Why you need pet insurance and how to choose the right one

Many pet owners will tell you that owning a pet is not cheap, especially if you have to take your pet to the vet. This is why it is important to have pet insurance as part of your personal financial planning portfolio as the costs for veterinary bills start rivalling those of private healthcare costs for people.

Veterinary treatment costs can be high, such as R43 400 for a tibial plateau levelling osteotomy (TPLO), R16 725 to treat a severe ear infection which eventually required surgery, R39 200 for shoulder surgery, R37 866 for cruciate ligament surgery, R40 682 for joint-related surgery, R39 000 for IVDD back surgery and R35 821 for surgery following a dog attack.

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These are just some of the claims paid by GENRIC Pet Insurance, which demonstrates that the claims costs for veterinary treatment is well within the realm of private healthcare costs for people and warrants a much closer look in terms of your personal financial planning.

“If you own a pet, you have to cover them for the costs of veterinary healthcare in the same way that you approach your own healthcare financial planning with a health insurance solution. With veterinary treatment costs on the rise, driven by costly technology advancements, as well as an alarming shortage of veterinary doctors and nurses in South Africa, having pet medical insurance in a health crisis is an absolute must,” Alfred Wilsenach, divisional manager for underwriting at GENRIC Insurance Company, says.

Do you have R40 000 for the vet?

“If things do go wrong and your pet gets sick or injured, would you be able to fork out R40 000 of your savings or income for a lifesaving treatment? Without cover, many pet owners may be forced into serious debt, or having to make an untenable decision because they cannot afford a big upfront payment for treatment. In many instances, vets require at least a 50% upfront payment before any emergency treatment will commence.”

Pet insurance is a financial planning essential for every pet owner, not only for emergency and unexpected treatments, but also managing costs of routine care such as vaccinations, Wilsenach says. This is especially the case when you have more than one pet and where veterinary expenses can quickly ratchet up to very substantial amounts.

“When you consider that a claim for the R43 000 TPLO surgery would be equivalent to around nine years of pet insurance premium payments, the value and peace of mind provided is immeasurable in an environment where few pet owners can afford such a major financial knock,” he says. 

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How to choose the best pet insurance

How do you choose the best pet insurance? Wilsenach says not all pet insurance benefits are the same and there are many important terms and conditions that you must consider and understand before you take up the cover, such as: 

• Check for payment caps and limits: Check if the policy places a cap on what it will pay for regarding specific treatments and what the total cap is that it will pay in a year per pet.
• Can you choose your vet: Check if the policy allows you to choose to take your pet to any registered veterinarian. That way you can take your pet to your usual trusted vet, or if necessary, any specialist or emergency after hours practice if needed.
• Check if you get discounted premium rates for multiple pets which really helps with for many vet visits, vaccinations and any unexpected treatment costs.
• Check for age limits on the policies: Make sure there is no age limit for the cover provided as long as cover is incepted before the maximum entry pet age of 9 years. This will ensure that your pet gets to enjoy the best treatment and care, even in their golden years.
• Check if the policy contains a specific exclusion for pre-existing conditions: A pre-existing condition means that it was a condition apparent in your pet before you took out the policy. In most instances policies will exclude pre-existing conditions from cover which is why it is so important to get cover in place while your pet is healthy.
• Hereditary, breed, size or condition restrictions: Check if the policy excludes hereditary conditions, breed, size or condition. For example, a policy may exclude cover for a back condition typical for Great Danes, which really defeats the point of having the cover if your pet is a Great Dane.
• Understand exactly what you are covered for: For example, an accident-only plan will cover treatment of injuries after a mishap, such as a car accident or poisoning, but will not provide any cover if your pet falls ill or suffers an injury unrelated to an accident.