Pet Insurance A Lifeline Or Luxury? Costs Of Caring For Furry Friend

From pitter-patter of paws racing to the door to the warmth of a purring cat, pets become irreplicable parts for people's lives.

But there are also times where pet parents have to rush their furry friend to the hospital or take on hefty bills when an unexpected health crisis strikes.

The reality is, caring for a sick pet can quickly become a financial burden that many pet parents are simply not prepared for.

Rising healthcare costs make a case for the need for insurance. "Most times, pet parents are not prepared for the cost of treatment," veterinary surgeon Nameeta Nadkarni points out.

Here, the focus is not just on the one-off emergencies, but also the chronic illnesses like diabetes or cancer that often led to long-term treatments and frequent vet visits. An emergency surgery with hospitalisation, for instance, "can burn a hole in the wallet", warns Nadkarni.

These aren't minor expenses. A chronic illness could set you back anywhere from Rs 10,000 to Rs 15,000 per month. For major surgeries, depending on various factors, Nadkarni said the bill could range from Rs 30,000 to a staggering Rs 80,000.

Faced with such sums, it becomes clear that these bills can be a big sum for pet parents, so insurance is a need of the hour.

"One in four or five dogs, according to statistics, will get cancer at some point of their life," said Nadkarni. She added that older dogs are prone to arthritis and certain breeds are predisposed to genetic conditions like hip malfunction.

Cats, too, face their own challenges, with chronic kidney disease being a common ailment that requires dietary changes and medication, according to Nadkarni.

Awareness about pet insurance has been growing, Nadkarni said. While players like Bajaj Allianz have been around for a while now, many pet parents remain unaware of their options.

When considering a policy, Nadkarni advises that most plans will cover surgeries but exclude "electives", such as neutering or spaying.

Some policies offer additional benefits like theft coverage, providing a reward for finding a lost pet, or even mortality coverage for funeral costs or euthanasia, according to Nadkarni.

It's crucial to note that "they do not cover vaccinations and diseases that occur if you do not vaccinate your pet", Nadkarni clarifies.

While cashless settlements are not yet widespread due to a lack of uniformity among vet clinics, meaning most people have to take the reimbursement route, Nadkarni has observed positive experiences with claims.

"With the few who had pet insurance, I have not seen them struggle with the claim settlement," she said.