On online forums, pet owners frequently discuss whether they should invest in pet insurance. Recently, a pet owner shared their experience of spending thousands on medical bills after their cat accidentally ingested something harmful, prompting them to ponder: "Should I get pet insurance or just save for medical expenses?" Some users suggested, "The key to insurance is to handle unexpected accidents or major surgeries, as the cost of a single operation can easily reach tens of thousands." Others believe that "insurance combined with regular savings for medical expenses is the safest choice." So, what exactly does pet insurance offer? Which option—insurance or personal savings—better meets the needs of pet parents? This article provides a comprehensive analysis.
What is Pet Insurance?
Pet insurance can provide extensive coverage. According to Cathay Insurance, it covers not only the medical needs of pets but also other situations that pet owners might face. The primary coverage includes three main areas:
- Pet Medical Expenses:
- Outpatient Costs: Covers consultation fees and pre-examination costs when pets are sick or injured, excluding transportation and caregiver fees.
- Hospitalization Costs: Subsidizes medical expenses for hospitalization exceeding six hours due to illness or injury.
- Surgical Costs: Shares the burden of surgical expenses for pets.
- Pet Liability Insurance: If a pet injures someone or damages property, pet insurance can help cover related compensation liabilities.
- Other Expense Subsidies:
- Pet Boarding Fees: Covers boarding costs when the owner is hospitalized for more than three days and cannot care for their pet.
- Pet Search Advertisement Fees: Assists in covering the costs of advertisements for locating lost pets.
- Travel Cancellation Fees: Compensates for losses related to transportation, accommodation, and visa costs if an emergency surgery is required due to the pet's illness or injury.
- Pet Funeral Expenses: Provides assistance with burial costs after a pet passes away.
- Pet Reacquisition Costs: Helps cover expenses for adopting or purchasing a new pet after the previous one has passed away.
Key Considerations When Choosing Pet Insurance
- Designated Hospitals: Most pet insurance policies require owners to visit designated hospitals for treatment. If the usual clinic is not on the list or if an emergency arises without nearby designated hospitals, claims may be denied. However, Cathay's pet insurance allows visits to any licensed animal hospital, offering more flexibility.
- Brand Trustworthiness and Complaint Rates: It's crucial to choose a reputable company with stable service. Cathay Insurance has over 30 years of brand history and has the second-largest market share in Taiwan. It also boasts the lowest complaint rate among four providers currently offering pet insurance.
Savings vs. Pet Insurance: How to Choose?
Cathay Insurance recommends that since pets do not have health insurance, owners should not only save for medical expenses but also purchase pet insurance to handle high veterinary costs. Here’s a breakdown:
- Savings are Suitable for: Routine outpatient visits and minor non-emergency check-ups such as vaccinations, health checks, or wellness products. The advantage of saving is flexibility; funds can be used not only for medical expenses but also for other pet-related purchases.
- Insurance is Best for: Major medical expenditures like emergency surgeries or hospitalizations due to accidents, as well as significant liability claims resulting from incidents like biting someone or causing car accidents. In cases of serious illnesses or accidents, costs can escalate into tens of thousands; thus, having pet insurance effectively mitigates unexpected risks.
The choice between saving and obtaining pet insurance isn't mutually exclusive; they can complement each other effectively. Savings can address daily needs like vaccinations and minor health checks while insurance provides robust protection against unexpected events and significant expenses. Just as we plan for retirement or medical funds despite having health insurance ourselves, pet owners should proactively plan by combining both strategies to alleviate potential financial burdens in the future.
Convenient Online Insurance Options
Cathay Insurance currently offers convenient online purchasing services where you can insure your pet simply by entering their microchip number—no physical examination required and quick underwriting process. Through their official website, owners can also calculate premiums themselves and choose the most suitable plan. Additionally, there are time-limited promotions where online purchases enter a lottery for prizes worth thousands. Don't miss out on securing your beloved pet with insurance!
