Pet Insurance Plans Singapore | Insurance Guides for Pet Owners in Singapore

Insurance

There are four alternative ways to keep your pet’s medical expenditures from burning a hole in your wallet. Our beloved cats and dogs are valuable members of the family who we love unconditionally, so it’s no wonder that we wish to protect them from the agony and suffering that comes with old age, disease, and accidents. In this blog, we tell you about pet insurance plans in Singapore. 

It’s a shame, though, that dog and cat owners in Singapore aren’t exactly spoiled for choice when it comes to pet insurance. Here are the four finest pet insurance plans to consider to cover your beloved pet, with fingers crossed that additional policy will become available sooner rather than later.

Deductibles and Co-Insurance

As you go through the material, you’ll discover that some plans have co-insurance and deductibles. Here’s a quick rundown. Co-insurance is the portion of a claim that you must pay. For example, suppose you submit a claim for a veterinary surgery session that costs S$5,000 in total. Your pet insurance policy includes a 20% co-insurance for vet surgeries. This implies you will only be reimbursed for 80% of the bill, or S$4,000. You will be responsible for the remaining S$1,000 (or 20%).

Your insurer charges a S$500 deductible on all third-party liability claims, such as the one your neighbour has filed against you. As a result, instead of the entire S$2,000, your insurer will only pay S$1,500 on your claim.

Co-insurance and deductibles, on the other hand, assist insurers in lowering rates by ensuring that only policyholders who need to make a claim pay their portion. Otherwise, the expenses will be passed on to everyone in the pool, resulting in increased rates for all policyholders. It’s critical to understand deductibles and co-insurance since they determine how much money you’ll have to pay out of pocket. This, in turn, influences the value you receive from your pet insurance policy.

Pet Insurance Plans in Singapore

Accidental Dog Insurance at a Low Cost

If your dog has a habit of chasing cars or running away from you when you’re outside, purchasing an insurance policy that covers accidental injuries and death may be a wise decision. (Of course, this is in addition to good training and handling to control the behaviour.) The AIA Paw Safe plan provides coverage for incidents involving your pet dog (whether deadly or not), paying out benefits that can be used to help offset essential vet surgical bills. This plan also provides coverage in the event that your pet dog is stolen. Third-party responsibility claims will also be covered.
It is important to note that there is no coverage for treatments resulting from non-accidents such as sickness, therefore this is solely an accident plan for your dog.

Also, keep in mind that some claims have deductibles (some of which are extremely substantial), so the onus is still on you to properly monitor and manage your dog. Regrettably, this coverage is limited to two dogs per family, with one policy for each furkid. So, if you are the fortunate owner of three or more pets, you should search elsewhere. Furthermore, this policy excludes some dog breeds, such as mastiffs, bull terriers, pit bull terriers, American bulldogs, and others. On the plus side, your dog does not have to be a pedigree to be eligible for this policy. Also, the premiums are modest, making AIA Paw Safe an attractive option for dog owners seeking accidental death and injury coverage.

Pet Accident Insurance with Disease Coverage is Available

CIMB’s pet insurance plan provides cost-effective protection against accidental death and injury, which should satisfy pet owners who just want to pay vet bills if their cats or dogs are involved in an accident. If you want further protection, you can extend the coverage to include illness; doing so permits owners to claim for vet bills incurred as a result of sickness and disease treatments, rather than mere accidents.

This feature is unique among the four plans we looked at. The key benefit is that it allows pet owners to address the changing demands of their pets as they mature without having to switch suppliers. One practical application would be to acquire the basic accident cover while your pet is young and only add the optional illness cover when your pet is older and at a higher risk of contracting specific diseases. Furthermore, if your pet’s microchip has already been submitted, coverage is activated immediately upon policy approval.

Keep in mind, however, that working pets are not covered by this policy. For instance, if your cat or dog is being used for police enforcement, breeding, racing, or other commercial objectives. In addition, if you have a dog, it must be licenced with the AVS.

Cats and Dogs are Covered under an Extended Medical Plan

Happy Tails pet insurance is intended for pet owners who want a more complete care coverage than just an accident cover plan. Aside from pre-existing conditions, you’ll be covered as long as your pet dog or cat requires medical attention due to an injury or illness. This insurance policy, however, covers six genetic and congenital diseases, including cherry eye and elbow dysplasia.

Please keep in mind that the benefits you can claim are subject to an annual cap, which varies depending on the plan you choose. Dog owners will be able to choose between three plans, with each tier costing approximately S$70 more than the last. Depending on your dog’s age and condition, it may be worth paying a little bit more for the higher-tier policies in order to take advantage of the larger coverage amounts.

For cats, there is only one plan available, with an annual cap of S$5,000. This is said to be owing to cats’ wildly diverse sizes and temperaments. Please keep in mind that your pet must be microchipped, fully vaccinated, and not be a working pet in order to qualify for Happy Tails. It must also be clinically checked by a licenced veterinarian within 30 days of the insurance policy’s start date.

Benefits

Pet owners may appreciate Happy Tails’ comprehensive benefits, which include post-treatment and rehabilitation. However, all of this comes at a price; in addition to the somewhat hefty premiums, you’ll have to pay co-insurance and deductibles on any claims. The plan does include a no-claims discount that climbs up to 15%, which should help pet owners save money.

Premium Pet Insurance Plans in Singapore with Extensive Surgery Coverage

If you’re concerned about the financial costs of pet surgery (which can run into the thousands), consider PetCare by Liberty Insurance. PetCare provides a flat 30% co-insurance for any surgical operation that your dog or cat may require. This tool allows you to regulate how much you spend on vet expenses while also ensuring that your pet receives the necessary treatments.

This is the most expensive pet insurance plan on the list, but it includes a No Claims Discount. This begins at 5% for a complete year without any claims and is capped at 15% for three consecutive years. Before joining up, carefully consider your options, and keep in mind that theft coverage does not apply to cats.

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