What to Look Out For in Pet Insurance

Consider your pet's care needs and how much you can afford to pay for the coverage

- Judith Tan

When the Lim family's pet beagle, Pepper, was four, they decided to insure her as she had liver issues. "We knew it would be challenging or expensive if we got her insured after her condition worsened, so we had to be quick about it," said administrative executive Felicia Lim, 57.

"There were limited policies provided by the insurance company, so I just went with what the agent recommended, which was the basic plan."

Today, at eight years old, Pepper makes frequent and costly visits to the vet, undergoing regular blood tests and taking long-term medication.

When Mrs Lim bought insurance for Pepper, there was only one company - Liberty Insurance - that offered to insure pet dogs. On the advice of her insurance agent, she chose the most basic plan, which provides partial coverage of medical expenses such as surgical and non-surgical treatments, for an annual premium of almost $400.

"We were not able to predict if her condition will worsen as she ages, so having her insured may help alleviate some financial pressure with future medical care," Mrs Lim said, adding that the family is worried the insurance coverage might not be enough.

Under the Liberty PetCare plan, the claim limit for veterinary expenses is $700 for non-surgical treatment and $2,500 for surgical treatment, according to the insurer's website.

With more people treating their pets like family members, animal medical treatment expenses can soar, just like healthcare for humans. Expensive diagnostic scans, surgery and cancer treatments are routinely offered and accepted, escalating costs.

In one case, a couple emptied their savings and sold their Housing Board flat in 2023 to clear the credit card loans they took out for their dog's medical bills, but the French bulldog did not survive.

To mitigate the burden of unexpected veterinary expenses, pet owners are turning to insurance.