Is pet insurance worth it? Tips from financial experts.

Is pet insurance worth it? Tips from financial experts.

According to a report by www.t-online.de, the fee schedule for veterinarians, known as GOT for short, will be adjusted from November 22, 2022. This leads to a significant increase in veterinary costs, which leaves many pet owners wondering whether they should save enough money or take out pet health insurance. Despite rising costs, the Association of Insured Persons advises against animal health insurance, while the animal protection foundation “Four Paws” recommends having sufficient financial resources in the event of an emergency. Certain breeds can also have predispositions and make insurance more sensible. No matter which route you choose, there are pitfalls and important points to consider when getting insurance. Veterinary practices also have flexibility when it comes to fees, which further influences the costs for pet owners.

The increase in veterinary costs due to the new fee schedule will undoubtedly have an impact on pet owners. According to the NRW consumer advice center, it is more appropriate to take out health insurance for certain breeds as they are predisposed to certain diseases due to their breeding and are more susceptible to certain diseases. This additional financial burden could lead pet owners to think more about taking out insurance.

However, the insurance agent Bianca Boss generally advises against pet health insurance and instead recommends private liability and pet owner liability insurance. This creates a situation where pet owners are forced to pay for costs that could potentially be covered by insurance.

From the point of view of economists, the change in thinking among pet owners could lead to increased pressure on the insurance industry as more people could decide to take out pet health insurance. This could lead to higher demand for such insurance and prompt insurance companies to adjust their offerings accordingly in order to remain competitive. However, it remains to be seen whether this trend will actually manifest itself.

Overall, the increase in veterinary costs and the discussion about the usefulness of pet health insurance is a complex issue that affects pet owners and the industry alike. We will continue to closely monitor developments in this area.