Mention insurance, and most will relate it to human needs. Did you know that insurance can also apply to our furry friends? Come to think of it, if we’re so inclined to think about healthcare needs and lifelong protection for ourselves and our loved ones, surely our pets deserve the same treatment? We don’t call them “Man’s Best Friend” for nothing!
Unfortunately, pet insurance plans is yet to be widely available in Singapore. Moreover, these insurers only cover dogs or cats, and the few plans available come with limitations as well.
Nevertheless, some protection is better than having none at all.
In Singapore, there are only four insurers that provide pet insurance:
- Income
- Liberty
- CIMB (underwritten by Sompo Insurance Singapore)
Why is pet insurance an important consideration?
Humans need to seek medical help for ailments, and pets are no different. In fact, veterinarian fees are increasingly expensive and often pricier than our common visits to the GP. , Getting insurance is essentially protection for your four-legged friend as well as your bank account. The last thing you’d want is the financial shock during a pet emergency.
Insurance Terms You Should Know
Co-insurance: The portion of the total claim that you would have to pay on your own.
For example, if the co-insurance is 30% and your total bill is S$10,000, you would need to pay S$3,000 of that bill on your own.
Deductibles: A fixed share of the insurance claim that you pay before your insurance plan starts to pay you.
For example, if you have a S$1,000 deductible and a S$4,000 claim, you will pay for the first S$1,000 and the insurance will pay you the remaining S$3,000.
No Claim Discount (NCD): The amount of rebate you get if no claim was made on your existing insurance policy. NCDs help in reducing how much premium you pay for the following year.
Third Party Liability: A section of the insurance policy protecting you from costs coming from accidental injury or damage caused by your pet.
Pre-existing condition: A condition that occurred or showed signs before your pet’s insurance starts, or during the waiting period before cover takes effect. Policies may not cover pre-existing conditions, and there may also be exclusions to procedures such as spaying, neutering or dental treatment
What does pet insurance usually cover?
- Non-surgical treatment
- Surgical treatments
- Chemotherapy
- Accidental death
- Accidental Injury
- Loss of pet due to theft
- Third- party liability (i.e. your pets destroys someone’s property, attacks other pets)
Factors that affect what type of insurance you should get
Age: Older dogs are generally harder to insure, so it’s better to get your pet insured while they’re younger. Most insurers would only insure a pet up till the age of 7-9 years old!
Pet Breed: It’s important to take note that some insurance plans, such as AIA Paw Safe and CIMB My Paw Pal, don’t cover certain breeds.
Medical History: Pets who are more prone to illness, or belong to breeds that have a higher tendency to develop certain health issues are recommended to go for a more premium plan.
Aggressiveness: Certain breeds tend to be more aggressive in nature, which could result in another person or animal being harmed. If your pet falls under this category, it would be good to ensure that you pick an insurance plan that allows for maximum payout of Third-Party Liabilities.
Price: Price is a big factor when it comes to choosing insurance. However, despite there not being many options for pet insurers in Singapore, you can still find more affordable options such as AIA Paw Safe or CIMB My Paw Pal. On the flipside, some annual premiums can go as high as S$750 depending on your insurance plan.
