Everything you need to know about pet insurance

Updated: Oct 23

Roshan’s beloved Great Dane, Bailey, turned seven last year. Bailey has hip dysplasia, which is increasingly getting worse, requiring frequent visits to the vet. Roshan ends up spending a fortune on Bailey’s tests, treatments, and consultations. Of course, he doesn’t scrimp on any of Bailey’s needs.


Empathize with Roshan? Then pet insurance may be for you.


With an annual growth of 14%, India is the fastest-growing market for pet care in the world, says Petex India research


Indian banks have always offered cattle and livestock insurance to protect against loss of livelihood for villagers and rural farmers. However, in India, pet health insurance is now increasingly finding a footing with more people making the transition from being mere pet owners to pet parents.

A pet brings much joy, but the cost of looking after one can be expensive. Data from Statista estimates that dog food alone cost approximately Rs 8,000 per month in 2018. Even necessary routine annual checkups include obtaining vaccinations, rabies shots, tick prevention medicines, etc. which really rack up the bills.

Statista


Having life insurance helps you brace for the unpleasant and unexpected. Pet insurance does the same. And like insurance for humans, pet insurance, too, is approved by the Insurance Regulatory and Development Authority (IRDA) with different options for pet parents to choose from.


Currently, pet health insurance is offered by well-established firms like Bajaj Allianz, New India Insurance, United India Insurance, and Oriental Insurance and smaller private companies like Digit Insurance and Vetina Healthcare.


Let’s take a closer look at what pet insurance entails.