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Why Don’t You Have Pet Insurance?

Almost nobody has pet insurance in Hong Kong and we are not really sure why.

There are a number of products in the market, but some are restricted to a single Agency or Brokerage. Of those that are easily available; there are two clear contenders.

FWD’s Pet Insurance and Blue Cross’s LovePet Insurance. They both take a slightly different approach so we thought perhaps a breakdown would be helpful.

 

Popular Pet Plans Comparison

   Blue Cross Love Pet  FWD Pet Insurance
   Plan A  Plan B  Plan C  Plan 1  Plan 2  Plan 3
Clinical & Surgical               60,000         40,000          20,000        – 16,000 27,000
Coinsurance               20-40%          20-40%         20-40%        –      –      –
Room & Board                 6,000            4,000            2,000        –       –       –
Vet Consultation                12,000            8,000            4,000  220/visit  220/visit  750/visit
Medication                     *              *             *  220/visit  220/visit       *
Maximum Vet                12,000           8,000            2,000         4,400         4,400  15,000
Maximum medication                    *              *             *         4,400         4,400        *
Chemotherapy               15,000          10,000            5,000      
Behavioural therapy                  1,500          
3rd Party Liability          1,000,000    1,000,000     1,000,000      600,000    600,000 1,000,000
Top up 3rd party          1,500,000    1,500,000     1,500,000      
Funeral Service                  3,000            1,000  –           1,000         1,500
Emergency Boarding                      600               300        
Holiday Cancellation                 3,000         5,000
Advertising if pet missing                    250            400
Overseas Cover         up to 90 days up to 90 days
Cover renewable to  Age 13             8 Years    
Enrolment Age                                                                                 6months – 8 years
  * included in vet consult       WHat 

 

What Do They Cost

 

Premiums vary by the age of your pet with Blue Cross but not currently with FWD meaning a straight comparison is complex.

In simple terms it is cheaper to insure a young pet with Blue Cross and they also cover animals to a much later stage in life, whilst FWD would be cheaper for mid-age group animals but only offer cover up to age 8

2 year Old Pet (Dog or Cat)  $         3,317  $        2,599  $        1,803  $ 1,120  $ 2,810  $            4,780
4 year Old Pet (Dog or Cat)  $         4,231  $        3,370  $        2,342  $ 1,120  $ 2,810  $            4,780
8 year Old Pet (Dog or Cat)  $         6,009  $        4,870  $        3,390  $ 1,120  $ 2,810  $            4,780

Any Catches?

 

Blue Cross has a co-pay arrangement where you pay a proportion of the costs depending on the age of your pet. So again, younger animals work out cheaper to treat as well as to insure. This means that the limits in the table above can be misleading but the Surgical limit remains more generous than the FWD one.

Coinsurance means you pay Effective Surgical Limit Effective Consult Limit
20% up to age 4 48000 9600
30% up to age 8 42000 8400
40% age 9 and above 36000 7200

 

This does mean though that the FWD plan 3 is a lot more generous for regular Vet visits, and any routine treatment, check ups etc.

Blue Cross wins for        
Surgical limits even with co-pay      
Age of pets but they must be insured before they are 8  
Note a 13 year old pet on Plan A would cost  $  10,215  
         
FWD wins for        
Vet visits and treatment        
Cheapest cover        
Animals over 4 but under 8 – but you could end up with no cover after age 8

 

So What Should You Get?

 

In very simple terms if you worry about a one off illness or accident then the Blue Cross cover is probably better, whilst those trying to manage the cost of regular vet visits should look at the FWD plan 3 policy.

We have included the detail for the lower tier cover  so that you can see what is covered and the approximate cost

If you would like specific details for your pet please do email CS@Speedinsure.com

 

Remember that we provide a free pet policy which pays towards the cost of overnight stays if your pet does have a serious problem. You can find the details at speedinsure.com/pets