Have you ever heard of pet insurance?
In the early days, the subscription rate was quite low due to the small coverage and uneven insurance premiums compared to the insurance premium, but recently, the subscription rate is on the rise as various improvements have been made.
We’ll tell you what pet insurance is, whether you should buy it, what the pros and cons are, and even the types and comparisons of insurance companies.
See below for details on pet insurance!
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What is Pet Insurance?
Is Pet Insurance Necessary?
Advantages of buying pet insurance
Disadvantages of Pet Insurance
Types of Pet Insurance Insurers
Compare Pet Insurance Insurers
What is Pet Insurance?
Similar to our medical insurance, it is a system that covers surgery and treatment expenses due to illness or injury of companion animals through insurance.
After signing up, if you pay the fixed insurance premium every month, you can receive a refund from the insurance company after checking the treatment receipt and other documents after treatment.
Do I Need Pet Insurance?
Is Pet Insurance Necessary?
It costs a lot of money to raise a companion animal, as there is an investigation result that the second reason for discontinuation of a companion animal is the cost of childrearing.
On average, 40% of childcare costs are spent on medical expenses, and in many cases more is spent depending on individual circumstances.
As your pet gets older, it can cost hundreds to thousands of dollars. It’s also a good idea to get insurance to use it properly when you need it.
There may be differences depending on individual thoughts. There are obviously pros and cons, so everything is the guardian’s choice.
Advantages of buying pet insurance
It can reduce the burden of treatment cost.
Compensation is available when your dog bites another person or injures another person’s companion animal with liability insurance.
Major surgeries such as luxating patellas, which most small dogs suffer from, are covered.
Actual expenses are guaranteed.
Disadvantages of Pet Insurance
There are strict subscription conditions such as age restrictions and abandoned dog restrictions.
There are fewer items covered than insurance premiums.
There is a fixed monthly fee.
Types of Pet Insurance Insurers
Company S direct pet insurance
1. Up to the age of 10 can sign up.
2. Medical expenses at veterinary hospitals due to diseases and injuries are guaranteed until the age of 20.
(Guaranteed up to the age of 20 through automatic renewal every 3/5 years, insurance premium can be increased upon renewal)
3. Compensation is available if a companion animal causes damage to another person’s body or another person’s companion animal.
(When signing up for a special contract, it is paid after deducting KRW 100,000 per accident, and subscription is restricted for fierce dogs and some breeds under the Animal Protection Act)
4. Even if you do not have an animal registration number, you can sign up with one full-body photo
5. If you submit your animal registration number and animal registration card, you get a 2% discount on monthly insurance premiums.
Company H direct pet insurance
1. Up to the age of 8 can join.
2. Medical expenses at veterinary hospitals due to diseases and injuries are guaranteed until the age of 20.
(Guarantee for skin disease, oral disease, knee and hip dislocation disease with 3-year subscription)
3. Compensation is available if a companion animal causes damage to another person’s body or another person’s companion animal.
4. Funeral expenses are guaranteed.
5. 20% cheaper when signing up for internet.
Company M Petpermint Direct
1. Up to the age of 10 can sign up.
2. Medical expenses at veterinary hospitals due to diseases and injuries are guaranteed until the age of 20.
(Automatic renewal every 3 years, insurance premium may increase upon renewal)
3. Guarantee of liability for fire damages and fires occurring in apartments and officetels
(Limit of KRW 130 million)
4. Charges for treatment at all veterinary hospitals nationwide
(On-site insurance is available at affiliated hospitals)
5. 2% discount on monthly insurance premiums when checking the animal registration number
6. When multiple pets sign up, additional 5-10% discount is applied
(Dogs and cats are not classified)
Company D I Love Pet Insurance
1. Up to the age of 8 can join.
2. Medical expenses at veterinary hospitals due to diseases and injuries are guaranteed until the age of 20.
(Guaranteed up to age 20 when renewing every 3 years)
3. Support for funeral expenses is possible, but up to the age of 15
(50% support for less than 2 years of subscription, including euthanasia)
4. Scaling, dental malocclusion guaranteed
5. Guarantee of liability in case of damage to another person or another person’s companion animal
(Guaranteed up to 5 million won)
Compare Pet Insurance Insurers
there may be some differences
Product S company H company M company D company
Enrollment Age Up to 10 years old Until 8 years old Until 10 years old Until 8 years old
Renewal cycle 3/5 years 3 years 3 years 3 years
Compensation ratio 50/70/80% 70/80% 50/70/80%
Annual limit of disease injury 15 million
Surgery 1.5 million 5 million
3,000,000 won per disease 5,000,000 won
Hospitalization 5 million Surgery 1.5 million – 2
In-patient, outpatient 150,000 – 20 days
150,000 sickness/injury per day
1.5 million surgeries, 150,000 hospitalizations
2 million surgeries
Co-pay 10,000/20,000 optional 3/50,000 optional 10,000 won per disease 10,000 won per disease
Disease waiver period 30 days
90 days – cancer, eye disease,
heart, kidney, bladder disease
1 year patella, 30 days hip
90 Day Conjunctivitis 30 Days – Disease Waiver
1 year – Patella, hip joint 30 days – Patella, skin disease
oral disease
90 days – cancer
Dislocation Disease Coverage Coverage Coverage Coverage Coverage
Oral Disease Coverage Guaranteed Guaranteed Guaranteed
Skin Disease Coverage Guaranteed Guaranteed Guaranteed
30 million won per year
Deduction of 100,000 won 5 million won per year
Deductible 30,000 won 1 time 10 million won limit 5 million 1 time
Guaranteed support for funeral expenses Guaranteed guaranteed