'Price, benefits not sole factors for pet insurance'

The Consumer Council said on Wednesday that pet owners should not simply consider the price and benefits of insurance plans when selecting the type of protection for their furry friends.

It looked into 24 pet insurance plans and found that the coverage of some plans have become more refined than its previous study in 2023.

But it highlighted that many of the new items are not part of the basic coverage, meaning owners have to dig deeper into their pockets for additional premiums.

The council's chief executive Alaina Shum noted that the annual premiums could vary by up to 14 times, depending on factors including pet breed, age coverage scope and benefit limits.

"Consumers may easily be attracted by higher annual maximum benefit or lower premiums," she said.

"But other factors such as the deductibles, pre-visit, or per-day limits, sub-limits, waiting periods from policy commencement exclusions, network veterinary restrictions, and renewal terms will also affect the outcome of the claims."

Shum also noted that 70 percent of the plans capped the age for first-time enrolment at eight, and pets older than that could be subjected to underwriting upon renewal.

"I think consumers should very much be aware that as the pets age, the level of coverage may change dramatically, even actually on a yearly basis. So owners of the older pets should therefore pay particular attention."

As the city has lifted a decades-old ban to allow dogs into designated restaurants since last Thursday, the council also called on owners who often take their pets outdoors to check the scope of third-party liability coverage in choosing the suitable plans.

In case of any incidents, policyholders should notify the insurance companies as soon as possible and keep detailed records of the incidents for claims, and refrain from reaching private settlements with other parties involved, the council added.

Edited by Aaron Tam ...