Pet Insurance in Hong Kong

Many people in Hong Kong have pets. We love our animals. From cats and dogs, to the more exotic specimens found at shops in Mong Kok and Prince Edward, many individuals and families choose to keep animals at home. Often our pets are part of our family; we take them out for play dates and when they get sick, we take them to the vet.

With the influx on new arrivals that traditionally occurs at this time of year CCW Global has received a number of enquiries about the possibility of obtaining pet insurance in Hong Kong. So, without further ado, here’s what you need to know.

What is Pet Insurance?

“Pet Insurance” is the name given to insurance products designed to offer cover to your pets. These can consist of standalone coverage benefits, like health insurance protection, or can be umbrella products that bundle a range of coverage benefits under a single contract.

Generally speaking, Pet Insurance is an extremely flexible form of coverage, with options for an extended range of coverage solutions that may be applicable to pet owners. Normal coverage available under a pet insurance policy may include:

• Medical Protection: covering the cost of veterinarian consultations, prescribed medications, room and board, and surgical costs.
• Third Party Liability: covering the owner’s liability should your pet cause bodily or property damage to a third party.
• Funeral Costs: the costs associated with proper cremation and remembrance of your pet
• Recovery expenses: if your pet goes missing coverage is provided for advertising to help find them.
• Trip Cancellation: if you have to cancel your vacation because your pet is sick, then you may have protection.
• Overseas Protection: if your pet travels abroad with you a Pet Insurance policy can provide coverage worldwide.

Some plans are specifically designed for cats and dogs, while others allow for the protection of more exotic species like birds, reptiles, and amphibians.

Where Can You Get Pet Insurance?

Pet insurance is not available through any insurance brokers in Hong Kong.

This means that CCW Global is unable to offer Pet Insurance to our customers.

However, Pet Insurance is available through two Hong Kong Insurance companies, FWD and Blue Cross Hong Kong. Existing customers of CCW Global will have to deal directly with the insurance companies to organize any pet insurance coverage. However, CCW Global is able to assist in clarifying aspects of the coverage which you may be unsure of.

What Should I Consider Before Buying Pet Insurance

Pet insurance is, in many respects, exactly the same as human insurance.

The fundamental concepts that apply to human insurance, and the different types of products also apply to pet insurance. Remember, insurance is always an equitable exchange of risk for a predetermined fee – no matter what is being covered.

Animals are unpredictable, more so than humans, and as such establishing equity in the insurance contract is going to mean a costly premium. So the first thing to consider with pet insurance is that it is normally a fairly expensive form of protection. It can get even more expensive depending on the type of animal you have. For example, some insurers will place a premium surcharge on certain breeds of dogs.

A Bassett Hound and Great Dane will normally have significant health issues over the course of their lives; as such these breeds are normally subject to an additional premium loading over other breeds. Rottweiler’s have a reputation for being aggressive, so this breed is also subject to a premium loading in some cases. Other breeds are considered too dangerous, or too sickly to even be insured and will be excluded from coverage all together. A Pit Bull Terrier would be an example of this, along with Japanese Tosas.

But this brings us on to an even bigger consideration when it comes to Pet Insurance, one that many people will overlook.

Animals Have Pre-Existing Conditions Too

Health Insurance is the biggest component of most Pet Insurance policies.

Health Insurance is always underwritten on the basis that pre-existing medical conditions are normally excluded from coverage. This is the same for pets, and unfortunately most people do not take out Pet Insurance on a healthy new puppy or kitten, but rather wait until the animal is older and has started to experience some medical expenses before enquiring about the possibility of insurance coverage.

If your pet has experienced a health concern then it is important to realize that insuring that issue is virtually impossible; you may be able to receive coverage against any future medical conditions, but not those that have already occurred.

Is Pet Insurance Really Worth It?

As such, Pet Insurance may not be entirely worth it, especially if you are purchasing a policy to cover an older animal specifically for their healthcare costs. It is this aspect of Pet Insurance that normally goes overlooked by policyholders trying to cover their pets.

There are, however, far more restrictions and exclusions in Pet Insurance than just the relatively simple issue of pre-existing medical conditions. While you do have choice between Blue Cross or FWD for your pet insurance solutions, it is important to read the policy fine print. For example, while there may be a benefit on the policy for Holiday Cancellation cover, this may not apply unless your pet is receiving immediate lifesaving surgery – simple sickness would not be sufficient to be claimed.

Furthermore, while there is often liability coverage protection available, this cover does not extend to the policyholder, their relations, or their helpers. This means that should your animal injure a member of your family or your domestic helper, that the insurance will be unable to provide any benefit.

It is unfortunate that Insurance Brokers in Hong Kong are unable to offer Pet Insurance, because these types of umbrella products touch on so many diverse areas of insurance which often require their own extensive understanding and expertise. But as to whether Pet Insurance is Really Worth It? Only you can decide that.

While CCW Global may be unable to provide Pet Insurance solutions to our customers in Hong Kong, we are able to answer questions on the different types of protection available, so contact us today.