Pet insurance
Saturday, November 26th, 2011Pets are more than just domestic animals; they are members of our families. So just as the other members of the family, our pets also require insurance. Pet Insurance is the insurance which pays the veterinary costs if one’s pet is ill, injured due to an accident, or in case it has died, or is lost or stolen.
A pet insurance policy can help you cover losses to a third party in case your pet accidentally hurts them or destroys their property.However, it does not cover veterinary treatment like vaccination, neutering etc.
As veterinary medical techniques and drugs are getting expensive due to which the market for pet insurance has increased. While pet insurance is hugely popular in the western countries, it is still relatively not so popular in India, as insurance companies do not advertise about it and a large number of people do not get their pet registered.
In India, pet insurance largely means insurance for dogs and cats. Oriental Insurance is one among the very few insurance companies which provides insurance for dogs, horses and elephants. The other major companies in the Indian pet insurance market are United India Insurance Co, National Insurance Co, Bajaj Allianz General Insurance and New India Assurance Co. etc.
One can select different types of pet insurance policies, based on individual needs, pets and budgets. The Lifetime cover is a policy which covers expenses related to a pet contracting any long-term or chronic illness. With the Time-limit cover policy, pet owners receive financial protection for a specific period. The other kind is the, money-limit cover policy through which pet owners can receive monetary benefit for every condition that falls under the terms of pet insurance coverage.
Usually the premium for pet insurance varies between three to five percent of the amount insured in India. Pet medical insurance is essentially a risk mitigation strategy for guarding against significant medical expenditure for treatment of sick or injured pets.
