Pet insurance: a good or bad idea?
More and more people are insuring their pets. In 2014, an estimated 1 in 10 Dutch people insured their pet. However, this is not yet the case in Belgium. In Belgium, the popularity of animal insurance is much less. It is estimated that only 1 in 50 pets are insured in Belgium. But is pet insurance such a good plan? There are certainly a lot of factors to consider when purchasing pet insurance.
What is pet insurance?
Pet insurance is health insurance that covers the health costs of an insured pet. For a predetermined amount, the pet is insured against most medical expenses. Still, it is important to consider what costs your pet insurance will cover. Most pet insurance policies cover the following expenses:
- The visit to the vet
- Medical treatments including operations
- The costs of various medicines
- All veterinary costs in the event of an accident
Depending on the pet insurance, a certain amount is agreed to what extent the pet insurance will cover the expenses. This amount is an annual maximum and at most animal insurers varies between 2500 euros and 5000 euros per year, depending on the type of health insurance package that has been chosen.
Why do people take out pet insurance?
An annual visit to the vet is factored into the budget by most pet owners. But when a pet gets seriously ill and, in the worst case, needs surgery, these unforeseen costs can weigh heavily on some people’s budgets. Depending on the operation, a minimum of 300-400 euros can quickly be provided. When this occurs, pet insurance will be a very good tool to cover you against unforeseen costs that may or may not seriously weigh on your monthly budget as the owner of the pet. As a result, pet insurance is becoming more and more popular.
How much does pet insurance cost?
The price of pet insurance mainly depends on the type of dog and its age. To give an example, a small breed of dog that is known to be a very quiet dog breed and not much into play will be cheaper to insure than a large breed of dog that is always outside and on the move almost continuously. There are several factors that are taken into account when taking out the insurance. The most common factors are:
- The age of the pet
- The type of race
- The health / health problems of the pet
The type of race
Not only the character of the particular pet is important to the insurance company, but also the history of a particular breed. For example, some breeds are more likely to develop certain disorders than other breeds. The insurance company will take this into account when calculating the monthly amount to be paid. To give you an idea: the average monthly premium for a dog costs between 10 euros and 20 euros. (However, this can be vastly different for some dogs depending on a variety of factors).
Pet insurance: a good or a bad idea?
Those who own a pet have to decide for themselves whether or not it would be a good investment to purchase pet insurance. However, this also depends on the type of pet you have. Dogs and cats are insured much more often than, for example, birds and rodents.
The benefits of animal insurance:
- Always protected against high health costs for the pet
- Pet insurance is not very expensive insurance
- People are more likely to go to the vet
- Most pet insurance policies allow you to still stay with your own vet
The cons of pet insurance
- An extra monthly cost that you did not have in advance
- Most pet insurance policies require you to pay the first portion of the cost yourself
- Insuring your pet abroad is usually supplementary insurance
- The expenses are covered up to a fixed annual amount. You pay yourself for higher costs