Pet Insurance

For most of us, our pets are another member of the family with great emotional value. In some cases, they also have an economic value for example, a watchdog, It is for these reasons that insurers offer pet insurance. Although the standard pet insurance policy has been drawn up with dogs in mind, you can ask insurers to suitably modify it to cover other animals and birds as well.

WHAT IS IT?

The standard policy covers pet owners against the death of their pet due to natural causes or by accident. Two pre conditions have to be met at the time of buying and renewing a policy: the pet has to between two months and eight years old, and a qualified veterinarian has to give an undertaking that the pet has been given preventive inoculation.

The premium payable depends on the pet being insured (type and breed) and its age. The premiums vary across insurers. Typically, insurers charge a premium of 6 per cent of the sum insured.

As stated earlier, the standard policy covers only death due to natural causes and accident. Some additional covers are available, though, for an additional premium. These are:

• Death by accidental poisoning (even by burglars)

• Death in transit

• Death while giving birth, or if the whole litter dies within 14 days of birth

• Theft of pet, including during burglary

• Loss of value due to an accident (limited to 50 percent of the sum insured)

* Actions of pet that result in injury to another person or damage to another person's property

FINE PRINT

1. In the event of your pet's death, you'll be paid the market value of your pet (based on its age and breed), up to the sum insured.

2. The pet must be identifiable by a tattoo, nose print (similar to finger prints for human beings) or a color photograph.

EXCLUSIONS

1. Pet insurance doesn't cover birds and animals used for commercial purposes for instance, race horses and cows.

2. Disability of any nature to pets.

3.Cost incurred on periodic visits to a vet for inoculation or to treat injuries and ailments.

TIPS

Given the narrow scope of the standard pet insurance policy only death, no medical cover it makes sense to take it only if, on death of your existing pet, you intend to buy another pet. The claim amount will go some way in helping you buy another pet.

For instance, if your dog bites another person, the additional cover will compensate you, partly or fully, for the expenses incurred by you towards the person's treatment. Or, if your dog tramples on your neighbour's flower beds and the neighbor seeks damages, you can seek compensation from your insurer.

The downer is that third party cover can't be taken as a standalone policy, it has to be bought along with the standard policy. So, weigh the economics of the decision carefully before buying pet insurance.

MAKING A CLAIM

In case of your pet's death, a copy of the death certificate (issued by a vet) has to accompany the policy and the claim form. The market value of your pet (as assessed by a vet), up to the sum insured, will be paid to you as compensation.