Pet insurance acts as a safety net for you in the event that you have to pay significant veterinary costs, much like health insurance does for us. It might even save your pet’s life. You are probably aware of how expensive veterinary care can be if you own a pet. Therefore, it will be crucial to have your cat insured.
5 Things You Need to Know About Pet Insurance
In Malaysia, it has been estimated that pet owners spend about RM750 per year on veterinary care for their animals, excluding checkups and vaccinations, which can quickly mount up in price. A plan of insurance for them would easily and more fully cover all of these expensive charges.
Insurance is important to protect our family, assets and financial. That is why there are insurance coverages for car, health, home and pet. With pet insurance, your pet can be covered for things like injuries, sickness, and other medical expenses.
1. How Does Pet Insurance Work?
The purpose of pet insurance is to shield you against unexpected expenses for your pet, such as medical fees. For this reason, pet owners like you may want to sign up for a trustworthy pet insurance plan. The costs that come with owning a pet are more difficult to manage than you may imagine.
With this insurance, your pet will be protected as they should be. It’s not necessary for you to use your emergency fund to cover veterinary expenses. Therefore, skipping out on pet insurance could be very risky and end up costing you more money overall.
Although getting pet insurance is not compulsory, there is always the unwelcome possibility that your pet will suffer a major illness or have an accident requiring expensive medical care. The following are a few instances of diseases and injuries that are covered:
- Kidney diseases;
- Ear and eye infections;
- Heart diseases;
- Hip dysplasia;
- Broken bones;
- Skin infection.
2. What Does Pet Insurance Cover?
Pet insurance policies do have differences from one to another, much like other types of insurance such as home insurance. The available coverage can be divided into the price of veterinary care and the other products that come with it. It should be highlighted that regular medical care, such as annual vaccinations, are not covered by insurance.
In Malaysia, the majority of pet insurance policies cover medical expenses and payouts in the event of an accident or illness-related death. Additionally, they pay for cremation or burial expenses. Here are some of the fees covered by pet insurance:
- Consultation fees;
- Diagnostic tests (blood, x-ray and ultrasound);
- Prescribed medication;
- Vet clinic overnight stay.
Loss or Theft of Your Pet
In the event that your pet goes missing, pet insurance can help to cover the expense of reward payments and advertising.
Pet insurance also covers your pet’s boarding costs if you need to be hospitalised, allowing you to concentrate on getting well without worrying about them.
Third-party liabilities are also covered by insurance to protect individuals and their property from any accidental injury that your pet may cause.
3. What Are the Types of Pet Insurance?
Currently, only insurance for dogs and cats are offered by the vast majority of Malaysian pet insurance providers. Hence, finding an insurance plan for other pets such as rabbits and tortoises may therefore be a little more challenging.
How Much Do You Have to Pay for Pet Insurance Premium?
It is wise to shop around for the best offer because pet insurance may be rather pricey. You may start by comparing insurance plans from different websites. Depending on the coverage they provide, every insurer might charge your insurance premium differently.
Currently, there are not many insurance providers in Malaysia that provide pet insurance. Oyen Health Pet Insurance and MSIG Pet Insurance are the main pet insurance providers in the country. Let’s look at the rough estimation of pet insurance cost in Malaysia:
|Type of Pet||Monthly Premium||Annual Premium|
|Cats and Kittens||RM32-RM55||RM300-RM500|
|Dogs and Puppies||RM50-RM80||RM500-RM800|
4. How to Claim Insurance for Pet?
You might already be familiar with the procedure for filing a medical insurance claim. Your insurance provider receives a claim from you or your doctor, which is followed by payment for the expenses that are covered by your policy. The remainder that is not covered by insurance is paid by you.
Claiming for pet insurance in Malaysia is different from claiming your health insurance. For a start, pet insurance is a pay and reimbursement basis. In other words, it uses pay and claim method. This means that you first pay the vet bill out-of-pocket before your insurance provider reimburses you for covered costs. Here is what you need to do:
- After the visit, immediately pay the veterinarian’s bill;
- Complete a claim form for pet insurance;
- Send the insurance company the claim and any necessary supporting documents;
- When your claim is submitted and accepted, you will be compensated.
All Malaysian veterinary clinics are accessible (no panel required), and upon online submission of your receipt, you will receive payment in two to three weeks without any additional paperwork.
5. What Are Other Important Things You Need to Know Before Getting Insurance for Cat or Dog?
Be sure to take your pet’s medical history into account before deciding whether to make the purchase. Consider whether you have the financial means to pay thousands of ringgit for an unplanned procedure. If you don’t have a choice, you can be forced to choose between conserving your money or your pet.
Age of Pet
Older pets may cost more to insure since they frequently require more medical care.
Type of Pet
It’s simple to find insurers for cats and dogs. Other pets like rabbits, and hamsters can also be insured. However, because of their lower life spans, it may not be a good value. Exotic pets like lizards, snakes, and parrots are more difficult to insure because there aren’t many companies that provide this service.
Risk of Pet
Dogs and cats with pedigrees may be more prone to inherited disorders and congenital diseases. In addition, they are more prone to be stolen. Similar to this, certain breeds are more susceptible to particular issues; for instance, larger dogs are more likely to experience joint issues.
Is Pet Insurance Worth It?
Peace of mind is the main advantage of pet insurance. If your pet is insured, you won’t have to worry about how much something might end up costing you in the long run to cover any expensive surgeries or treatments thanks to pet insurance.
It is only fitting that your pet receive the best medical treatment now that they have become a member of the family. Investing in pet insurance is a wise decision. You should research, assess, and choose the best pet insurance plan that fits your budget. The fact is, pet insurance provides protection against unexpected medical costs.
Also, if you are looking for the best car insurance, visit the Qoala website for more info. Qoala is the best insurance platform in Malaysia with a guarantee of safe, affordable and easy insurance process.