4 Best Pet Insurance Plans To Protect Your Furkids 2024

Four different plans to stop your pet’s medical bills from burning a hole in your pocket.

Our pet cats and dogs are precious members of the family that we love unconditionally, so it’s no surprise that we want to protect them from the pain and suffering of old age, illness and accidents.

It’s quite a pity then, that when it comes to pet insurance, dog and cat owners in Singapore aren’t exactly spoiled for choice. Here are the four best pet insurance plans you should consider to protect your favourite pet, with fingers crossed that there will be more policies available sooner rather than later. 

Table of contents

• Co-insurance and deductibles
• Summary of best pet insurance
  
  • CIMB My Paw Pal
  • Happy Tails
  • PetCare Liberty
  • Tiq by Etiqa Pet Insurance

A note on co-insurance and deductibles

As you go through the article, you’ll notice that some plans have co-insurance and deductibles attached to them. Here’s a quick explanation.

Co-insurance refers to the portion you have to pay when making a claim. For example, you make a claim for a vet surgery session that came up to S$5,000 in total. Your pet insurance plan offers a 20% co-insurance on vet surgeries.

This means that you will only be reimbursed 80% of the bill = S$4,000. The remaining S$1,000 (or 20%) will have to be borne by you.

Similarly, deductibles are also borne by you, the policyholder. The difference is that deductibles are first applied on the amount being claimed, before the claim is processed. For example, let's say your dog escaped and dug up your neighbour’s garden. She is now claiming damages from you amounting to S$2,000.

Your insurer offers a deductible of S$500 on all third-party liability claims, such as the one your neighbour has slapped you with. Therefore, your insurer will only pay S$1,500 on your claim instead of the full S$2,000.

Why is there such a roundabout way of doing things? Well, co-insurance and deductibles help insurers bring down premiums, by making sure that only policyholders who need to make a claim pay their share. Otherwise, the costs will be passed on to everyone in the pool, making all policyholders pay higher premiums.

It is important to take note of deductibles and co-insurance as they affect how much out-of-pocket costs you have to bear. This, in turn, affects the value that you’re getting out of your pet insurance plan.

A summary of the best pet insurance plans in Singapore

CIMB My Paw Pal: Pet accident insurance with optional cover for illness 

CIMB’s pet insurance plan offers budget-friendly protection against accidental death and injury, which should satisfy pet owners who simply wish to cover against vet fees should their cats or dogs meet with an accident.

If you'd like additional protection, there’s also an option to extend the coverage to include illness; purchasing this allows owners to also claim for vet fees arising from sickness and disease treatments, instead of just being limited to accidents.

This feature is unique among the four plans we have surveyed. The main advantage is that it allows pet owners flexibility in meeting the changing needs of their pets as they age, without having to change providers.

One practical application could be to purchase the basic accident cover while your pet is young, and only add the optional illness cover when your pet gets older and face increased risks of contracting certain diseases. Furthermore, your pet receives coverage instantly upon policy approval and if its microchip has already been submitted.

However, keep in mind that working pets are not eligible for this policy. For example, if your cat or dog used for law enforcement, breeding, racing, or other commercial purposes. Additionally, if your pet is a dog, it must be licensed with the AVS.

Happy Tails: An extended medical plan for both cats and dogs

Happy Tails pet insurance is for pet owners seeking a more comprehensive medical plan, rather than a simple accident cover plan.

Apart from pre-existing conditions, as long as your pet dog or cat needs medical care arising from injury or illness, you’ll be covered. Six hereditary and congenital conditions are covered by this insurance policy, including cherry eye and elbow dysplasia.

Do note that the benefits you can claim are subject to an annual cap, which differs according to the plan you choose. 

Dog owners will have a choice of three plans, with each tier costing around S$70 more than the last. Depending on the age and health status of your dog, it may be worthwhile to pay a little bit more for the higher-tier plans in order to take advantage of the higher coverage amounts. 

There’s only one plan offered for cats, with an annual limit of S$5,000. This is reportedly due to cats having a vastly different size and temperament.

Do note that for Happy Tails, your furkid will need to be microchipped, fully vaccinated, and not be a working pet. It must be clinically examined by a licensed vet within 30 days from the insurance policy's commencement date as well.

Pet owners may appreciate that Happy Tails offer comprehensive benefits that extend to post-treatment and recovery. However, it all comes at a cost; besides the relatively high premiums, you’ll also have to pay co-insurance and deductibles on your claims.

The plan does come with a no-claims discount which builds up to 15%, which should help pet owners save some money.

PetCare: Premium pet insurance with high surgical cover

If you’re worried about the financial costs of pet surgery (which can go into the thousands), then you should look into PetCare by Liberty Insurance.

PetCare offers a straight 30% co-insurance for any surgical procedure your dog or cat may require. This feature offers a way to control how much you need to spend on vet fees, while helping your pet get the treatments they need.

It also offers the highest benefit for accidental death of your pet — up to S$3,000 — which may be attractive to owners with pedigree pets (Although we know no amount of money will ever make up for the pain of losing a beloved pet). This applies to accidental injuries as well, awarding up to S$3,000 to cover vet expenses due to an accident.

This is the most expensive pet insurance plan on the list. But there is a No Claims Discount available.

Be sure to weigh your options carefully before signing up. Also, take note that the coverage for theft does not apply to cats.

Tiq by Etiqa Pet Insurance: Holistic coverage with highest surgical claim limit

Tiq by Etiqa Pet Insurance prides themselves on offering comprehensive coverage for your furry companions. Here's why they're a cut above the rest.

Firstly, their highest-tier plan provides the highest surgical coverage in the market, reaching up to S$15,000. Additionally, they extend substantial coverage for non-surgical medical expenses and accidental injuries, with limits of up to S$3,500 respectively. However, it's important to note that co-insurance and deductibles apply per claim.

Moreover, your pet will receive holistic protection, including up to S$500,000 for third-party liability and S$500 for funeral expenses. But do note that these benefits are exclusive to plans beyond their basic tier, Pawsome.

Furthermore, they also offer a complimentary Congenital and Hereditary cover upon submission of your pet's medical report for a list of conditions like hip and elbow dysplasia, luxating patella, glaucoma and more. These conditions are subject to a 12-month waiting period and provided it is not a pre-existing condition stated in the medical report.

Lastly, don't miss out on their no-claim discounts, which could save you up to 20% if you maintain a claims-free record for five consecutive years or more. Refer to the table below illustrating their no-claim discount rates, co-insurance, and deductibles.

The best part is that they are offering 10% pet insurance with promo code PET10.

Protected up to specified limits by SDIC.

Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your future healthcare needs.

If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.

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