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My friend adopted two tabby cats in recent years. Unfortunately, both fell ill and had accidents one after another, requiring multiple visits to the veterinary hospital. On one occasion, the younger kitten needed surgery. My friend was not only worried but also financially strained, as the total medical cost exceeded HKD 50,000. When asked why he hadn’t purchased pet insurance to help with the expenses, he admitted that after years of keeping pets, he had always relied on his savings to cover pet-related costs. However, he hadn’t expected how expensive pet medical care could be, leaving him far over budget. In fact, this situation is quite common among pet owners.
Pet Parents Underestimate Vet Bills
A recent survey by my company on pet insurance found that almost 90% of pet parents in Hong Kong haven't bought insurance for their fur babies. When asked why, nearly half said they prefer to rely on savings to handle pet-related costs, while over a third said they find the claim procedures too complicated.
While about 75% of respondents believed a single vet visit would cost less than HKD 10,000, market data tells a different story: once you add medication, hospitalization, and consultation fees, a single treatment can easily exceed that amount1. This shows many pet parents seriously underestimate how pricey veterinary care can get. With pet insurance still having a low penetration rate in Hong Kong, the coverage gap remains quite large.
The survey also revealed that medical concerns top the list of what pet owners worry about most. More than half were concerned about whether they could afford vet expenses, and over 60% said having emergency treatment coverage for their pets is their number-one priority. Nearly half also said they worry about whether their pets will be properly cared for while they're away on trips.
Pet Insurance Upgrades
Many insurers offer pet insurance plans to help pet parents ease the financial burden of raising their fur babies. Some plans even cover cats without microchips. However, it’s important to note that most pet insurance policies come with a waiting period, during which illnesses or injuries won’t be covered. To better meet pet owners’ needs, certain plans—like the one offered by my company—have increased medical coverage limits and expanded protection items, ensuring pets can receive timely care and proper treatment. Some plans also include extra benefits like emergency pet boarding coverage and waiting-period waivers for policy transfers.
For pet lovers who see their fur babies as family, who wouldn’t want them to live happy, healthy lives? That’s why it’s wise to plan ahead, assess your and your pets’ coverage needs early, understand different insurance options, and make informed choices. When choosing a policy, don’t just look at the payout limits—pay attention to the additional benefits too. With the right plan, pet parents can enjoy peace of mind, knowing their furry companions are well protected at every stage of their lives.
(This article was published in the April 2024 issue of ET Net.)
Note: This article has been converted from Traditional Chinese to English for website language display purposes. For the original content and reference materials, please refer to the Traditional Chinese version of the page.
