By MoneyBees
Work out what a pet insurance claim pays after the deductible, co-payment and annual limit, the vet bills at which the premium breaks even, and the cost of cover over the years.
It depends on the bills you could not pay from savings. On average you pay more in premiums than you get back, because that is how insurance is priced. Cover earns its keep in the year a large accident or illness bill arrives. Enter the policy's terms and a bill you would struggle with to see what you would pay with and without it.
The deductible (or excess) is the part of a bill you pay first. The co-payment is your share of what is left. With a S$200 deductible and 20% co-payment, a S$3,000 bill pays (3,000 - 200) x 80% = S$2,240, so you pay S$760. The annual limit caps what the policy pays in a year.
Deductible plus premium divided by the share the policy pays. With a S$400 premium, S$200 deductible and 20% co-payment, that is 200 + 400 / 0.8 = S$700 of covered bills in a year.
AVS says most policies cover surgical and non-surgical illness, accidental injury, accidental death, final expenses and third-party legal liability. Check your own policy wording for the limits on each.
AVS lists common exclusions: pre-existing and hereditary conditions, preventive care such as vaccinations and flea, tick or worm control, behavioural conditions, cosmetic procedures and alternative therapies such as acupuncture and physiotherapy.
AVS notes that most insurers have a maximum age at which a pet can be enrolled. Waiting periods, eligible breeds and ages also vary between policies, so check before your pet gets older.
Yes. All cats and dogs must be licensed with AVS. A one-time licence for a sterilised cat or dog costs S$35 for each of your first three, and a one-year licence for a non-sterilised one costs S$90. In an HDB flat you may keep one dog of an approved breed and up to 2 cats.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).