Pets bring in companionship and happiness in countless homes. However, when they meet with an accident or fall severely ill, veterinary expenses can become heavy. In such situations, pet policies become essential. There are many types of pet insurance policies to fit different budgets and needs. This blog discusses these types, how much they might cost and how to pick one.
Different types of pet insurance policy
Here are the different pet insurance plans available:
- Comprehensive (illness and accident)
This policy is the best type of pet insurance and covers various pet-related illnesses and accidents. It also provides wider protection against veterinary costs for injuries, diseases and even surgeries. However, it might not cover hereditary or pre-existing conditions.
- Accident only
This plan is known for being budget-friendly and simple. The policy covers treatments for accidents, such as injuries or fractures, but it doesn’t cover any health conditions.
- Preventive/wellness care (rider)
This policy is usually sold in the form of an add-on to the other policies. It covers dental care, routine health check-ups and also vaccinations.
Many insurance companies also provide other different types of pet insurance plans, which are tailored to certain pets, such as exotic pets, cats or dogs. Such policies may cover theft or third-party liability.
How much does pet insurance cost?
Wondering, ‘What type of pet insurance should I get?’ You first need to check how much these policies cost. For instance, the annual range may be between ₹1,000 and ₹20,000, depending on the type of policy. Furthermore, policies for dogs may cost between ₹6,000 and ₹20,000 per year.
Certain aspects, such as add-ons, deductibles and co-payments, can also impact the final cost.
How to choose the pet insurance policy?
You will come across many types of pet insurance plans, but it’s essential to pick the correct one for your pet. Here are some helpful ways to find the right policy:
- Match the coverage to needs: Pick the comprehensive policy for broader protection. Policies, such as accident-only, may not be sufficient.
- See what’s excluded: In many pet policies, the pre-existing health issues are not covered and the wellness add-on might also not include everything.
- Breed and age limits: Most pet insurance different types accept only those pets that are between 8 weeks and 10 years.
- Compare the premiums: Check out various policies from different insurance providers. Pick the one that matches your budget and your pet’s needs.
- Inspect claim handling: It’s crucial to pick a pet policy that offers smooth claim processing and excellent consumer support. Go for providers known for prompt settlements.
When should I get pet insurance?
Apart from knowing which type of pet insurance is best, you also need to know when to get one. It’s better to opt for a pet policy as early as possible, especially when your pet is just several months old. It’s because younger pets do not usually have any pre-existing issues. In some plans, waiting periods may apply; starting early ensures complete protection from the outset.
Do pet insurance premiums go up with age?
In most cases, the insurance premiums do increase. It’s because, as pets age, the chances of illness rise and the vet costs go up. Due to such reasons, insurance firms often increase the premiums.
Conclusion
Pet policies lower the monetary burden of vet care. Understanding the type of pet insurance policies can help you pick the one that fits your budget and meets your pet’s needs. Costs for different plans might differ. Compare policies and see what is excluded and included.
In general, premiums can increase with age, so planning early is crucial. Apart from knowing what is the best type of pet insurance for your pet, you should look for a policy that will give you peace of mind and safeguard your pet’s health.
FAQs
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Will the pet insurance become costly as my pet ages?
As pets start to grow older, health-related risks also increase, which makes the insurance providers increase the premiums. However, some pet insurance policies may maintain consistent premiums regardless of age.
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Can wellness care be added to a pet insurance policy?
Many insurance firms provide preventive or wellness coverage in the form of optional riders alongside the main plan.
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What is meant by a comprehensive pet policy?
This policy covers both illnesses and accidents, offering broader protection compared to an accident-only policy.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is advised to verify the currency and relevance of the data and information before taking any major steps. Please read the sales brochure / policy wordings carefully for detailed information about on risk factors, terms, conditions and exclusions. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.