Singapore dog and cat owners have a reason to celebrate, because there is now one more pet insurance provider in Singapore.
Malaysia’s CIMB Bank has just launched a new pet insurance plan called My Paw Pal, which is underwritten by Sompo Insurance Singapore.
However, CIMB isn’t the first to offer pet insurance in Singapore.
Other insurers who have launched pet insurance include Liberty, MSIG and others.
What Does Pet Insurance Cover?
Pet insurance typically cover some or all of the following:
- Accidental Death
- Medical expenses due to accident
- Cremation or burial expenses due to accident
- Third party liability such as injury and property damage caused by the pet
Is Your Pet Eligible for Pet Insurance?
To be eligible for pet insurance, your pet must generally be:
- Micro chipped
- Registered with the Agri-Food and Veterinary Authority of Singapore (AVA)
- Between 12 weeks and seven years old
- Must not be a working dog (eg. guide dog, hunting dog)
Certain dog breeds may be excluded from pet insurance, such as the Bull Terrier, Doberman Pinscher, Rottweiler and Mastiff.
What If Your Pet Isn’t A Dog or Cat?
Unfortunately, if your pet is a rabbit, parrot, or goldfish, you are out of luck because there isn’t enough demand for pet insurance for animals other than dogs and cats.
Every pet insurance plan has a few differences. We recommend that do a comparison to see which one is more suitable for your pet.
If you are not sure how to compare, do give your financial planner a call.
Although not many financial planners in Singapore specialize in pet insurance, he or she may be able to give you valuable insights on what to compare, especially if he or she is also a pet owner.
