How Does Pet Insurance Work?

Recently, you can see social media taglines that say "Pet Mom" or "Pet Dad". Yes, that is a new way of being a parent! Having a pet and loving it so dearly is a different kind of companionship! They travel with you through many phases of life, and you wouldn't want it any different way. But how do you protect them? Even we humans are prone to many unfortunate events in life, like a health condition, an accident, or something worse. And, sadly, your pets can be prone to them too. So why not secure them with an insurance policy? Pet insurance, does it really exist?

Yes! When you buy a new smartphone, you take utmost care of it. But just in case, you buy a protective case and screen guard with it, right? It ensures that your phone is protected from unexpected damage. Similarly, your pet brings love and companionship into your life, and pet insurance ensures that pets are protected from unexpected happenings. Let's find out more about it in the article below.
 

What Is Pet Insurance?

Your furry friend, be it a cat, dog, or any other adorable pet, needs constant care and lots of love! Regular vet check-ups, vaccinations, and tick treatment costs can really add up, right? But here’s where pet insurance steps in to save the day. It is a special type of policy designed just for your pet and covers all those hefty veterinary bills. So, you can simply focus on snuggles and playtime while pet insurance takes care of the rest.
 

What Does This Insurance Include?

The benefits your pet gets can vary depending on your insurer and how much you pay for your premium. Here’s what is usually included in the coverage -

• Surgery expenses cover
• Death due to accident or diseases
• Hospitalisation cover
• OPD cover
• Lost or stolen pets

But remember that different insurers offer varied benefits.
 

What Does The Policy Exclude?

There are certain medical expenses that insurers usually will not provide coverage for -

• Any surgeries that aren't required due to illness or accident
• Surgeries to fix deformities or congenital defects
• Surgeries related to pregnancy or whelping
• Any surgery tied to grooming
• Cosmetic or elective surgeries not related to injury
• Dental surgeries not caused by an accident or injury

So, keep these in mind when you are looking at policies so you know exactly what your pet is getting!
 

How Does Pet Insurance Work?

It is pretty simple -

You pay an annual premium, and this covers potential veterinary expenses. So, what happens after you pay the premiums? Your premium, along with those from other pet parents, gets collected as a whole. This is used by the insurer to reimburse your claims.

The premium usually ranges from Rs. 1,000 to Rs. 7,000. This premium depends on -

• The type of pet you own,
• The insurer that provides your coverage, and
• The plan you choose.

You also pick a sum insured, which is the maximum amount you can get reimbursed each year. But remember that the higher the sum insured, the higher the premium.

You get to customize the sum insured based on your pet's needs. Older pets or certain breeds might need more coverage. Some basic benefits come included in your policy, and you can add extra add-ons, like travel coverage, for an additional fee.

So, what next? Let’s find out the ways to select the right plan for your pet.
 

How To Choose The Right Pet Insurance?

Well, picking the best pet insurance in India requires a bit of thought to make sure it fits your pet’s needs and your budget. There are a few key factors to consider -

1. Understand Your Pet's Needs:
   You can start by evaluating your furry friend's age, breed, and health. This is because certain breeds have unique health concerns, while older pets might need more extensive coverage.
   
   For example,
   Ria owns a pet persian cat and her neighbour Dev has a pet love bird. When they heard about the benefits of pet insurance, they decided to get one for each. After googling multiple times, Ria found that cats are more likely to get kidney disease and love birds can easily get respiratory problems. Hence, they decided to buy unique coverages for their companions.
    
2. Set Your Budget:
   Figure out your budget for pet insurance, including premiums and potential out-of-pocket expenses like deductibles and copays. This will help you find a plan that fits your financial comfort zone.
    
3. Find Reliable Pet Insurance Providers:
   Your pet means the world to you, we know! So why not search everywhere possible to find the right insurer? Start your search for trustworthy pet insurance companies in India. Read through reviews, gauge customer feedback, and ensure they have a solid reputation for processing claims promptly.
    
4. Explore Coverage Options:
   Get acquainted with the various types of pet insurance coverage available. This includes choosing from health insurance, accident-only plans, wellness plans, and comprehensive policies. And how does that help? Knowing these varied options will help you pick the best insurance plan for your furry companion.
    
5. Compare Policy Options:
   You now have the entire database of the best pet insurers out there. Use this information to reach out to several insurance providers to get quotes and compare premiums, coverage limits, deductibles, and co-payment choices.
    
6. Dive Into The Details:
   Take a close look at the policy documents, terms, conditions, and exclusions. Make sure you clearly understand what is included and what is excluded in the coverage.
    
