KUALA LUMPUR, Aug 24 — Malaysia's pet care industry is booming, with output values for pet services, pet sales, and veterinary care soaring to RM38.5 million, RM699.4 million, and RM219.7 million, respectively. It's safe to say our furry friends are living their best lives!
Last month, Chief Statistician Datuk Seri Mohd Uzir revealed that Selangor and Kuala Lumpur are leading the pack in this sector.
With the pet care industry growing by an impressive 25 per cent in 2022, it's no surprise that pet insurance is becoming the next big thing. As more Malaysians embrace the joy of pet ownership and the commitment to providing top-notch care for their 'fur babies', the demand for pet insurance products is rising.
Pet insurance costs vary depending on the species. For cats, annual premiums typically range from RM200 to RM500. Dog insurance, however, can fetch up to RM800 a year.
Malay Mail dives into the essentials and the range of coverages available for ‘pawrents’ looking to safeguard their beloved companions.
Eligibility:
- You must be a Malaysian citizen aged 18 or older.
- Your pet must be a cat or dog.
Pet Requirements:
- Must not be of a breed that is banned or restricted by the government or local authorities.
- Must be between 12 weeks and 9 or 10 years old.
- Destruction of your pet, if it is banned or restricted, deemed dangerous, or due to intentional euthanasia by the government or local authorities, is not covered.
- Currently, no coverage options for scaly, feathered, or other types of pets beyond cats and dogs.
- Any pre-existing conditions your pet had before obtaining the insurance or during the waiting period will not be covered.
Microchips for dogs, medical cards for cats
For dogs, a microchip is required. For cats, you must provide a medical card from a registered veterinarian, detailing the pet and owner’s names, along with photographs of the pet, unless it is microchipped. The pets must always be under the care of the insured person or their family members living with them in Malaysia.
Working animals are not covered
Generally, pet insurance here does not cover working animals. This means you will not be eligible to claim insurance if there are accidents related to the use of your pet for commercial, occupational, professional, or business purposes, such as racing, breeding, law enforcement, or guarding.
Missing pet? There is also coverage for notices and rewards
If your pet is lost or stolen, there is insurance coverage for the cost of advertising to help find them, as well as any reward offered for their safe return. This coverage applies only if your pet is recovered within 30 days from the date of loss or theft. Be sure to check with your insurance company for any updates on this coverage.
Pets went rogue? Third-party liabilities are covered
In addition to covering veterinary and surgical fees, the insurance also covers legal costs and expenses if your pet injures a third party or damages their property and you are found legally liable.
What if you’re hospitalised instead? Fret not, boarding cost will be covered
If you’re hospitalised due to a medical emergency, pet insurance can cover boarding costs for your pets during your stay. This ensures your animals are cared for when you’re unable to do so yourself.
Death of pets
The coverage also includes burial and cremation costs to support pet owners financially, allowing them to give their pets a dignified farewell in the event of their passing due to injury or illness.
