Pet Insurance Definition Pet insurance is a commercial insurance practice in which the policyholder pays a premium for the insured pet in accordance with a contractual agreement, and the insurer assumes responsibility for the payment of benefits for injury or loss of the pet due to the occurrence of a contractually agreed upon possible accident, or when the insured pet dies, is disabled, becomes ill, or reaches a contractually agreed upon age or term. In the United States, insurance is available for basically all types of pets, 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 status and the level chosen. Generally, older animals are insured for higher amounts. Some insurance companies may not cover certain breeds that are susceptible to genetic diseases (e.g. breeds with hip dysplasia). Pet International Insurance Classification International pet insurance products are divided into three main categories: pet medical insurance, pet third party liability insurance and pet death insurance, with different pet policies offering different coverage. Pet medical insurance: mainly compensates for the expenses incurred for medical treatment of pets suffering from accidents or diseases. Pet third party liability insurance: mainly covers the pet owner’s liability for 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 benefit to the pet owner in case of death of the pet due to an accident or illness, as well as in case of theft or loss. Different pet policies provide different coverage, and some international pet insurance companies divide pet insurance products into different levels of policies, such as Bronze cover, which only covers pet medical insurance and pet third party liability insurance, Silver cover, which covers pet death insurance in addition to the coverage of Bronze cover, and Golden cover, which covers pet death insurance in addition to the coverage of Bronze cover. The Golden cover includes a wider range of third party property damage liability insurance in addition to the coverage of the Silver policy, and the Platinum cover provides a wider range of coverage than the Gold policy, such as coverage for weight loss food expenses. Pet domestic insurance classification Pet insurance coverage is somewhat similar to personal insurance, no more than death, disability, illness and these categories. But the more common domestic pet insurance, from the scope of coverage can be divided into two kinds: pet medical insurance and pet third liability insurance. Pet Medical Insurance Pet medical insurance is to reimburse a certain amount of the treatment costs incurred by the pet to the hospital. The price of pet treatment is relatively high, so this type of insurance is still more practical for pooper scoopers. But pets are not the same as people, and there are many limitations in the coverage, and the treatment facility is a big problem. The current domestic professional pet treatment institutions are relatively scarce, mostly concentrated in first-tier, provincial capital cities. Some pet medical insurance also restricts the geographical area of coverage, which adds up to a double threshold. Pet medical insurance may look good, but in the current market environment, the practicality is still relatively limited, and is more suitable for those who live in first-tier cities, or the surrounding areas of the pooper scooper. Pet Third Party Liability Insurance Pet third party liability insurance mainly compensates for medical expenses and litigation costs for third party injuries caused by domestic pets. The pet liability insurance is only for “legal pets”, so the coverage does not include pets that are prohibited by law for the general public, and does not include Tibetan Mastiffs, Afghan Hounds, Russian Shepherds and similar large or potent dogs. If your pet causes injury to others or damage to other people’s property, you will be compensated for the cost of legal liability for the incident. Of course, this does not include the insured, his/her family members, household employees or transient residents, nor does it cover injuries caused by pets to other animals. Liability insurance can reduce the burden of paying medical bills to others. Although the development of pet insurance is faced with 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 their “spring”.
English Deutsch Français Español Português 日本語 عربي