We take out medical aid for ourselves and our dependants, so why not for our pets?

According to Personal Finance magazine, while pet insurance is common overseas, in South Africa only two products are offered, PetSure and VetPlus, both underwritten by Hollard Insurance Company.

The costs

PetSure provides cover for cats, dogs and horses. Monthly premiums start from R57.20 for a dog or R50.60 for a cat, for accidental injury cover, the most basic option. The annual benefit on this product is R5 500, and discounts are available if you insure more than one pet, the quarterly said.

Benefits are paid according to the Pet Insurance Benefit Schedule, based on the Veterinary Association’s fee guidelines, so you should check how your vet’s fees compare to this guide, Personal Finance magazine advised.

The magazine quoted the following example given by the insurer:

"Gizmo the cat was bitten by a dog. The cat was hospitalised for two days, had an anaesthetic, X-rays, drip and surgery. The vet’s bill was R1623 and the benefit refunded to Gizmo’s owner was R1071."

The most comprehensive policy option has an annual benefit of R55 000, with sub-limits, and monthly premiums are R95.70 for a dog and R81.40 for a cat. You can also take out a routine care option, which would cover preventative treatment such as vaccinations, according to the quarterly.

What's not covered

Desexing, congenital or hereditary defects or pre-existing conditions which showed symptoms before you took out the insurance, check-ups and elective surgery are not covered.

Your animal should be between eight weeks and eight years old when you take out the cover, and membership is for life. The pet must also have proof of identification in the form of a tattoo, microchip or Pet Detective disc.

The product is sold through vets and Hollard's network of brokers. You can contact Hollard Insurance directly for more information. The call centre number is 0860 4655 27.