Definition of pet insurance

Pet insurance means that the policy holder pays insurance premiums for the insured pet according to the contract, and the insurer pays for the injury caused by the pet due to the possible accidents stipulated in the contract. Or lost, or when the insured pet dies, becomes disabled, becomes ill, or reaches the age or period specified in the contract, it is a commercial insurance act that assumes the responsibility of paying insurance benefits.

In the United States, virtually all types of pets can be insured, including dogs, cats, rabbits, ferrets, birds, reptiles, pot-bellied pigs, and various rodents. The cost of insurance usually depends on the age of the animal, its health and the class chosen. Generally speaking, senior animals are insured for higher amounts. Some insurance companies may not cover certain breeds that are prone to genetic diseases (such as those with hip dysplasia).

Pet International Insurance Classification

International pet insurance products are mainly divided into three categories: pet medical insurance, pet third party liability insurance and pet death insurance. Different pet insurance policies provide different insurance coverage. .

Pet Medical Insurance: Mainly compensates for the medical treatment costs for pets that suffer accidental injuries or become sick.

Pet Third Party Liability Insurance: Mainly protects the pet owner’s liability for compensation due to personal injury or property damage caused by the pet to a third party.

Pet death insurance: Mainly responsible for paying a certain amount of insurance money to the pet owner when the pet dies due to an accident or disease, or is stolen or lost.

Different pet insurance policies provide different insurance coverage. Some international pet insurance companies divide pet insurance products into different levels of policies. For example, Bronze cover only provides pet medical insurance and pet third-party liability insurance. In addition to the coverage of the bronze policy, the silver cover also provides pet death insurance. In addition to the coverage of the silver policy, the gold policy also includes a wider range of third-party property damage liability insurance. The platinum policy ( Platinum cover) will provide a wider coverage than the gold policy, such as weight loss food cost protection, etc.

Domestic pet insurance classification

The protection of pet insurance is somewhat similar to that of personal insurance, including death, disability, and disease. However, currently the more common pet insurance in China can be divided into two types in terms of coverage: pet medical insurance and pet third party liability insurance.

Pet medical insurance

Pet medical insurance reimburses a certain amount of treatment expenses incurred by pets when they go to the hospital for treatment. The price of pet medical treatment is relatively high, so this type of insurance is still more practical for owners. But pets treatDiseases are different from people, and there will be many restrictions in the insurance. Treatment institutions are a big problem. At present, domestic professional pet treatment institutions are relatively scarce, and they are mostly concentrated in first-tier and provincial capital cities. Some pet medical insurance also restricts the coverage area, which adds up to a double threshold. Pet medical insurance seems wonderful, but its practicality is still relatively limited in the current market environment. It is more suitable for people who live in first-tier cities or surrounding areas to insure.

Pet third-party liability insurance

Pet third-party liability insurance mainly compensates for medical expenses and litigation expenses caused by domestic pets causing injuries to third parties. Regarding the regulations for insuring pets, household pet liability insurance is only suitable for "legal pets", so its coverage does not include pets that are prohibited by relevant laws from being kept by ordinary citizens. In addition, insured pets do not include Tibetan mastiffs, Afghan hounds, and Russian shepherd dogs. and similar large or aggressive dogs.
After purchasing pet liability insurance, if your domestic pet causes injury to others or damage to other people's property, and you are legally responsible for the incident, you will be compensated for the costs. Of course, others here do not include the insured and his family members, household employees, and temporary residents, and there is no coverage for injuries caused by pets to other animals. Liability insurance can alleviate the burden of paying someone else's medical bills.

Although the development of pet insurance is faced with many difficulties such as insufficient pet data and identification technology, insufficient awareness of pet insurance, and uneven qualifications of pet hospitals, overall, with the development of China's pet industry, the pet insurance market is bound to usher in a bright future. Belongs to their "spring".