1 in 5 pet life insurance plans only cover vet consultations

It does not include surgeries and hospitalisation expenses in the coverage.

One in five available pet life insurance plans in Hong Kong cover veterinary consultations and excludes surgeries and hospitalisation expenses in the coverage, data from the city’s Consumer Council survey stated.

The survey also stated that nearly 90% of the insurance plans covered third-party liability, with the coverage ranging from a minimum of $300k to a maximum of $3m, whilst 30% provided overseas coverage.

Meanwhile, 50% of the available pet life insurance plans used a fixed percentage to calculate the deductibles, whilst 15% increased theirs in phases according to the pet’s actual age, with higher deductibles for older pets.

20% used the pet’s age at enrolment to calculate the deductibles, whilst 15% were dependent on whether the insured pet received treatment at “network clinics.”

The consumer council then added that the premiums of every pet life insurance plan could vary from a minimum of $3.5k to a maximum of over $12k.

The Hong Kong Consumer Council reminded pet owners to extensively compare the available life insurance plans’ coverage and compensation terms instead of considering the premiums alone before purchasing one for their pets.

Established in 1974, the Hong Kong Consumer Council aims to study and promote the protection of consumer rights in the city by “collecting, receiving, and disseminating information concerning goods and services and immovable property.”