7. Note Waiting Periods:
   Be mindful of waiting periods as you review policies. Some plans impose waiting periods for specific conditions, so you might have to wait before your coverage starts.
    
8. Know Claim Procedures:
   Learn the claims process. Get to know how to submit a claim, what documents you might need, and the typical timeframe for processing claims. Understanding these steps will streamline your experience with pet insurance.
    
9. Evaluate Customer Support:
   When Sharath’s pet poodle pup broke its leg, he didn’t know what to do. But he remembered that his poodle was insured. He tried contacting customer support by making a call to the insurer's toll-free number. But he was continuously kept on hold and did not get any kind of proper response!
   
   This shouldn’t happen to your pet. Hence, look into the quality of customer service offered by the insurance company. Find a reliable insurer who is very responsive and offers supportive customer care. This can greatly help you, especially when handling claims.
    
10. Understand Pre-Existing Conditions:
    There are instances where you may find out about pet insurance late, and your pet already has an existing medical condition. This is why you should discuss pre-existing conditions with the insurer. You should proactively do this because certain policies might not cover conditions that existed before the policy began.
     
11. Explore Additional Coverage Options:
    Remember that it is never too late to enhance your pet insurance. With every single day, we know that your love also grows bigger. This is why you can take a look at optional riders offered by insurers. These add-ons can cover things like hereditary conditions or alternative therapies. But first, decide if these additions would actually benefit your pet's coverage.
    
    What else should you do?
     
12. Gather Advice:
    Connecting with fellow pet lovers is the next thing you should do. Reach out to other pet parents, vets, or online pet communities for recommendations. Hearing about their experiences with various insurers can help you make a more informed decision.
    
    For example,
    Prem wanted to buy a good pet insurance policy for his pet blue-eyed husky. He compared different plans and decided to go with Plan A. The next day, he met Rafeeq at a dog show. They discussed their dogs, their diets, and so on a lot. Prem then told Rafeeq that he was about to buy pet insurance through Plan A. However, after confirming with his other friends, Rafeeq suggested Prem to go with Plan B from another insurer, as it offered better coverage under lesser premiums.
    
    Phew! The list is just getting longer, isn’t it? But wait, we are almost there! Here are a few more things to remember -
     
13. Explore Veterinary Clinic Options:
    Just like your pet has a favourite treat, they may also have a favourite vet whom you often take them to. Hence, see if the insurance provider partners with veterinary clinics or allows you to pick your preferred veterinarian. This choice impacts where your pet can receive medical attention.
     
14. Assess Coverage Limits:
    Make sure the policy's annual or lifetime coverage limits meet your needs and align with potential healthcare expenses. When you understand these limits, it can better help you to manage your pet's medical care effectively.
     
15. Factor in Your Pet's Age:
    So, did you add a young pup as your new family member? Or has your dog been in your family for years now? You should consider this when getting insurance, as there may be age restrictions for coverage with different insurers. Thus, ensure that your pet meets the requirements for the policy you are actually after.
     
16. Clarify Renewal Procedures:
    A year with your pet can go in a fraction of a second! And it may already be time for your pet’s insurance renewal. Before it’s too late, get a clear understanding of how policy renewals operate, including any adjustments in premiums as your pet grows older.
     
17. Seek Advice from Your Vet:
    Your veterinarian may not just be your pet’s best friend but can also be yours. They will be able to give valuable insights and recommendations based on their experience. You can get to know about different pet insurance providers and common health concerns specific to your pet's breed from your vet.

Brace yourself! You are now ready to buy a personalised pet insurance policy for your dear companion. Now, let's guide you on where to purchase one.
 

How To Buy Pet Insurance From SMC?

To get started, follow these steps -

• Visit the SMC website.
• Navigate to the “Buy Insurance Online” section on the homepage and click on "View All Options" to select pet insurance.
• Enter the owner's details, such as name and contact number.
• Provide your pet's details, including name, breed, age in years and months, gender, weight, and your area pin code.
• After entering all the required information, you will be directed to the quote page displaying offers from various insurance companies.
• Choose the quote that best fits your pet's needs and proceed to make the payment.
• Before finalising the payment, double-check all details to ensure accuracy.

This streamlined process ensures you find the right insurance coverage for your pet.
 

Let’s Wrap It Up!

Having pet insurance is similar to providing your pet with a safety net. It intervenes when unforeseen medical expenses come up. It allows you to concentrate on the things that truly count, enjoying those priceless moments spent with your pet. In short, pet insurance guarantees that your pet receives the care they require without straining your finances. It helps you be ready for anything that might come up so you can enjoy every cuddle and tail wag.