Hong Kong Pet Insurance Comparison 2024 – Coverage vs. Price | 10Life

10Life knows how much your beloved pet means to you as some of us are pet owners too! It can be a whirlwind of emotions when your dog or cat becomes ill or has an accident. Pet insurance can provide protection for your furry child.

In this article 10Life compares pet insurance from Blue Cross, China Taiping, FWD, MSIG, OneDegree, PetbleCare, and Prudential – where the difference in coverage can be enormous.

As pet owners we understand how heart-breaking it can be if something happens to our cat or dog.  Here are some key items that pet owners should be aware of:

1. Go for routine medical check-ups and vaccinations.
2. Bring them to a vet for general consultation if they are unwell. As they are not able to speak, the vet would usually perform some lab tests such as blood/ urine, and in some cases advanced diagnostics such as x-ray, ultrasound. 
3. Prescribed medications may be needed. 
4. In more serious cases, hospitalisation and/or surgery may be required. 
5. If cancer is diagnosed, chemotherapy may be performed.

Over the years you may take your furry child to numerous routine check-ups, vaccinations, and veterinary consultations. As they age, the risk of getting serious illnesses also increases. What are the pet insurance products available and how do they compare?

Most of the pet insurance products require co-payment, where the policyholder needs to cover a percentage of the claim amount out of pocket. Hence usually the lower the co-payment the better.

As long-term protection, price is a key factor in pet insurance. The premium rates may vary by age and breed. Table 2 above shows the price comparison examples for 2 dogs (Shiba Inu, aged 1 and 8 years) and 2 cats (Shorthair, aged 1 and 8 years). Most insurance companies charge higher rates for higher ages, and MSIG and OneDegree offer different rates for dogs and cats. Only China Taiping and FWD offers the same price regardless of the age and breed.

In addition, Blue Cross, MSIG, PetbleCare products offer no claim discount. The discounts rate are 5%, 10%, and 15% for no claim period of 1 year, 2 consecutive years, and 3 consecutive years.

Pet owners may want to get their loved ones covered as early as possible. PetbleCare has the lowest issue age of 8 weeks among all plans, while Blue Cross and FWD start at 6 months. Note that most plans have limitations on renewals. While some allow renewal up to age 12 or 13, OneDegree does not have an age limit on renewal.

For MSIG, it is mandatory that the insured pet undergoes an enrolment clinical examination prior or within 30 days from the commencement date of the policy. The examination result must be produced upon the first claim. Failure to submit by then may render the policy void.

For dogs, some pet insurance policies impose sub limits, while MSIG and OneDegree have an overall total limit on the sum of multiple items, which may provide more flexibility when making a claim. Although MSIG and OneDegree have higher annual limits (>HK$68,000), MSIG mainly covers surgery costs. Hence pet owners should focus more on the benefit structure rather than purely the total coverage amount when comparing pet insurance.

In addition, most of the plans cover chemotherapy. Blue Cross coverage of HK$15,000 are among the highest, whilst OneDegree provides a one-off cancer cash benefit of HK$10,000.

For cats, most of the insurance companies offer the same coverage as for dogs, except for MSIG where the annual limit and sub-limit on specific items are lower compared to dogs.

Most insurance companies require the pet to have microchip. Currently only Blue Cross and OneDegree do not require microchip in a cat, as they accept other pet identity documents such as vaccination records.

Most pet insurance plans provide at least HK$1,000,000 in third-party liability such as injury or property damage caused by the insured pet. However, insurance companies usually do not offer coverage for dangerous dogs such as Dogo Argentino, Fila Brazillier, Japanese Tosa and Pit Bull Terrier.

Although OneDegree offers coverage for all species of dogs and cats, their product does not have third-party liability coverage. 

If the policyholder is hospitalised for more than the designated consecutive days, Blue Cross, China Taiping and Prudential will reimburse the cost of pet sitting expenses. The highest amount is China Taiping (HK$5,000, but with excess of 5%)

When looking for a stolen or lost pet, many owners may advertise. China Taiping, FWD, and PetbleCare products cover related expenses, of which China Taiping has the highest amount (HK$2,500, but with excess of 5%).

In addition, if the furry unfortunately pass away, the owner needs to deal with the aftermath. Except for OneDegree, all products all cover the cost of cremation and funeral services. The highest amount is Blue Cross (HK$3,000), while the lowest is PetbleCare (HK$1,000).

Pets do bring us lots of joy and memories, and for owners it is important to plan ahead for the potential costs. These days some pet insurance plans can be easily purchased online. However before buying be sure to compare and understand different plans to make an informed decision, and consult professional advisors if needed.

OneDegree has launched the first-in-market pet insurance for turtles, tortoises and birds in Hong Kong, covering 68 species of birds and 53 species of turtles. Pets 1-10 years of age are eligible for application, with annual underwriting required for renewals at age 11 or above. Pet owners can purchase the insurance online at an annual premium of HK$2,988. The plan covers up to 20 medical claims per year, and includes consultation, hospitalisation and surgery fees, with 50% reimbursement.

Note:

1. Assuming enrolled in the highest tier plan.
2. The premium rates above are updated as of 31 Jan 2024 and exclude any insurance levy collected by the Insurance Authority.
3. The above information is updated as of 31 Jan 2024.