As any animal lover will vouch for it, losing a pet or seeing one suffer can be an emotional squeeze. While it's hard to replace a precious pooch or a cocky kitty, you can now ensure that it's not a financial drain as well. By insuring your pet against third-party liability, theft, even death, you can not only secure peace of mind but also have enough movey to buy a new one, especially considering the high prices that prized breeds command.

Delhi-based Sanjeev Kumar and Preeti realise this. This is why they have covered their three dogs for a total of Rs 60,000 (Rs 50,000 for Tigger, the German shepherd, and Rs. 5,000 each for two boxers, Angel and Devil). These are expensive breeds. We coughed up over Rs 80,000 to acquire them. But, of course, this is not the only reason we opted for the cover says Kumar, who has a pet grooming saloon and pays an annual premium of Rs. 2,238 for his pets.

What does it cover?

Compared with the western countries, which have a huge and growing pet insurance market, the concept is relatively unknown in India. While most policies are dog-oriented, there are several animals that can be covered. Apart from dogs, one can insure sheep, goats, ducks, honey bees, poultry, fish, Siamese cats, silkworms, elephants and horses,says VP Mohankumar, principal officer and MD, Link-K Insurance Broker.

Pet insurance

Poultry and fish can only be covered against accidents, while the rest can be insured against death due to accident or disease says Mohankumar. The cover can also include theft, and if your pet has an aggressive streak, adding a third-party liability clause can come in handy. This means that if your dog bites your not-so-friendly neighbour, it can cover medical and other related expenses.

The cover can also be customised to include death due to accidental poisoning, accident in transit by air, rail or road, and risks associated with animal shows in India, besides burglary and breeding risks says Dr Ashok Patil, head, rural insurance, Bajaj Allianz General Insurance. Some companies also cover permanent total disablement (PTD).

If the animal is incapacitated and unable to work, which is considered equivalent to death, this eventuality can be insured. However, in this case, one may not get a 100% claim. For instance, National Insurance offers a PTD cover but provides only 75% of the cover. The companies that offer pet insurance in India include National Insurance, New India Assurance , Oriental Insurance and United India Insurance , whereas Bajaj Allianz General Insurance provides cover only for dogs.

The premium for insuring pets depends on the number of animals and their living and geographical conditions. It usually ranges from 3-6% of the cover, but is subject to change depending on factors such as health condition, lineage, etc,says Bhalla Swami, chief manager, rural insurance department, New India Insurance. While some companies have fixed the cover amount for certain animals, for others, it is based on the market value. Also, if your dog has won any shows or competitions, its value is likely to go up and will be analysed on the basis of market conditions.

Source : ET Bureau