What is Pet Insurance and How Does it Work?

Pet Insurance

We know that pets are not just pets, they are members of our family. As owners, we must take care of them, educate them, treat them well and protect them. But if an accident happens or your pet gets sick, it’s important to be prepared to give him the care he deserves. Without unbalancing family accounts. It is not like this? 

For this reason, today we want to tell you what Pet Insurance is and how it can help you cover some expenses by providing protection against possible risks.

What is Pet Insurance?

Pet Insurance is a policy that covers expenses arising from possible damage that your pet may cause to third parties. It also provides assistance in case your pet gets sick or has an accident, and additionally, covers funeral expenses (cremation or burial).

Which pets can be insured?

Pet insurance is aimed only at domestic petsdogs and cats between 3 months and 9 years. Animals that participate in bets, challenges, or sports, or carry out hunting or surveillance activities cannot be insured. 

For dog breeds considered potentially dangerous, according to the Police Code, the civil liability policy is mandatory and the puppy must have an identification microchip.

It may interest you: How to register potentially dangerous dogs.

Insurance companies generally have an age limit for insurance. Most allow pets to be insured from 3 months to 9 years of age. 

However, companies like Mapfre and HDI allow the policy to be renewed up to the age of 12 for the dog or cat, as long as the pet entered before the age of 9. In the case of SURA, it is possible to continue renewing until the death of the pet or until you decide to terminate the insurance contract.

How does Pet Insurance work?

This insurance is a means of protection for your pet against accidents, illnesses, and damages to third parties. Through the payment of a certain amount (premium), the insurance company agrees to cover certain expenses that help you take care of your pet. 

In this way, in the event of an unforeseen event with your pet, you will have a backup against the expenses you have to incur. For example, if your puppy has an accident and requires hospitalization, the insurance will help cover veterinary expenses. 

Sometimes it is necessary to pay the bills and then request reimbursement from the company. This varies depending on the company.

How much does Pet Insurance cost?

The cost of insurance can vary depending on your pet’s breed, age, and the coverage options you choose. You also have the option of choosing the maximum annual amount that you want to cover and, according to this, the price varies. 

To give you an idea of ​​the cost, the cheapest pet insurance can cost $105,000 pesos per year. While the most expensive with all the coverage can cost $650,000 pesos a year. 

You can request a free quote for your Pet Insurance with us and we will show you all the offers on the market so you can buy them and choose the best one for your furry friend.

What does Pet Insurance Cover?

There are a wide variety of coverages in the market that vary according to the insurer. Among the main coverages are veterinary expenses in case of illness or accident, civil liability or damages to third parties, expenses for death, and expenses for loss. 

In addition to coverage, insurance companies also offer additional assistance or services to take care of your pet. 

Next, we will briefly explain each of the coverages and assistance that your insurance could have.

Pet Insurance Coverage

The coverages vary according to the insurer selected. However, we can group the coverages into 4 large groups:

– Damage to third parties caused by your pet

If your pet causes damage to other people or their property, the insurance is with you.

This coverage is known as tort liability. It protects you against any event in which your pet harms a third party. This means that the company will offer financial compensation for personal and material damages to third parties. In addition, it will provide you with legal defense, in case you have to defend yourself against claims from third parties. 

For example: if your dog bites someone or runs across the street and this causes an accident, you will not have to pay for the damages. The insurance company will take care of the legal advice and will pay the corresponding damages (up to a certain amount). 

You must bear in mind that the affected third parties exclude people who live with the pet, people who are economically dependent on the insured, and relatives up to the fourth degree of consanguinity. 

It is also important to know that the policy covers up to a certain amount and sometimes has a deductible, that is, a percentage of money that you would have to pay if you use the insurance for this coverage.

– Funeral and euthanasia expenses

You will have economic aid to give the best farewell to your best friend.

This is a topic that is difficult to talk about, but it is important to keep it in mind because when the time comes, it will be better to be prepared to give it a dignified farewell. 

With the insurance, if your pet dies due to an accident, illness, or old age, the insurance company will cover the funeral expenses. These are expenses related to cremation or burial. For this, the fact must be certified by a veterinarian and in some companies, it is necessary that you make the payment and then request reimbursement. 

In addition to funerals, some insurers offer sacrificial coverage. In this case, if the veterinarian determines that your pet must be euthanized to stop its suffering, due to physical and irreversible deterioration due to old age, illness, or accident, the company will cover the expenses, up to the contracted amount. 

This coverage has a grace period, that is, a period of time that must elapse before you can access this service from the start date of the policy. 

By Master James

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