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Baekho, a two-year-old Maltese dog, was in a major car accident in May last year. Baekho, who was taken to the emergency room at the veterinary hospital, received restorative surgery on his broken bladder the next day. After one week of hospitalization, pelvic and femoral head fracture surgery was followed. Six days later, he suffered a hip bone dislocation and was hospitalized for another five days. Fortunately, Baekho was restored to health, but paid 7.36 million won for 20 days of treatment. Baekho’s guardian benefited greatly from the pet insurance he had three months ago. The insurance premium paid just before the accident was approximately 120,000 won, and 63% of the hospital expenses, or 4.65 million won, were returned.
“Alleviates Concerns About Animal Hospital Expenses”
As the age of 15 million pets opens, interest in ‘pet insurance’ is also increasing. Medical expenses are the most realistic anxiety you encounter when raising a pet. The cost of veterinary hospital treatment is not standardized, so the price is what it is called. According to the Korean Consumer Agency, consumers spent an average of 83,000 won for a single treatment at veterinary hospitals last year, and 80.7% said, “I feel a burden on the cost.”
An official from Samsung Fire & Marine Insurance explained: “With the development of veterinary medicine, treatment is increasing even for diseases that have not been treated or not. By using insurance, you can reduce the burden of medical expenses.”
Insurance for companion animals is basically similar to medical insurance for human losses. It is a product of the actual medical expense compensation type that pays for part of the actually spent veterinary hospital expenses. Here, you can attach special contracts for various situations that arise when raising a pet. A typical example is a special agreement on liability in the event that a puppy bites another person or animal.
Regarding the overall structure of the product, depending on the insurance premium, 50% or 70% of medical expenses are returned, and there is a self-pay of around 10,000 won per day. Nutritional supplements, vaccines, and medical checkups are not eligible for insurance payments. Depending on the type of treatment, the insurance industry explains that the ‘experienced coverage rate’ of surgery and hospitalization costs is just under 70%, and the costs of outpatient treatment slightly exceed 50%.
“Compare and eat several insurance companies”
The pet insurance market for companion animals is still in its infancy. Meritz Fire & Marine, which has been aggressive in business since 2018, has advanced with an 80% market share, while Samsung Fire & Marine, Hyundai Marine & Marine Insurance and DB Insurance are competing. About 30,000 dogs and 3,000 cats have joined Meritz Fire Insurance.
Since each insurance company has different conditions, it is good to compare several products. Once you sign up for Meritz Fire’s ‘Pet Permint’, you can keep the insurance until your pet turns 20. For Toy Poodle, the most subscribed dog breed, the monthly premium for 0 years is 33,400 won. It is a condition of guaranteeing outpatient medical expenses (up to 5 million won per year), hospital medical expenses (5 million won), and liability for compensation (10 million won).
Samsung Fire & Marine’s ‘Anipet’ can combine 6 plans and 3 special offers. If you choose a comprehensive plan, you will be paid for hospitalization, surgery, outpatient expenses, liability for compensation, and even death compensation. Carrot Insurance has launched ‘Smart On Pet Walking Insurance’, a unique product in case of walking accidents. Guarantees liability for compensation, cost of missing persons search, and death compensation at 44 won per walk. There is still no insurance for animals other than cats and dogs.
Please check the warranty conditions and the compensation period carefully.
At Internet Dog and Aemyo Café, mixed evaluations are conducted on the ‘cost-performance (satisfaction for price)’ of pet insurance. This is because insurance premiums vary greatly by race and age. In the case of dogs, when they are young, they range from 10,000 to 30,000 won a month, but sometimes more than 100,000 won a month when they age. There are insurance companies that basically cover the kneecap, dermatitis and oral diseases, which small dogs usually suffer, but some require a special contract.
A Meritz Fire & Marine Insurance official warned that “pet insurance has an indemnity period like people’s insurance” and cautioned that “depending on the disease, be sure to check the clause that guarantees only a certain period after registration “.
If you are raising a dog, you should also take care of the ‘Allied Dog Owners Compensation Liability Insurance’, which should join from next month. If you do not register, you will be fined up to 3 million won for violating the Animal Protection Act. Enrollment targets are Dosa Dogs, American Pit Bull Terriers, American Staffordshire Terriers, Staffordshire Bull Terriers, Rottweilers, and their hybrids.
Reporter Lim Hyun-woo [email protected]
