We know you love your pet as if they were a child of your own. When tragedy strikes and your pet needs medical attention, you want to give them the best care… but can you afford it? Pet insurance can help cover those unexpected emergency expenses, as well as other less-urgent but still important medical costs for your beloved pet.
With so many pet insurance companies in Canada, you should definitely consider what each company and policy offers from top insurance providers like Spot and others. Coverage varies widely depending on your pet's unique needs, as well as the services you choose with your plan.
Key Takeaways
- Pet insurance gives you a financial safety net if your pet becomes ill or has an accident and requires medical care.
- The breed and age of your pet can influence how much you pay for pet insurance.
- Many policies allow you to customize coverage.
Is pet insurance worth it?
Consider this statistic: Unexpected expenses for cat and dog owners on average can run up to $5,600 according to Global News — and your individual costs can be even higher, depending on your circumstances.
Most pet owners don’t have thousands of dollars sitting around in case their pet needs emergency medical care. You'll need to weigh the peace of mind benefits of expected, regular monthly premiums against the potentially devastating costs when the unthinkable happens to your pet.
Since pet insurance premiums can be fairly expensive if your pet has significant existing health issues, it can be smarter to sign up your pets when they’re young and healthy.
Most policies reimburse you for 70% to 100% of your vet expenses, and any licensed veterinarian should accept your policy. It’s a win for your pet as well as your pocketbook.
What pet insurance does and doesn't cover
Before you spring for a pet insurance policy, carefully compare the benefits offered by pet insurance companies to see what is covered, what isn't, and what policy customizations you can make. Typically, a pet insurance policy might cover:
- Accidents
- Illness
- Veterinary fees
- Diagnostic treatments
- Cancer treatment
- Prescription medication
- Surgery
- Rehabilitation
- Medical imaging, like X-rays or other scans
However, pet insurance usually doesn’t cover:
- Pre-existing conditions
- Older pets
- Specific breeds
- Preventative care
- Routine checkups
- Alternative treatments
- Grooming
What to consider when choosing pet insurance
Although pet insurance is fairly straightforward, there are still some factors to consider when purchasing a pet insurance policy.
- Your pet's age and breed: Some insurers have restrictions on breeds or age. Usually, you’ll pay more to insure older pets.
- Reimbursement percentages: You can sometimes select how much you’d like the insurer to pay for, but be aware that the higher the reimbursement percentage, the higher your monthly premium will be.
- Annual limits: Read the terms carefully to see if there are coverage caps and limitations. For instance, some pet insurance policies limit coverage for surgery.
- Claims process: Most pet insurance providers require you to pay out of pocket before being reimbursed. Read through a provider’s terms and conditions to find out how you can submit a claim, whether that’s over the phone, online, or through an app.
- Coverage tiers: Several companies give you the option of picking from a few plans, with varying levels of coverage or services. For example, you could choose a basic tier that just covers accidents or illnesses.
- Available add-ons: If a coverage tier doesn’t pay for a service or condition that you want, you might be able to purchase specific coverage. For instance, you might be able to add dental illness coverage for a small additional fee.
- User reviews: Take a moment to read reviews from real customers before choosing a pet insurance policy. Pay attention to comments about customer service, available digital tools, and claims handling.
FAQ
Do I need pet insurance?
Pet insurance is a good idea if you have a pet and can’t cover a large, unexpected medical cost. In addition to medical costs, many pet insurance companies offer a wellness add-on for an extra cost to help cover preventative care to help keep your pet healthy for life. As veterinary care costs rise, pet insurance can help offer financial peace of mind.
What does pet insurance cover?
Coverage can vary quite a bit from provider to provider, so it's important to know what is typically covered, what coverage may be available as an add-on, and what is normally not covered on your pet insurance policy. Spot Pet Insurance offers a good overview of what's typically covered by pet insurance including diagnostic tests, surgery, and emergency care.
Is pet insurance worth having?
Pet insurance can definitely be worth it if your pet ever has an accident that can require medical imaging or medication or has an illness that needs treatment, especially if it’s a severe condition. With emergency pet bills reaching thousands of dollars in some cases, pet insurance can help offer financial security to Canadians.
How much is pet insurance in Canada?
While Canadian pet insurance policies can vary widely in price, according to the North American Pet Health Insurance Association, an accident-only insurance policy costed about $18 per month for a cat or $22 for a dog, while an accident and illness policy costed around $46 per month for a cat or $89 for a dog in 2024.
What is a disadvantage of pet insurance?
Pet insurance can definitely come in handy, but one of the biggest complaints is that you’re typically required to pay up front for care before being reimbursed by your pet insurance provider.
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