Pet treatment getting costly: Here's why having a pet insurance cover can help

Time of India

a day ago

Source of stress
Myths among pet parents
Hassle-free claim settlement
No cashless option
Our pets are more than just animals—they're family. They shower us with unconditional love and, in return, we do everything we can to keep them happy and healthy. However, when illness strikes, the emotional toll on pet parents is immense; so is the financial one.Caring for a pet means making sure their health needs are addressed without delay. Yet, many pet parents hesitate to visit a veterinarian, not because they don't care, but because they're worried about the cost.'We did an internal survey and it revealed that many pet owners don't take their pets to the vet, hoping for self-recovery because they can't afford to get them treated,' says Arti Mulik, Chief Technical Officer at Universal Sompo General Insurance (USGI). Pet insurance , though still a niche product in India, can help bridge this gap, offering both financial support and peace of mind during emergencies. Take the case of Gurugram-based Meenakshi Goel, and Peanut and Butter, her two Indie (mixed breed native to India) dogs. After a visit to the vet for one of them left her with a `7,000 bill, she decided to get insurance for both from Bajaj Allianz General Insurance . 'I haven't filed a claim yet, but I sleep better knowing that if something happens, I won't have to choose between treatment and affordability,' she says.Her concern is widely shared. A USGI survey of 235 pet owners found that 90% considered veterinary costs a major burden, while 74% said it caused financial stress. Serious conditions like fractures, chronic illness, or cancer can easily rack up bills ranging from Rs.10,000 to over Rs.1 lakh—expense that could hit hard without a financial cushion.Despite signs of need for insurance, awareness remains low. Only 26% of the surveyed pet parents had heard of pet insurance, and a mere 10% had purchased it. 'Most of the clients who visit our clinic are unaware that such a product exists, even though it can be extremely useful and necessary,' says Dr B.K. Chaudhary, a veterinarian at Dog and Cat Clinic in Delhi.Mulik added that low agent interest is also to blame, explaining, 'The ticket size and premium are small, so agents don't find it attractive from a commission standpoint.'Even if people are aware, misconceptions often keep them from purchasing a policy. Chennai-based A. Thirumaal, a doctor who is a parent to two cats, explored pet insurance, but ultimately decided against it. 'There are too many exclusions, and most plans are designed with dogs in mind. A cat specific product would be more relevant for me,' he says.His main concern is that his cats often wander outdoors and have been seriously injured in fights with stray dogs, an issue that has already cost him two pets. 'I couldn't find any insurance that covers such incidents,' Dr Thirumaal adds. However, his assumption is misplaced. Most insurers offer 'accidental injury cover' that includes such scenarios. A deeper understanding of policy inclusions and exclusions could help pet owners like Dr Thirumaal clear their misunderstandings about what's not covered.The belief that pet insurance comes with too many exclusions is largely unfounded. Some of the pet insurance plans (see table) available in the market cover most of the commonly occurring illnesses like fractures, cancer, or terminal diseases. 'Diseases that are typically excluded from coverage are those rarely found in cats or dogs, except for gastrointestinal issues, which may be covered with extra premium,' says Dr Chaudhary.Insurers also maintain transparency. Exclusions are clearly listed in the policy brochure and are usually communicated during the purchase process. These could include age eligibility, which is a common concern among pet parents. Most insurers cover pets between the ages of three months and seven years, with renewals often allowed up to 11-12 years.Dental treatments are another common exclusion, but it shouldn't be a concern. 'Dogs usually develop dental issues at a much later stage, typically after 13-14 years of age,' says Dr Chaudhary. Given that most policies cap coverage well before that age, excluding dental treatments can be seen as a reasonable limitation.Pet insurers offer standalone covers, which can be customised as per one's need. The premium depends on the type and number of covers you opt for.'There are no real downsides to buying pet insurance. Claim rejection issues are virtually unheard of,' says Arpita Lal, Head of Pet Insurance at Policybazaar.Dr Chaudhary echoed the sentiment, noting that none of his clients faced trouble while filing claims, unless their pet had a pre-existing condition. The problem, he said, usually lies in policyholders being ignorant about a specific visit or issue not being covered. This underscores the importance of reading the fine print and understanding exactly what illnesses and procedures are included. Pet insurance doesn't work like standard health insurance where there the sum insured covers hospitalisation, surgery, etc. Instead, you can choose from several specific covers offered by the insurer. Figuring out which one suits your pet's needs can often be confusing. 'It's advisable to consult a vet to determine which options are best suited for you,' adds Dr Chaudhary. A pet's breed, age, and gender can significantly influence its health needs—and consequently, the insurance premium. For instance, golden retrievers are more prone to cancer-related issues than other breeds. Hence, a terminal illness cover is a must while purchasing insurance for them.One visit to the veterinarian made her realise how costly procedures can be.Peanut and Butter (both 5 years)IndiesBajaj AllianzRs.5,000 yearly for bothOPD, surgery, hospitalisation, mortality,terminal illness, third-party liability.For starters, a typical pet plan offering coverage of up to Rs.2-3 lakh costs around Rs.10,000 a year, which is adequate for most standard veterinary needs. If you find the premium too high, there is also the option of co-payment, where you agree to bear a fixed percentage of the bill, and the insurer covers the rest. The higher the co-pay option you choose, the lower your annual premium.One important thing to note is that cashless claims are not currently offered by any insurer in India. Pet parents need to pay the veterinary costs up front and then file for reimbursement. This process can sometimes take 2-3 months, depending on the claim's complexity.Feels that products are not comprehensive enough to suit the unique needs of a cat, which is a misconception.A. Thirumaal, ChennaiZoe (2.5 years) and Penny (1.5 years)IndiesThe pet insurance industry in India is still at a nascent stage and requires significant improvements before it can cater to a larger segment of customers. At present, most plans cover only cats and dogs. Other pets like birds or rabbits are left out. A survey conducted by pet website, Dogster, found that only a smaller niche of Indian pet parents, around 32,000, owns exotic animals, such as turtles, lemurs and snakes. Unfortunately, they currently have no access to insurance options for their pets.If you fall in this category or feel pet insurance does not align with your needs, it's advisable to maintain an emergency fund dedicated to your pet. This will ensure that any unexpected medical expenses don't strain your budget.