Pet Insurance in Canada the Pros and Cons
Pet insurance can seem like a great idea, especially if you’ve ever had to pay thousands of dollars out of pocket for an unexpected vet bill. But there are pros and cons to pet insurance that may affect your decision on whether it’s worth purchasing or not. Learn about these pros and cons before deciding whether or not to enroll your pet in one of the many available plans.
What is pet insurance?
Pet insurance is a type of health insurance that helps cover the costs of veterinary care. Some may also cover the cost of your pet’s prescription medication, as well as preventive care such as vaccinations.
Whether or not you should get pet insurance depends on a number of factors including your financial situation, the type and age of your pet, and how much you’re willing to spend on vet care. Cat insurance will typically be less expensive than dog insurance, because cats are less likely to need medical attention. If you have an older pet with certain health conditions (such as kidney disease), they may not qualify for discounted rates. Getting insurance when your pet is young may be the best way to get the best value.
How much does it cost?
Pet insurance can be a great way to help save on vet expenses, but the cost depends on a few factors. The most common is whether your cat or dog has any pre-existing conditions. Another factor is whether the pet is covered for accidents or illnesses, as this coverage can be expensive. Cat insurance usually costs around $10-$25 per month while dog insurance usually costs around $20-$40 per month.
There are a number of providers and plans you can choose from and can cover one or all of your pets. When shopping for pet insurance, you’ll want to look into the details of what they cover, what their deductible is, if they require you to pay upfront and then reimburse you, and how much the plans cost to determine which is the best option for your needs.
What does coverage include?
Choosing a pet insurance plan that is right for you can be challenging, so it is important to know what to look for and do your research. Coverage for vet care expenses, accidents, and emergency veterinary care are all important factors. You will want to make sure the provider also offers coverage for specific injuries such as fractures, bites or burns.
Some plans also offer coverage for alternative therapies such as acupuncture or chiropractic treatments which may help your pet feel better faster. Many people choose pet insurance because they don’t want to risk losing their furry friends due to financial hardship from expensive vet bills. There are various types of policies available on the market with different coverage options and deductibles, so it is wise to compare them before deciding on one. In some cases, if you have more than one pet there may be additional discounts available. It’s best to purchase this type of protection before any medical issues arise since some providers require a waiting period before reimbursement begins.
What are the pros?
Pet insurance is a worthwhile investment for many reasons. It can cover routine and unexpected vet costs, prescriptions, or things like pet food if your pet gets sick. Aside from preventing unnecessary stress, there are also financial benefits to pet insurance. In some cases, it can be less expensive to get coverage through an annual payment rather than by month-to-month plans. It can be the difference between your pet being treated or put down. Plus, it may save you money on vet bills down the line because it’s less expensive than paying out of pocket. For example, dog owners who have spent $500-$600 in veterinarian bills annually might pay as little as $20 per month with pet insurance. So before even considering this option ask your vet how much they charge for treatments and check with insurers to see what they offer for coverage.
What are the cons?
Pet insurance can be expensive and may not cover all of the vet costs you are hoping it does. It is difficult to research pet insurance because each plan is different. When choosing a plan, make sure to read through the fine print so that you know exactly what it will and will not cover for your pet. Some policies have deductibles while others offer reimbursement up to a certain percentage of your expenses. Pet insurance plans can be expensive and tricky to figure out, but if you want peace of mind then they can be worth it. For example, some pet insurance plans only reimburse up to 25% of veterinarian bills, meaning that you would still have to pay 75% yourself. However, some pet insurance plans will reimburse 100% of bills! So when deciding on an animal health care plan for your pet, do some research and find out which one best fits with your needs!
Should I get pet insurance?
Many pet owners don’t realize that there are many benefits to having pet insurance, even if they don’t plan on using it. It is always a good idea to have some form of coverage for your pets in case something happens. If you’re considering buying insurance for your pets, do your research. Ask your friends, and your vet, what plans they recommend.
We spoke with Paul Piggott, General Manager of PHI Direct, about why pet insurance is important. Paul explained, “I’m a passionate advocate for pet insurance and its ability to improve the lives of pets, pet owners and the veterinarians that treat them. The Canadian pet insurance market has lots of options to cover your pet with varying degrees of coverage and protection. Generally speaking, the more comprehensive the coverage – the more costly those options are. It’s really important to remember that 97% of Canadian cats and dogs do not have the protection of pet insurance and having some insurance is almost always better than having none.
I always ask people two questions
1) how much they would spend to save their pet? and
2) where would the money come from in an emergency?
If the owner has to think hard to answer either question – then pet insurance is right for them!”
If you’re looking for pet insurance deals online, it’s important to take time to review all the details before purchasing anything. Some companies only offer coverage in certain areas while others only offer plans with certain deductibles or co-payments so check carefully before making a decision. Some people prefer buying their own plan without any assistance from the company. There are many pros and cons to choosing pet insurance in Canada; I think it’s important to understand both sides before deciding what route you want to take.
Updated March 1, 2023
Originally Published: November 09, 2022