Dog Insurance Plans in Singapore
| Income Happy Tails | Liberty PetCare | CIMB My Paw Pal (underwritten by Sompo) | |
| Annual Premium (incl GST) | From S$1 a day (depending on your pet) | S$350 – S$750 | From S$87.74 |
| Plans Available | Dogs and puppies: Fur Furry FurballCats and kittens: Purrfect | Standard Enhanced Superior | Basic Additional Rider |
| Eligibility | Aged 16 weeks to 9 years old Microchipped Fully vaccinated Must not be a working pet or used for breeding Clinically examined by a licensed vet within 30 days from commencement date of the insurance | Aged 8 weeks to 9 years old Microchipped Resides with you Must not be a working pet or used for breeding | Aged 12 weeks to 7 years old Licensed with AVS (if pet is a dog) and microchipped Resides with you Fully vaccinated and neutered Must not be a working dog Must not be Bull Terrier Doberman Pinscher, Rottweiler, German Shepherd Dog including the Belgian Shepherd Dog and the East European Shepherd Dog, Mastiffs including the Bull Mastiff, Cane Corso and Dogue De Bordeaux, or Crosses of the above breeds and/or wolves |
| Coverage Period (pet age) | Lifetime | Up to 13 years old | Up to 13 years old |
| Non-surgical Treatment Expenses | – | S$500 – S$3,000 | S$1,500 per year with added premium |
| Surgical Treatment Expenses | S$2,500 – S$10,000 | S$1,500 – S$10,000 | |
| Accidental treatment expenses | – | S$500 – S$3,000 (S$50 deductible) | Up to S$1,500 per year |
| Accidental Death | – | S$1,000 – S$3,000 | S$1,500 |
| Theft | – | S$300 – S$1,250 (Not applicable to cats) | S$1,500 (additional annual premium of S$32.10, only for dogs) |
| Chemotherapy Benefit | S$1,000 – S$1,200 | – | |
| Cremation or Burial | Costs of cremation, funeral service and handling charges | – | S$300 (due to accident) S$3,000 per year (due to illness) |
| Third Party Liability | S$100,000-S$500,000 | S$100,000 – S$500,000 (S$500 deductible) | Up to S$250,000 |
| No Claim Discount | 1st Renewal: 5% 2nd Renewal: 10% 3rd Renewal Onwards: 15% | 1st Renewal: 5% 2nd Renewal: 10% 3rd Renewal Onwards: 15% | – |
| Policy Wordings | Income Happy Tails | Liberty PetCare | |
| Additional Notes | Excludes S$250 deductible & 20% – 40% co-insurance (depending on your pet’s age) | Covers only up to 70% of medical expenses claimed |
Cat Insurance Plans in Singapore
| Income Happy Tails | Liberty Pet Care | CIMB My Paw Pal (underwritten by Sompo) | |
| Annual Premium (incl GST) | From S$1 per day | S$350 – S$750 | From S$87.74 |
| Plans Available | Purrfect | Standard Enhanced Superior | Basic Additional Riders |
| Eligibility | Aged 16 weeks to 9 years old Microchipped Fully vaccinated Must not be a working pet or used for breeding | Aged 8 weeks to 9 years old Microchipped Resides with you Must not be a working pet or used for breeding | Aged 12 weeks to 7 years old Licensed with AVS and microchipped Fully vaccinated and neutered |
| Coverage Period (pet age) | Lifetime | Until 13 years old | Until 13 years old |
| Non-surgical Treatment Expenses | – | S$500 – S$3,000 | S$1,500 per year with added premium |
| Surgical Treatment Expenses | S$3,800 | S$1,500 – S$10,000 | |
| Accidental Injury | – | S$500 – S$3,000 (S$50 deductible) | S$1,500 per year |
| Accidental Death | – | S$1,000 – S$3,000 | S$1,500 |
| Theft | – | – | – |
| Chemotherapy Benefit | S$1,200 | – | |
| Cremation or Burial | S$250 | – | S$300 (due to accidental death) |
| Third Party Liability* | S$250,000 | S$100,000 – S$500,000 (S$500 deductible) | S$250,000 |
| No Claim Discount | 1st Renewal: 5% 2nd Renewal: 10% 3rd Renewal Onwards: 15% | 1st Renewal: 5%2nd Renewal: 10% 3rd Renewal Onwards: 15% | – |
| Policy Wordings | Income Happy Tails | Liberty Pet Care | CIMB My Paw Pal |
| Additional Notes | Excludes S$250 deductible & 20% – 40% co-insurance (depending on your pet’s age) | – | Covers only up to 70% of medical expenses claimed |
Your pets are your family
With more Singaporeans choosing to become pet parents, it’s a bummer that there aren’t many options available for our furry companions. With that being said, it’s beneficial to read up on the policies of each insurer listed in the article in order to get a greater understanding of what each of them has to offer.
Every pet owner would know that taking care of a furkid is no easy task. Still, they’re a part of the family, and at the end of the day, we always want what’s best for them.
Read more: Pawtecting Your Furkids: Pet Insurance and a Vet’s Take on It
