The Growing Need for Pet Insurance in Singapore
In Singapore, pet owners are increasingly treating their pets like family members, leading to a surge in veterinary expenses. To mitigate the financial burden of unexpected vet bills, many are turning to pet insurance. But with various plans available, how do you choose the right one?
Felicia Lim, a 57-year-old administrative executive, insured her pet beagle, Pepper, at the age of four due to liver issues. “We knew it would be challenging or expensive if we got her insured after her condition worsened, so we had to be quick about it,” she said. Lim opted for the basic plan offered by Liberty Insurance, which provided partial coverage for medical expenses.
The Evolution of Pet Insurance in Singapore
When Lim bought insurance for Pepper, only Liberty Insurance offered coverage for pet dogs. Today, there are six insurers, including Income and CIMB, offering coverage for dogs and cats. Most plans help cover fees for veterinary services such as consultations, medication, surgery, and hospitalization.
Silversky Protect, underwritten by MSIG, is one of the latest entrants to the market. It offers essential coverage, including hospitalization, surgery, vet visits, and prescription medication for medical conditions arising from accidents and illnesses. Policyholders can choose their preferred veterinary clinic for treatment, with coverage for hospitalization and surgery going up to $13,000.
Choosing the Right Pet Insurance Plan
Assistant Professor Wei Pengyu from Nanyang Technological University’s Nanyang Business School advises pet owners to consider what they want from a policy and how much they can afford to pay. “A good policy should strike a balance between coverage and affordability, and have clear terms and a smooth claims process,” he said.
Dr. Lee Yen Teik, a senior lecturer at the NUS Business School, notes that the real value of a pet insurance plan lies in its coverage during a pet’s younger and middle years. This is because premiums tend to be lower during this age range, and pre-existing conditions are less likely to be excluded.
Key Considerations When Buying Pet Insurance
- Coverage for congenital conditions: Some policies cover congenital conditions, while others do not. Inclusion of congenital cover usually comes at a higher premium or with required vet assessments.
- Lifetime renewal: Plans with lifetime renewal are more expensive and may impose increasing deductibles or co-payments as the pet ages.
- Waiting periods: Policies may require a 12-month waiting period or a vet check-up before coverage for certain conditions starts.
Dr. Lee advises pet owners not to be swayed by high payouts alone. “A $15,000 overall limit means little if the specific conditions your pet’s breed is prone to are excluded or have tiny sub-limits,” he said. “The best policy is one that actually covers your pet’s most likely expensive health risks.”
Ultimately, pet owners must carefully evaluate their pet’s needs and choose a policy that provides the right balance of coverage and affordability.
