If you were at the Pet Expo in 2019, you may have noticed that CIMB Bank Singapore launched its pet insurance plan for dogs and cats, underwritten by Sompo Insurance Singapore. It’s the fourth insurer in Singapore to offer pet insurance after Liberty Insurance, AON, and AIA.
Called CIMB My Paw Pal, this pet insurance covers your pet against expenses arising from accidents and illnesses (optional). It comprises of a basic plan and two optional covers. Annual premiums range from S$87.74 for the basic plan to S$440.84 with add-ons.
Basic Plan:
| Benefits | Sum Insured |
|---|---|
| Accidental Death | S$1,500 |
| Medical Expenses due to Accident¹ | Up to S$1,500 per year |
| Cremation or Burial Expenses due to Accident | Up to S$300 |
| Third Party Liability | Up to S$250,000 |
¹ Minimum medical claim of S$100.00.
The basic plan protects against accidental death, medical, cremation or burial expenses due to an accident, and third-party liability, such as injury or damage to property.
Optional covers:
You can also get additional coverage for the loss of your dog due to theft, as well as medical and cremation or burial expenses due to an illness.
Optional Additional Covers
| Option | Benefits | Sum Insured | Additional Annual Premium (inclusive of GST) |
|---|---|---|---|
| A² | Loss of Dog due to Theft | Up to S$1,500 | S$32.10 |
| B | Medical Expenses due to Illness¹ Cremation or Burial Expenses due to Illness | Up to S$1,500 per year (inclusive of basic plan) Up to S$300 per year (inclusive of basic plan) | S$321.00 |
The option for theft doesn’t cost much more, but dog theft isn’t as common in Singapore, so it probably isn’t necessary for most of us. Meanwhile, the medical and cremation or burial expenses add-on is quite costly and there are many exclusions to the medical coverage.
More details in the policy wording are here.
How can your pet be eligible?
To be eligible for My Paw Pal, the following conditions must be met:
- Your pet must be microchipped and between 12 weeks and seven years old
- The insured pet cannot be used or kept for breeding purposes
- Dogs must be registered with the Animal and Veterinary Service, Singapore (AVS)
- The dog must not be a working guide (e.g. guide dogs, police dogs, therapy dogs)
In addition, we read online that some breeds, such as the Bull Terrier, Doberman Pinscher, Rottweiler, and Mastiffs may be declined coverage, although we could not find explicit mention of this on CIMB My Paw Pal’s website or policy document.
Exclusions to note:
All pet insurance policies have exclusions, and it’ll be prudent to read through the fine print to know what you’ll be signing up for. Here are some exclusions we feel are worth noting and applicable to many dog parents. The full list can be found in the policy document.
- Your dog is covered until 13 years old only
- Accidental death or medical expenses that happen after 90 days of the accident is not covered
- Injury to or damaging property of immediate family members and people residing with you (including your helper) is not covered under the third-party liability
- If your dog is unleashed when it should be, and it bites someone else, you may not be able to claim for third-party liability
- Any medical condition related to pre-existing conditions, congenital conditions, hereditary conditions, skin conditions, preventive healthcare, physical defect, or infirmity is not covered
- Illnesses caused by worms, fleas, ticks, and mites are not covered
- Any accident or illness that occurs when your insured pet is not in Singapore is not covered
- Any incident within the first 30 days of the policy commencement is not covered
- If you decide to euthanise your pet (because it is ill and suffering), the cremation and burial expense fee will not be covered.
How does the CIMB My Paw Pal Insurance stack up against AIA’s Paw Safe?
Both plans serve very similar purposes, and in most cases, the CIMB plan seems to offer a better deal. Here’s the comparison between CIMB My Paw Pal and AIA’s Paw Safe.
| Benefits | CIMB My Paw Pal | AIA Paw Safe |
|---|---|---|
| Annual premium | $87.74 | $79.56 ($6.63 per month) |
| Accidental death | S$1,500 | $1,000 or purchase price, whichever is lower* |
| Medical expenses due to an accident | Up to S$1,500 per year^ | Up to S$1,000 per year* |
| Cremation or burial expenses due to an accident | Up to S$300 | Up to S$250 |
| Third-party liability | Up to S$250,000 | Up to S$1,000,000* |
| Loss of dog due to theft | Up to S$1,500 (extra S$32.10 yearly) | S$1,000 or purchase price, whichever is lower* |
| Coverage period | Until the pet is 13 years old | Until the pet is eight years old |
^CIMB’s minimum medical claim is S$100.
*AIA benefits are subject to deductibles.
Should you get the CIMB My Paw Pal Insurance?
Longtime readers of Vanillapup will know that we have always supported getting pet insurance for your pets. Latte has been insured since she was 3 years old.
The CIMB My Paw Pal insurance is very much like personal accident insurance policies for people. It’s inexpensive and provides good coverage in the event of an accident. The optional riders are less useful though, in our opinion.
If you want to get My Paw Pal’s policy, you may want to consider complementing it with surgical coverage from AON’s Happy Tails Pet Insurance for more complete protection for your pet.
CIMB My Paw Pal pet insurance for dogs & cats (underwritten by Sompo)
| What we like | What is lacking |
|---|---|
| Inexpensive premiums | No coverage for pre-existing conditions and congenital illnesses |
| Uncomplicated – just one basic plan to choose from | Many exclusions for medical/surgical expenses due to illness |
| Provides coverage for accidents and illnesses | Alternative treatments like acupuncture and physiotherapy are excluded |
| No medical examination required | Does not cover the pet for its entire lifetime |
| Payment for third-party liability includes legal fees | Add-on medical benefit is quite expensive with not much coverage |
| For dogs and cats |
