Pet Insurance 2024: Premium, Coverage and Offers

Is pet insurance good for your beloved pet? MoneySmart compares different pet insurance plans for you, from their premiums to their coverage and plan features. read more
Insurance for your beloved pet Age: <1
American Shorthair
We found 9 Pet Insurances for you!
OneDegree logo

Discounted Annual Premium

HK$2,504

Discounted Annual Premium
Annual Coverage
HK$40,000
Reimbursement
Max. 90%
Cancer Benefit
HK$10,000
Discounted Annual Premium
HK$2,504
Blue Cross logo

Annual Premium

HK$2,808

Annual Premium
Annual Coverage
HK$50,000
Reimbursement
Max. 80%
Cancer Benefit
HK$0
Annual Premium
HK$2,808
Ping An logo

Annual Premium

HK$3,210

Annual Premium
Annual Coverage
HK$90,000
Reimbursement
Max. 90%
Cancer Benefit
HK$0
Annual Premium
HK$3,210
OneDegree logo

Discounted Annual Premium

HK$2,892

Discounted Annual Premium
Annual Coverage
HK$80,000
Reimbursement
Max. 90%
Cancer Benefit
HK$10,000
Discounted Annual Premium
HK$2,892
Ping An logo

Annual Premium

HK$930

Annual Premium
Annual Coverage
HK$30,000
Reimbursement
Max. 90%
Cancer Benefit
HK$0
Annual Premium
HK$930
Blue Cross logo

Annual Premium

HK$2,310

Annual Premium
Annual Coverage
HK$30,000
Reimbursement
Max. 80%
Cancer Benefit
HK$0
Annual Premium
HK$2,310
OneDegree logo

Discounted Annual Premium

HK$1,808

Discounted Annual Premium
Annual Coverage
HK$30,000
Reimbursement
Max. 90%
Cancer Benefit
HK$10,000
Discounted Annual Premium
HK$1,808
Ping An logo

Annual Premium

HK$1,680

Annual Premium
Annual Coverage
HK$45,000
Reimbursement
Max. 90%
Cancer Benefit
HK$0
Annual Premium
HK$1,680
Blue Cross logo

Annual Premium

HK$3,689

Annual Premium
Annual Coverage
HK$80,000
Reimbursement
Max. 80%
Cancer Benefit
HK$0
Annual Premium
HK$3,689

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Is Pet Insurance worth it?

When pets fall ill or have accidents that require medical treatment, the medical expenses can be costly. If you have got pet insurance, it can relieve the financial burden and provide more comprehensive coverage for your pet. Generally speaking, pet insurance covers medical expenses including emergency care, surgery and hospitalization expenses. Some even cover for pet loss or theft. Pet insurance is a relatively new insurance product, so there are currently not many products available on the market. This article will introduce you to pet insurance and help you better understand it.

Things you should know about pet insurance:

Six things to think about when buying pet insurance:

Coverage

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.

Only insuring pets with microchips implanted

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.

Age Limit

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.

Coinsurance Clause

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 affects the pet insurance premiums

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.

Third party liability

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.

FAQ

What is pet insurance?

Pet insurance is a policy purchased by a pet owner which helps to lessen the overall costs of expensive veterinary bills.

When can I make a claim after my pet insurance takes effect?

After the pet insurance takes effect, a waiting period (which is usually 30 days) applies before you can start making claims.

Is there a deductible for pet insurance?

Pet insurance usually has a deductible. Owners need to pay a certain amount before they can start making claims.

Is there a waiting period for pet insurance?

Most pet insurance plans have a waiting period, which is usually around 30 days.

Can pets with pre-existing medical conditions be insured?

All pets that meet the eligibility criteria can be insured. If a pet becomes ill during the waiting period and the illness is a pre-existing condition that you have declared, the owner will not be able to make claims. However, after the coverage takes effect, if the pet suffers from accidents or other health problems, it can be covered by the policy.

Why is pet insurance necessary?

Medical treatments for pets can be just as expensive as human treatments, sometimes even more so. Having pet insurance ensures that your pet can receive the necessary medical attention without the worry of substantial bills.

Are there any exclusions in a pet insurance policy?

Yes. Pre-existing conditions are usually not covered by pet insurance. Also, certain breeds may have specific conditions or hereditary factors that aren't covered.