Following the approval of the Law for the Protection of the Rights and Welfare of Animals, which obliges all dog owners to take out compulsory insurance, interest in taking out a pet insurance policy has increased by 23% compared to the same period the previous year. Even so, there is still a great lack of knowledge about which type of pet insurance is the most convenient in each case and what coverage is included in each policy.
Pet insurance: which ones are mandatory
Until now, only owners of potentially dangerous dogs were required to take out Civil Liability insurance for damages to third parties with a coverage of more than 120,000 euros. However, as a result of the approval of the new Law, from September of this year all dog owners, regardless of their breed or weight, must have such a policy.
Víctor López, head of insurance at Rastreator, explains that "dog owners looking to take out insurance for their pets should take into account the type of coverage they are interested in including. For example, if they only want to take out a third-party liability policy, they can check whether their home insurance policy includes it or take out a basic pet insurance policy. However, if they prefer to take out other optional coverages, it is possible to take out a complete pet insurance policy."
Average price of compulsory pet insurance
The average price of pet insurance varies considerably depending on the type of policy and the breed, age and weight of the pet, since it is not the same to take out insurance for a 'Potentially Dangerous Dog' as for a dog of a 'non-dangerous' breed.
Víctor López details that "in the case of 'Potentially Dangerous Dogs' the Civil Liability insurance ranges from 62 euros per year while the average price of a 'non-dangerous' dog breed ranges between 25 and 40 euros per year. On the other hand, there are the most complete insurances, which include veterinary assistance and accidents from 250 euros per year. In addition to pet insurance, owners can also take out basic home insurance that includes, in addition to home cover, civil liability insurance for pets from 80 euros per year. In this case, it is important to note that the average premium will vary depending on the type of product, modality and risk contracted".
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Source: SegurosNews