{"id":1353,"date":"2018-12-07T17:41:08","date_gmt":"2018-12-07T09:41:08","guid":{"rendered":"https:\/\/www.pacificprime.sg\/blog\/?p=1353"},"modified":"2019-05-29T11:50:29","modified_gmt":"2019-05-29T03:50:29","slug":"useful-tips-on-pet-insurance-in-singapore","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/useful-tips-on-pet-insurance-in-singapore\/","title":{"rendered":"Useful tips on pet insurance in Singapore"},"content":{"rendered":"

Our society is getting more affluent, yet more stressed out, which may explain why pet ownership is on the rise in the city-state. Those who have pets will understand how therapeutic it is to be greeted by your four-legged friends at the door after a hard day\u2019s work. Of course, it\u2019s not only about fun and joy. From the moment you decide to keep a pet, \u201cpawrents\u201d should be committed and devoted to providing for all of their pets requirements, including food, exercise, housing, grooming, toys, vaccinations, and veterinary care.<\/span><\/p>\n

However, as careful as you may be, sometimes accidents just happen. It could be a traffic accident, an allergic reaction, or even the theft of your pet! Should your loyal companion require medical treatment and surgery, unexpected veterinary bills can easily add up to thousands of dollars. Fortunately, pet insurance can help safeguard you against such financial burdens by protecting your pet against a myriad of risks. This week, Pacific Prime Singapore answers the most commonly asked questions when it comes to pet insurance.<\/span><\/p>\n

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\"Individual<\/a><\/p><\/div>\n\n

What\u2019s inside a pet insurance plan?<\/span><\/h2>\n

First of all, pet insurance in Singapore is not limited to cats and dogs only. Some insurers offer coverage for other animals, such as horses or rabbits. However, for the purposes of this article, we will focus on pet insurance for cats and dogs. <\/span><\/p>\n

Pet insurance premiums typically range from S$350 to S$1,000 per year, and naturally more expensive plans come with wider coverages, fewer deductibles, and higher benefit limits. Below are some benefits commonly seen in pet insurance plans. <\/span><\/p>\n

Medical and surgical expenses<\/span><\/h3>\n

This type of benefit covers veterinary fees, medication, and clinical and surgical expenses in case an insured animal falls sick or gets injured in an accident. Plans with this benefit \u00a0usually reimburse up to 70%-80% of medical and surgical expenses, and can be used at any licensed veterinarian\u2019s office in Singapore. Depending on the plan you are securing, the annual benefit limit ranges from S$3,000 to S$12,500. <\/span><\/p>\n

Third party liability<\/span><\/h3>\n

Even the most well-behaved dogs can react badly in certain situations. If your dog attacks someone or causes property damage, this type of benefit can provide compensation for the legal liabilities; usually between S$500,000 and S$1,000,000.<\/span><\/p>\n

Funeral services<\/span><\/h3>\n

While some plans limit this coverage to accidental deaths only, other plans reimburse cost and expenses incurred for euthanasia, cremation, funeral service, and handling charges following death, regardless of the cause.<\/span><\/p>\n

Loss of dog due to theft<\/span><\/h3>\n

Sorry to Singaporean cats and their owners, but this type of benefit usually only covers dogs when they are stolen from home.<\/span><\/p>\n

What should you take note of when securing pet insurance?<\/span><\/h2>\n

As with other types of insurance, there are a number of things that you should pay attention to when selecting the right pet insurance policy, some of which are features unique to pet insurance.<\/span><\/p>\n

Lifetime coverage<\/span><\/h3>\n

Most plans DO NOT provide guaranteed lifetime coverage. Instead, the policy may be renewed until the insured pet reaches 13 years of age. <\/span><\/p>\n

Age limits<\/span><\/h3>\n

There are other age limits, too. Insurers may refuse to insure dogs under or over a certain age. Depending on an insurer\u2019s specific terms and conditions, the lower limit ranges from 8 weeks to 3 years old while the upper limit ranges from 8 to 9 years old when insuring for the first time.<\/span><\/p>\n

Specified hereditary and congenital conditions<\/span><\/h3>\n

Some plans do cover certain hereditary and congenital conditions, such as hip and elbow dysplasia, luxating patella, glaucoma, femoral head and neck excision, intervertebral disk disease (IVDD), and cherry eye. However, insured animals are subject to a 12-month waiting period, which means that the policyholder has to wait for 12 months from the policy start date before they can make a claim upon it.<\/span><\/p>\n

Prior exam needed<\/span><\/h3>\n

Medical examinations are required in certain insurance plans in order to assess the health condition of a pet.<\/span><\/p>\n

Deductibles and co-payments<\/span><\/h3>\n

Deductibles are a fixed amount that must be paid out of pocket before submitting claims on a pet insurance policy. Co-payments, a.k.a. coinsurance, are your share of the claim amount that a plan requires a policyholder to pay for pet medical care. These payment mechanisms have been introduced by insurers to mitigate their financial burdens, and discourage abuse or oversuse of insurance. Policies with cheaper premiums generally tend to come with higher deductibles and coinsurance. <\/span><\/p>\n

No Claims Discount (NCD)<\/span><\/h3>\n

A no claims discount is a percentage discount on the insurance premium for every year policyholders have not made a claim on their pet insurance plan.<\/span><\/p>\n

Major exclusions and provisions<\/span><\/h3>\n

You should always take note of your insurance\u2019s major exclusions and requirements, including:<\/span><\/p>\n