Types of Pet Insurance

While they can be differentiated by the scope of their services, all coverages fall into four types of pet insurance
Types of pet insurance
More and more insurance companies are including pet insurance in their portfolio. This means that there is a wide range of coverage available to owners who decide or need to insure their pets. Below, we will detail the main types of pet insurance.

4 types of pet insurance

Although there is a wide variety of this type of pet insurance, the main ones can be summarized in these four:

1. Liability insurance.

This is the insurance considered mandatory for the ownership of potentially dangerous dogs, for which a coverage of not less than $100,000 is required. But it can also be contracted by the owner of any other animal, although it is generally limited to dogs and cats.

Pet insurance of the ‘civil liability’ type must always cover damages caused to third parties. Likewise, they are usually offered to the public in two versions or coverages:

Basic civil liability insurance: includes physical and material damages generated by the insured animal, as well as bail bonds and legal assistance that may derive from the accident.
Comprehensive or complete civil liability insurance: in addition to the services of the basic coverage, it includes indemnities in case of theft or loss of the insured animal, as well as veterinary care expenses in case of slaughter or death.
The value of this type of pet insurance will depend on the coverage and the animal that is insured. Basic policies for potentially dangerous dogs usually cost around $70 euros per year, while full coverage for dangerous breeds can reach around $150.

Animals not classified as potentially dangerous require a lower investment to be insured. Basic liability insurance is around $35 per year, while full coverage can cost between $60 and $75.

2. Liability insurance for pets and families

Liability insurance covers damages to third parties caused by animals; this variation includes everything related to the home and the family. And many insurance companies already offer the possibility of insuring the pet as a special member of the family.

In addition to the damages caused by the insured animal, this insurance covers damages caused by children and any family member. In addition, the complete coverages also include reimbursements for possible expenses derived from these damages, whether legal, medical or veterinary.

Again, the values will depend on the type of animal and the number of family members insured, as well as the scope of the policy. For example, the inclusion of a potentially dangerous dog in the full coverage usually results in an additional cost of $150 per year.

3. Multi-risk insurance for the home

All insurance companies offer multi-risk or ‘all-risk’ insurance to their clients; but only a few also allow pets to be insured as part of the household.

In spite of their name, suggesting very broad services, the truth is that the coverage associated with pets is usually limited to civil liability. Many policies do not even cover material damages caused by the animal to third parties, and only assist the owner in case of physical damages.

Therefore, the cost-benefit ratio of including your pet in a multi-risk home insurance policy is not the most attractive. A dog not classified as dangerous breed can generate an additional cost of about $80, which is less advantageous than a full liability insurance.

4. Animal welfare protection insurance

The last type of pet insurance is very similar to health insurance, but also includes liability. A good basic coverage of an animal protection insurance should offer the following services:

Liability in case of damage to third parties.
Loss or theft of the pet.
Death resulting from accidents.
Euthanasia in case of terminal illness or accident with irreversible damage.
24-hour telephone assistance.
But when it is a comprehensive insurance, the coverage should also include:

Complete veterinary assistance – including preventive care – and reimbursement in case of inability to go to the centers covered by the agreement.
Admission or assisted rest in case of surgeries or illnesses.
Assistance in the burial or cremation of the animal.
Requirements to insure your pet
In order to contract any of the types of pet insurance, it is necessary to comply with certain requirements. The insurance companies usually demand that the insured animal:

Be older than three months and younger than nine years old.
Be in good health, verified by a licensed veterinarian.
Be identified with a microchip.
Have an updated health record with the vaccinations and deworming corresponding to its age.
These requirements may vary according to the company and the type of insured animal. Therefore, it is advisable to consult directly with the insurance company about its conditions for the contracting of a pet insurance policy.