-limit cover: It provides financial support up to a specified time from the diagnosis of the disease has been contacted/any injury suffered.
(iii)Money-limit cover: It provides financial benefits for the treatment of pets. There’s no limit, as in, the benefit will be provided till the specified money limit is met.
Certain terms and conditions:
However, it’s to be noted that certain conditions need to be met before buying pet insurance:
(i)You must get your pet vaccinated, dewormed, etc.
(ii)Most of the policies don’t provide insurance cover for any pre-existing medical complications.
(iii)You need to show the latest medical report of your pet. However, it needs to be noted that the terms and conditions vary from policy to policy, and hence it's advisable to do thorough research and pick up the best one suitable for your needs before purchasing any.
How to minimize the cost?
You could minimize the premium cost by purchasing the policy at an earlier stage, high deductible, fewer claims, etc. However, the goal shouldn’t be to minimize the premium cost but to get the best suitable policy, and hence you will have to face a trade-off between the two.
Conclusion:
After seeing these shocking statistics, what are you waiting for? Get affordable pet insurance as per your requirement at MrnMrsPet. We strive to promote ethical sourcing and care for pets in India. Our policy is flexible enough to cater to the needs of your little friend.
Contact - info@mrnmrspet.com for more details.