Your Guide to Pet Insurance in Singapore

This post was originally posted on Planner Bee.

When we think about insurance, we often relate it to human needs. But did you know that insurance can also apply to our beloved furry friends? Just as we take care of ourselves and our families, our pets deserve the same level of protection. After all, they are considered “Man’s Best Friend” for a reason!

Unfortunately, pet insurance plans are yet to be widely available in Singapore. Not only is the number of insurers offering pet insurance limited, but coverage is usually restricted to dogs and cats, with certain policies having their own limitations.

But remember, any protection is better than none—especially when it comes to your pet’s health and well-being.

At present, only a handful of insurers in Singapore provide pet insurance. These include:

• Income
• Liberty
• Tiq
• CIMB (underwritten by Sompo Insurance Singapore)
• Silversky (underwritten by MSIG Insurance Singapore)
• MSIG Insurance Singapore

While options are limited, the importance of pet insurance cannot be overstated. With veterinary costs rising steadily, it’s increasingly necessary to consider a plan for your pet’s health—especially during an emergency.

Why is pet insurance important?

Just as we humans need medical attention when we fall ill, pets also need veterinary care. In fact, medical expenditures for pets can often surpass those of a simple visit to a GP. By having pet insurance, you can safeguard both your pet and your bank account from the shock of unexpected veterinary bills.

Emergencies can happen at any time—whether it’s an accident, illness, or the unfortunate loss of a pet. Pet insurance provides peace of mind that you won’t have to bear the financial burden alone.

Common insurance terms you should know

Understanding the terms in your pet insurance policy is crucial. Here are some key terms explained:

• Co-insurance: The portion of the claim that you would have to pay on your own. For example, if your total medical bill is $10,000 and the co-insurance is 30%, you would need to pay $3,000 out-of-pocket.
• Deductibles: A fixed amount you must pay before your insurance plan starts to pay you. For instance, if you have a $1,000 deductible and a $4,000 claim, you’ll pay the first $1,000, and the insurance will cover the remaining $3,000.
• No Claim Discount (NCD): A reward for not making a claim during the policy term, which helps lower your premium for the following year.
• Third-party liability: This covers costs incurred if your pet causes damage or injury to others, such as another animal or a person.
• Pre-existing conditions: A condition that appeared or showed symptoms before your pet’s insurance begins, or during the waiting period, may not be covered. Policies often exclude pre-existing conditions, as well as certain procedures like spaying, neutering, or dental treatments.

What does pet insurance typically cover?

Pet insurance in Singapore covers a range of health-related issues. Some of the common coverages include:

• Non-surgical treatment
• Surgical treatments
• Chemotherapy
• Accidental death
• Accidental injury
• Theft
• Third-party liability (e.g., if your pet damages someone else’s property or injures another pet)

Key factors affecting your insurance plan

Several factors should influence which pet insurance plan you choose:

• Age: Older pets are generally harder to insure, and many plans limit purchase of coverage for pets 9 years old or younger.It’s advisable to get your pet insured while they are young.
• Pet breed: Some insurance plans exclude certain breeds due to their higher risk of medical issues or aggressive tendencies. For example, certain larger or more aggressive dog breeds may not be eligible for coverage.
• Medical history: Pets with pre-existing conditions or those prone to certain health issues might need a more comprehensive (and often more expensive) plan.
• Aggressiveness: Some breeds are naturally more aggressive, which could potentially lead to harm to another person or animal. If your pet is in this category, it’s important to choose an insurance plan that offers maximum coverage for third-party liabilities.

Dog insurance comparison

Source: Income, Liberty Insurance, CIMB, Tiq by Etiqa, Silversky Protect, PawEasy

The table below provides a reference for the annual premiums (inclusive of GST) for a 1 year old male Golden Retriever across various pet insurance providers in Singapore.

Actual premiums may vary based on factors such as the pet’s age, breed, health condition, and selected coverage options. For the most accurate and personalised pricing, submit a quote today.

Cat insurance comparison

Source: Income, Liberty Insurance, CIMB, Tiq by Etiqa, Silversky Protect, PawEasy

The table below provides a reference for the annual premiums (inclusive of GST) for a 1 year old male British Shorthair across various pet insurance providers in Singapore.

Actual premiums may vary based on factors such as the pet’s age, breed, health condition, and selected coverage options. For the most accurate and personalised pricing, submit a quote today.

For now, it’s essential to assess the available plans and select one that aligns with your pet’s needs and your budget. If you’d like a detailed comparison of pet insurance plans, you can compare them here and get a free quote to find the best fit for your furry companion.

Pets are family

As more Singaporeans choose to become pet parents, it’s crucial to ensure that your pets have the protection they deserve. Although options are still limited, the availability of pet insurance is gradually expanding. By doing your research and understanding what each insurer offers, you can make an informed decision that benefits both you and your pet.

Taking care of a furkid is a big responsibility, but they’re an irreplaceable part of the family. At the end of the day, we always want the best for them—whether it’s ensuring their health or providing them with the love they deserve.

Read more: Pawtecting Your Furkids: Pet Insurance and a Vet’s Take on It