Getting Started with Pet Insurance: 5 Reasons Why You Need Pet Insurance for Your Furry Child (Updated 2024)

As a pet owner, you naturally want to give your furry child the best life possible—whether that means choosing the right food, the best toys, or top-notch veterinary care. However, veterinary bills can add up quickly, especially if an injury or illness occurs unexpectedly. At this time, pet insurance is particularly important. Pet insurance can provide you with peace of mind and financial protection, ensuring that your beloved pets receive the care they deserve while easing your financial stress. In this article, we’ll explore the main reasons to buy pet insurance, its importance in a hypothetical scenario, and compare the leading pet insurance providers in Hong Kong.

Why You Need Pet Insurance: What-If Scenarios

Scenario 1: Dog emergency surgery

Imagine your dog Max accidentally swallows a foreign object while playing in the park. He suddenly feels unwell, and when you rush to take him to the vet, you learn that he needs emergency surgery to remove the foreign object. The total cost of the surgery, including preoperative examination, anesthesia and postoperative care, totaled HKD 20,000.

• Have pet insurance: Your pet insurance plan covers 80% of the cost of the surgery. You only need to pay HKD 4,000 out of pocket. Surgery was performed immediately and Max made a full recovery.
• No pet insurance: You need to pay the entire HKD 20,000 fee yourself. This sudden financial burden forces you to dip into your savings, putting a strain on your budget.

Scenario 2: Cat's long-term illness

Your cat Bella was diagnosed with diabetes when she was 6 years old. Managing his condition requires regular insulin injections, blood sugar monitoring, and regular veterinary check-ups. The monthly cost of managing Bella's diabetes, including medication and veterinary visits, totals HKD 2,500. The total cost for the whole year is HKD 30,000.

• Have pet insurance: Your pet insurance plan covers chronic diseases and reimburses you for 70% of the cost of treatment. You only pay HKD 9,000 for the whole year.
• No pet insurance: You need to pay the entire HKD 30,000 fee yourself, which will put considerable pressure on your finances.

Scenario 3: Accidental injury

Your adventurous cat Simba accidentally ran onto the balcony and fell, injuring his leg. A veterinary examination revealed a broken bone, requiring surgery and a short hospital stay. The total cost of surgery, hospitalization and medication was HKD 15,000.

• With pet insurance: Your policy covers 90% of accident-related expenses. You only need to pay HKD 1,500 and Simba will receive treatment immediately.
• No pet insurance: You will be responsible for paying the entire HKD 15,000 fee yourself, which may force you to delay surgery or compromise on Simba’s care.

Pet Insurance Providers in Hong Kong: Coverage and Price Comparison

When choosing pet insurance in Hong Kong, there are several trustworthy providers that offer comprehensive coverage. Here are the details on four of the top pet insurance providers and their most popular plans.

1. OneDegree - Pawfect Care

• Coverage: OneDegree's Pawfect Care plan covers veterinary consultations, hospitalizations, surgeries, accidents, illnesses, and even chronic conditions like cancer or diabetes. It also covers alternative treatments such as acupuncture and physiotherapy.
• Price: Starting from HKD 176 per month.
• Key advantages: The plan reimburses up to 90% of veterinary expenses, with an annual coverage limit of HKD 100,000. There are no breed restrictions and a cash benefit is provided for serious illness.

2. FWD - Pet Insurance Plan

• Coverage: FWD's Pet Insurance Plan covers veterinary visits, surgeries, accidents and emergency treatment. It also includes prescription food coverage for specific conditions such as kidney disease.
• Price: Starting from HKD 118 per month.
• Key advantages: FWD’s plan provides up to 90% coverage of veterinary expenses, with an annual limit of HKD 60,000. The plan also includes third-party liability coverage in case your pet causes injury or damage to others.

3. BlueCross - LovePet Insurance

• Coverage: BlueCross' PetCare Insurance covers accidents, illnesses, hospitalizations, surgeries, and even outpatient care. It also covers post-operative care and diagnostic tests such as X-rays and ultrasounds.
• Price: Starting from HKD 268 per month.
• Key advantages: The plan provides coverage up to HKD 60,000 per year and reimburses 80% of expenses. It also covers third-party damages up to HKD 1 million. and includes alternative treatment options such as physical therapy and chiropractic care.

4. MSIG - Happy Tails

• Coverage: MSIG’s Happy Tails plan covers accidental injuries, illnesses, surgeries and hospitalizations. It also covers veterinary consultation and diagnostic examinations.
• Price: Starting from HKD 250 per month.
• Key Benefits: The plan provides coverage up to HKD 70,000 per year and reimburses 80% of eligible expenses. It also offers a health benefit that covers routine checkups and vaccinations.

Why pet insurance is crucial for pet owners in Hong Kong

According to OneDegree, the overall life-cycle cost of raising a pet averages about HKD 680,000. Of this, approximately 17.2% – equivalent to HKD 117,000 – is spent on veterinary visits, treatments and medications, often due to accidents and health issues experienced by our furry children.

Pet insurance can greatly reduce this financial burden. Many pet insurance plans in Hong Kong offer reimbursement of up to 80% on qualified medical expenses, which means you can save thousands of Hong Kong dollars on veterinary bills. With pet insurance, you can protect your finances while ensuring your pet receives the best possible care. This allows you to reallocate those savings into other areas, such as better nutrition, fun toys, and grooming, thereby improving their overall happiness.

Summary: Pet insurance is a win-win choice

As a pet owner, you want to ensure that your furry child receives the best possible care throughout his or her lifetime. Pet insurance allows you to do this without breaking your budget. By investing in a comprehensive pet insurance plan, you're protecting both your finances and your pet's health. Whether it's emergency surgery, managing a chronic condition, or covering routine checkups, pet insurance can provide you with peace of mind knowing you can always provide your pet with the care he deserves.

So why wait? Explore the best pet insurance options in Hong Kong today and give your pet the protection it deserves.