How important is it to safeguard your furry friends with pet insurance?

India is experiencing an incredible boom in the pet care industry. The country is home to over 32 million pets, and the market is projected to maintain a remarkable 19% CAGR until 2032. Our society is witnessing a notable shift in priorities, with pets being embraced as cherished family members.

This cultural transformation has led to an economic change, with pets now viewed with the same affection and responsibility as children. Pet insurance has become a crucial aspect of responsible personal finance, akin to life or health insurance for family members, reflecting the growing significance of pets in households.

India Today spoke to Aman Tekriwal, Co-founder, of Supertails to get more insights on this topic.

EMOTIONAL CONNECTION BETWEEN PET PARENTS AND THEIR FURRY COMPANIONS HAS EVOLVED:

“In recent years, the emotional bond between pet parents and their cherished dogs has grown tremendously. Pets have long been human companions, giving comfort, dedication, and unconditional affection. This link, however, has developed considerably in recent years as a result of changing societal dynamics and individual actions,” says Aman Tekriwal.

Pets have long held a particular place in our hearts, serving as anything from working colleagues to devoted companions.

The transformation of pets from utilitarian chores to beloved family members is remarkable. Pets were regularly chosen for specific activities like herding, guarding, or hunting. However, many individuals nowadays pick dogs only for companionship and emotional support.

Many people have made the intentional decision to have pets rather than children in recent years. This choice has resulted in an emotional bond that has never been seen before.

Pet owners commonly refer to their pets as ‘fur babies,’ lavishing them with love, attention, and care much like parents do for their children. This development has resulted in a profoundly ingrained and intensely felt emotional relationship.

THE DEMAND FOR PET INSURANCE:

The fundamental transformation in the emotional attachment between pet parents and their fur babies has had a significant impact on pet insurance demand. Pets’ well-being and healthcare have risen to the top of pet parents’ priority lists as they have grown from functional tasks to valued family members.

“This emotional shift has resulted in a better knowledge of the potential health risks and medical expenditures associated with pets. Pet parents are more inclined than ever to invest in comprehensive pet healthcare coverage. People are becoming aware of the need to ensure their pets’ health in the same way that they prioritize health insurance for themselves and their family members,” said Tekriwal.

The growing emotional relationship has led to a deeper understanding of the potential financial pressure of unexpected veterinary expenses. Pet parents are increasingly seeking financial security to ensure that their dogs receive the best medical care possible without incurring exorbitant costs.

Furthermore, the rising trend of humanizing pets and treating them like family members has influenced the popular perception of pet insurance.

People are willing to spend money on preventative care, routine check-ups, and even specialized therapy for their dogs, just as they would on their health.

KEY BENEFITS OF HAVING PET INSURANCE:

“In today’s pet-centric environment, comprehensive pet insurance is not a luxury; it is a must. Pet insurance provides a comprehensive approach to pet healthcare in addition to financial security, ensuring pet parents are protected against unexpected and often overwhelming medical expenditures,” says Aman Tekriwal.

He added that these include routine check-ups, vaccines, dental care, and preventative drugs, ensuring that dogs receive the necessary preventive care for a healthy life. Furthermore, in severe situations, such as accidents or sudden diseases, pet insurance pays for emergency treatment, surgery, and hospital stays, relieving pet owners of the emotional and financial load.

Tekriwal explains that one of the most significant benefits is the ability to select the best healthcare practitioner from a network of veterinarians and experts. This adaptability enables pet parents to make well-informed decisions customized to their pets’ specific requirements.

WHAT FACTORS SHOULD THEY CONSIDER WHEN CHOOSING THE RIGHT PET INSURANCE PLAN?

It is essential to advise pet parents on the best insurance for their fur babies. Consider the coverage options offered, which range from accident-only to illness coverage, wellness care, and preventative care. It is critical to match the plan to your pet’s health needs as well as your preferences.

Aman Tekriwal says that it is important to pay special attention to policy exclusions and limitations and be aware of any limitations relating to pre-existing ailments or genetic disorders.

He says that comparing deductibles and co-payment percentages, weighing reduced monthly rates against potential out-of-pocket expenditures during claims.

“Consider yearly and lifetime limits; choose a plan that meets your pet’s potential medical needs without constraints. Understand the time it takes for coverage to begin, particularly for emergency medical needs,” Tekriwal

Finally, he added that it is mandatory to evaluate policy renewability and age limitations to ensure your pet is protected as it matures.

“In a broader sense, the growth of the pet insurance industry will probably spur advancements in veterinarian treatment and pet care services. Pet insurance companies may collaborate with veterinary professionals to provide personalized plans and preventative care efforts that promote a holistic approach to pet health. As a consequence, pets will be healthier and happier, and pet parents will be more educated and financially secure,” said Tekriwal.

TYPES OF COVERAGE FOR PET INSURANCE PLANS:

• Medical bills are the primary benefit provided by pet insurance coverage. It often pays for veterinary expenses incurred as a consequence of incidents and sickness. This might include medical procedures, hospital stays, prescription medications, and follow-up treatment.
• Accident insurance pays for medical expenses incurred as a result of an accident.
• Illness coverage: Provides coverage for a wide range of maladies, including chronic conditions, congenital disorders, and infections. There are treatments, medicines, and diagnostic tests available.
• Hospitalization: If your pet needs to be hospitalized due to sickness or injury, hospitalization costs such as boarding and nursing care may be reimbursed.
• Surgical procedures: The insurance policy may cover surgical operations, both normal and emergency.
• Preventive Care: Some pet insurance policies may include vaccines, deworming, and annual examinations. This is something you can do to keep your pet healthy in general.
• Dental Care: Some insurance policies may cover dental procedures such as cleanings, extractions, and surgery for dental diseases.
• Prescription medications: The cost of prescription medications, particularly for continuous medical treatments, may be covered by your pet’s insurance coverage.
• Certain insurance policies may provide third-party liability coverage if your pet injures someone or destroys their property.

WHAT IS THE PROCESS OF FILING CLAIMS, AND HOW QUICKLY ARE THEY PROCESSED?

• To claim successfully, start by notifying the insurance provider within 24 hours
• Get immediate help for your pet from a qualified veterinary doctor. It is advised not to wait for the insurance claims to be processed because the pet dog insurance claims are reimbursed to the pet owner’s bank accounts
• If your pet is suffering from an illness or has met with an accident, you can file a claim with the required documents. Visit the Insurance Product Page to check the availability of the claim.
• Go to the Inclusions and Exclusions section to know which diseases and scenarios are covered under your policy.

REQUIRED DOCUMENTS AS LISTED BELOW:

• Duly completed claim form
• Vaccination Certificates
• Death Certificate along with coloured photographs of the deceased dog (In case of a claim under Mortality Benefit Cover)
• Vet Medical Papers and Bills (In case of claims under Surgery Expenses & Hospitalisation Cover, Mortality Benefit Cover, long-term care Cover, and OPD Cover)
• Copy of General Diary Entry lodged by Police (In case of a claim under Theft/Lost/Straying Cover)
• FIR (In case of a claim under Third Party Liability Cover)
• The general period is 15 days after all documents are submitted and the policyholder is addressed.