Many pet owners only want the best for their furry best friends, and these days, that includes purchasing insurance to ensure their pets are given adequate medical attention when needed.
Recognising a demand, Malaysia’s CIMB Bank has now become the first bank in Singapore to offer pet insurance here. The bank’s new My Paw Pal pet insurance, announced on Monday (April 15), is an insurance scheme that offers protection for pets, including coverage from accidents and illnesses.
But if your pet is a goldfish or canary, you’re out of luck – only domestic dogs and cats are eligible for this insurance scheme.
CIMB’s My Paw Pal pet insurance comprises a Basic Plan and two Optional covers.
The Basic Plan, which costs S$76.90 a year, covers accidental death, medical expenses due to an accident, cremation or burial expenses due to an accident and third party liability.
Third party liability includes any damages that you may be liable to pay for in the event that your pet causes some trouble – for example, attack someone.
The two optional covers include the loss of dog due to theft, medical expenses and cremation or burial expenses due to illness.
In order to be eligible for CIMB’s My Paw Pal pet insurance, pets have to be between 12 weeks to seven years old, and microchipped.
For dog owners who want to get their pets insured, they have to ensure that their canines have been registered with AVA.
Currently, there are at least three insurers in Singapore offering pet insurance – Liberty Insurance, AIA and AON.
With rising pet medical costs, more pet owners are turning to purchasing pet insurance to offset any costs that may result from unexpected injuries or accidents.
Pet insurance typically covers a variety of financial costs – from medical expenses to third party liabilities, and even theft.