Pets are wonderfully loyal companions and important members of the family. But as a pet parent, you’d know that caring for a pet can be expensive, especially vet bills. Having pet insurance can help ease the expenses and give you a peace of mind, knowing you can afford the best possible care when your furry friend is sick or injured.
Insurance coverage for pets is still a relatively new concept in Asia, but it is growing fast. There are several companies that currently offer it in Hong Kong, including OneDegree. So how do you choose a plan that best suits your furry friend’s needs and your budget? Let’s take a look at the more well-known pet insurances out there and how OneDegree’s Pawfect Care stacks up.
| OneDegree’s Pawfect Care | Pet Insurance A | Pet Insurance B | Pet Insurance C | |
|---|---|---|---|---|
| Annual premium (for a 3 year-old Spitz as reference) | HK$1,841 – 2,889 | HK$2,037 – 2,910 | HK$2,025 – 5,400 | HK$1,803 – 3,317 |
| Lifetime renewal | Y | Y | N | N |
| Reimbursement rate | 70% – 90% | 60 – 80% | 70% | 60 – 80% |
| Breed restrictions | All breeds covered | Some breeds excluded | Some breeds excluded | Some breeds excluded |
| Benefits | ||||
| Surgery | HK$25,000 – 70,000 | HK$13,750 – 55,000 | HK$8,000 – 60,000 | HK$20,000 – 60,000 |
| Lab tests | ||||
| Hospitalization | HK$1,375 – 5,500 | HK$2,000 – 6,000 | ||
| Consultation | X | HK$2,000 – 8,000 | HK$4,000 – 12,000 | |
| Medication | ||||
| Cancer benefit | HK$10,000 (receive lump sum cash for first-time cancer) | HK$5,500 – 13,750 (covers cost of chemotherapy) | X | HK$5,000 – 15,000 (covers cost of chemotherapy) |
*This table includes the main benefits for each pet insurance, but not everything is included.
+It doesn’t apply to Pawfect Care’s starter plan.
No sublimits
As shown in the table, Pawfect Care is the only pet insurance that doesn’t limit how much you can claim for individual benefits, as long as total claims in a year is within the annual coverage amount of your chosen plan. We believe this simplifies insurance a great deal and gives pet parents more flexibility.
Highest payout in many scenarios
OneDegree Pawfect Care offers the highest annual medical coverage in town (up to HKD 70,000), even though some of the other pet insurances offer higher coverage, that doesn’t necessarily mean those plans will reimburse pet parents more of their vet expenses.
Let’s illustrate it with an example. Jacko, a 3 year-old Spitz, accidentally swallowed a chew toy. He needs surgery to remove the foreign object, which cost HKD 10,000. Blood tests and diagnostic imaging before the surgery adds up to HKD 5,000 and another HKD 3,000 for 4 days of hospital stay. Without medical insurance, Jacko’s owner will have to pay HKD 18,000 out of their own pocket.
What if Jacko is insured? Here’s how much his pet parent can claim back under the lowest priced plan for each pet insurance:
| | Pawfect Care | Pet Insurance A | Pet Insurance B | Pet Insurance C |
|---|---|---|---|---|
| Annual Premium | HK$1,841 | HK$2,037 | HK$2,025 | HK$1,803 |
| The insurance company pays | HK$16,200 | HK$14,400 | HK$8,000 | HK$14,000 |
| You pay | HK$1,800 | HK$3,600 | HK$10,000 | HK$4,000 |
Jacko’s owner can claim the most back under Pawfect Care because it reimburses 90% of the eligible expenses. Pet Insurance A and C pays out a bit less because of their lower reimbursement rates, while Pet Insurance B covers the least because of its surgery sublimit.
Best value
You also get the best bang for your buck with Pawfect Care. Insuring a 3-year-old Spitz will cost you as little as HKD 170 a month, which will cover all the major expenses such as surgery and hospitalization. Our most expensive plan is only HKD 268 a month and provides all the coverage your furry one will need. That’s notably cheaper than some of the other pet insurances that can charge almost to HKD 400 in monthly premium.
Some of the other pet insurances cover non-health expenses such as third-party liability and travel insurance. Those are not included in Pawfect Care plans because we want to focus on providing pure medical insurance for pets at competitive prices. Instead, we have special features including coverage of chronic illnesses, hereditary conditions, and cash benefit for cancer. For more details, stay tuned for our pet insurance comparison part 2!
Interested in getting your furry one insured? Have a look at our Dog Insurance or Cat Insurance page!