Pet Insurance 2024: Premium, Coverage and Offers

Pet insurance generally covers expenses on outpatient care and medication, as well as third-party liability. Some pet insurance policies also cover emergency pet boarding, advertising expenses in the event of pet loss and funeral services. Before purchasing a policy, pet owners should pay attention to its coverage and choose the insurance that suits the most in order not to get disappointed when making a claim.

Most pet insurance policies only cover pets with microchips implanted. As the microchip contains a unique identification code, it can be used to verify the pet's identity and obtain information such as breed, age, and medical history. Only a few insurance companies such as Blue Cross and OneDegree accept documents printed with the insured pet's name, such as vaccination records, veterinary receipts, or medical reports, in place of the microchip.

Most pet insurance policies have age limitations in place. Pets become eligible to apply as early as 8 weeks, while Blue Cross accepts pets as young as 6 months. The maximum age for initial enrollment in pet insurance is generally 8-9 years old, which means that pet insurance does not apply to older pets. Although some insurance companies may increase the initial enrollment age for pet insurance to 11 years old based on individual circumstances, this also requires approval through the relevant review process upon renewal. In addition, many pet insurance policies also have age restrictions when it comes to renewal, which is usually between 12 and 13 years old, but OneDegree does not have a renewal age limit. Therefore, MoneySmart advises pet owners to carefully review the terms and conditions of the policy when buying pet insurance to avoid disappointment.

Some pet insurance policies have coinsurance clauses, which means that the owner needs to bear a portion of the expenses before your insurance company will reimburse you for a claim to your pet health insurance. Generally, the terms will be adjusted as the pet ages, with the co-insurance rate (%) increasing as the pet gets older, and factors such as breed, health conditions, etc. will also affect the co-insurance rate.

Age and breed of the pet plays a part when it comes to pet insurance premiums. For example, certain dangerous dog breeds may not be covered or require additional policy fees, such as Dogo Argentino and Fila Brasileiro. In addition, some pet insurance companies, such as Blue Cross and MSIG, offer a no-claim bonus discount - 5% for one year of no claims, and 10% for two years and 15% for three consecutive years of no claims. This means that the longer the period of no claims, the greater the discount.

Most pet insurance policies offer third-party liability coverage, with maximum coverage ranging from HK$500,000 to $3,000,000, which compensates for injuries caused by your pets to other people or pets or damage to their belongings. However, there are also pet insurance policies that do not include third-party liability coverage, which means that the owner must bear the responsibility. Therefore, MoneySmart advises owners to carefully review the third-party liability coverage of the pet insurance when buying pet insurance to avoid any unforeseen expenses.