THE PET INSURANCE BOOM: IS IT REALLY A GOOD INVESTMENT?
The pet health insurance market is experiencing exponential growth in France. Faced with the rising cost of specialized veterinary care (surgery, imaging, behavior), more and more owners are turning to mutual insurance for dogs, cats, or even small pets.
But is pet insurance or mutual insurance for dogs, cats, and small pets the miracle solution for everyone? ServicesPourAnimaux deciphers this phenomenon to help you gain more insight.
Why is pet insurance booming?
Several factors explain this boom:
_ The humanization of pets: Owners consider their companions as full-fledged members of the family, requiring increasingly sophisticated, and therefore more expensive, care.
_ The cost of specialized care: A simple consultation is affordable, but specialized procedures such as an MRI, complex surgery, or animal osteopathy follow-up can quickly reach or exceed several thousand euros.
_ Choosing prevention: Many policies now include "prevention" packages (vaccinations, deworming), encouraging owners to improve their pet's health.
What are the pitfalls to avoid before taking out pet insurance?
Despite the obvious benefits in the event of a serious accident, insurance is not without its conditions. Here are the key points that ServicesPourAnimaux advises you to check:
_ Waiting period: The period after subscription when the pet is not yet covered (often having to wait 7 days for accidents, 2 months for illness, 6 months for surgery).
_ Reimbursement rate: The percentage of expenses reimbursed (often 50%, 70%, or 90%). Not to be confused with 100% reimbursement of expenses incurred.
_ Deductible and cap: The annual cap is the maximum amount reimbursed by the insurer each year. The deductible refers to the amount you remain responsible for after each claim or per year.
_ Exclusions: Genetic, congenital, or chronic diseases pre-existing at the time of purchase are never covered. The age limit for subscription is also a common exclusion, depending on the pet insurance company.
Is pet insurance a good investment for you?
Insurance for dogs, cats, or exotic pets is an excellent investment if:
1. You don't have emergency savings: It avoids having to make a heartbreaking choice between treating your pet and paying an exorbitant bill.
2. Your pet is young and of a predisposed breed: Certain dog or cat breeds are prone to costly orthopedic problems (dysplasia in German Shepherds, for example).
3. You travel a lot: Many pet insurance plans include coverage for overseas travel or repatriation costs.
ServicesPourAnimaux tip: Calculate the difference between the annual cost of premiums (sometimes over €500/year) and the average annual budget you spend on routine pet care (around €200 to €300 excluding pet emergencies).
