Pets hold a very special place in the hearts of their owners. Yet, no matter how deeply you care for them, in the case of accidents or illness, that love alone is insufficient. As a result, we are often forced to send our pets to the emergency vet, which is not only taxing on you but on your wallet as well. However, since the introduction of full coverage policies provided to pet owners in Singapore, this issue has become less daunting. Such policies have been established by the likes of PetCare by Liberty Insurance, and more recently by Happy Tails by AON Insurance in 2015.
Insurance as a whole is bought in order to help pay for large, unexpected or unplanned expenses, without which people would have trouble paying for. Through pet insurance, Singaporean pet owners may now be able to circumvent these expenses in the case of illness.
But before you can even consider what pet insurance is the right one for you, a few bases must be touched upon. First of all, you must make sure that your pet is eligible for said insurance. In the case of Happy Tails, a pet must fulfil several requirements prior to applying for insurance:
- They must be aged between 16 weeks and 9 years.
- They must be microchipped.
- They must have completed all required vaccinations.
- They must not be a working pet (e.g. involved in law enforcement, breeding,
- guarding, racing or for other commercial use).
- They must be clinically examined by a licensed vet within 30 days from the commencement date of the insurance.
Secondly, it must be acknowledged that premiums are often dependent upon multiple factors; including breed, age and the medical history of your pet. But despite these differences, all premiums should be able to offer your pet the very best of treatment. In the case of Happy Tails, the surgical treatment for any illness, accident or injury, including the post surgical follow-up, as well as specified hereditary, congenital conditions and cancer treatment are all covered, so long as they fall within the policy term.
Once you have considered both these, it is now time to choose which pet insurance policies are best for you. This article will compare PetCare and Happy Tails in order to exemplify the possible distinctions between policies that you may come across. PetCare as a basic and complete policy coverage is on the whole cheaper than Happy Tails, but what Happy Tails lack in affordability, they make up for in coverage. As such, it might be more worthwhile to spend that little bit extra for an insurance that will cover more potential incidences. The co-insurance (expenses are split between insurer and owner) models provide a clear differentiating factor.
CO-INSURANCE & DEDUCTIBLE
For co-insurance, Happy Tails has different percentages for different age groups:
- 20% for dogs enrolled before age 4
- 30% for dogs enrolled before age 7
- 40% for dogs enrolled before age 9
PetCare has the same percentages for all ages:
- 50% for non-surgical
- 30% for surgical treatment
You will also have to bear a fixed amount of $250 in any claim for Happy Tails. PetCare only requires you to pay deductible for accidental injury ($50) and third party liability ($500).
NO CLAIM DISCOUNT
Double good news for those who do not need to claim for insurance! You will get to enjoy significant discounts regardless of your choice between Happy Tails or PetCare.
| Period of insurance | Discount (%) |
| Preceding year | 5 |
| Preceding 2 consecutive years | 10 |
| Preceding 3 consecutive years (or more) | 15 |
If you only want to insure your dog with accidental coverage, you could consider Paw Safe by AIA (Singapore). A cheaper no-frills insurance policy, that protects against most of the ‘what-ifs’ that could happen; but, you are not protected against many diseases with which you would have to bring your pet to a vet for. So for an aged pet, that wouldn’t do you much good, as that’s where the bulk of your pet expenses would probably come from.
If you wouldn’t take a gamble on your own life, why gamble on the life of a loved one? Purchasing pet insurance might just save you the heartache of not just the potential loss of a pet, but the financial devastation that unplanned for incidences might bring about.
