The Rising Trend of Pet Insurance in Mexico
With approximately 19 million dogs in Mexico, accounting for about 80% of households having pets, according to data from the National Institute of Statistics and Geography (Inegi) and the National Population Council (Conapo), pet ownership is widespread. However, less than 1% of these dog owners have insurance for their pets, leaving them vulnerable to unexpected and costly veterinary emergencies or third-party damages.
The pet insurance market in Mexico has seen an annual growth rate of 30% to 40%, driven by the increasing demand for coverage that includes medical care, liability, and additional services like grooming or temporary accommodation when the owner is hospitalized.
What Do Pet Insurance Policies Offer?
Each insurance company sets its own age limits and health conditions for coverage. For instance, BBVA accepts pets ranging from 6 months to 9-10 years old; Mapfre requires proof of vaccination, a photo, and in certain plans, pedigree or microchip. They also have age limits for contracting (up to 7 years) and renewal (up to 12 years).
Mi Mascota GNP
- Allows you to customize coverage and sum insured, including medical expenses, liability, 24/7 veterinary guidance, cremation, vaccinations, and esthetic services like bathing or dental cleaning.
BBVA
- Provides a digital policy without a veterinary exam or pedigree, covering accidental death, third-party damages, consultations, veterinary services, and legal assistance.
Mapfre
- With its “Amigo Seguro” product, offers various packages (Basic, Premium, and Plus) covering medical expenses for accidents or illnesses, loss, and funeral costs. The advantage is that you can visit any officially registered veterinarian instead of being limited to a restricted network.
GMX Seguros
- Through MediPet, provides coverage for common accidents and diseases, including hit-and-run, poisoning, or trauma, along with liability for third-party damages.
THB México
- Also offers combined policies covering veterinary care, legal assistance, grooming, and temporary accommodation.
Annual costs vary significantly: BBVA charges around $2,400 MXN per year, Mapfre ranges from $2,400 to $18,000 MXN depending on the package, and Liverpool Seguros, an emerging alternative, offers plans from $154 to $462 MXN per month based on coverage.
Why Pet Insurance Matters
Pet insurance in Mexico is becoming an increasingly important tool to safeguard both your pet and your family’s finances. However, it is crucial to carefully evaluate the terms, limits, deductibles, waiting periods, and the reputation of the insurance provider.
Key Questions and Answers
- Q: Why should I consider pet insurance? A: Pet insurance protects you from unexpected and costly veterinary expenses, providing financial security for your furry friend.
- Q: What does pet insurance typically cover? A: Coverage usually includes medical expenses, liability for third-party damages, 24/7 veterinary guidance, cremation, vaccinations, esthetic services, and sometimes temporary accommodation if the owner is hospitalized.
- Q: How much does pet insurance cost in Mexico? A: Annual costs vary widely, with BBVA charging around $2,400 MXN per year, Mapfre ranging from $2,400 to $18,000 MXN depending on the package, and Liverpool Seguros offering plans from $154 to $462 MXN per month.
- Q: What factors should I consider when choosing pet insurance? A: Carefully evaluate the terms, limits, deductibles, waiting periods, and the reputation of the insurance provider to ensure you select the best policy for your pet.
