Pet Insurance - Should you buy it?

More than half of Canadian households own pets according to Statistics Canada. Caring for your pet can be expensive, especially if unforeseen veterinarian bills pop up. There is the option of buying Pet Insurance for your pet to help offset the cost of these emergency medical procedures. However, you must do your research, as policies in Canada differ based on your pet’s breed, age, size and where you live.

What is Pet Insurance? Similar to health insurance for humans, pet insurance covers the cost of medical treatments for unexpected injuries or illnesses to your pet. Some procedures/illnesses will not be covered, so it is important that you understand what you are buying coverage for. Pre-existing medical conditions such as congenital or hereditary conditions are one of the most common reasons that claims are denied. Dental disease is another common issue in pets, but not every Plan covers this. Some Companies might have a quarterly maximum, annual or per incident cap on their payout. Deductibles also vary between plans. So, it is very important to research the many different Pet Insurance Plans in the Canadian market to find one that suits your situation. Many plans can be customized to fit your needs and budget.

Preventative Care and Routine Care: A Pet Insurance policy primarily covers accidents and illnesses. If your pet gets injured in an auto accident, gets poisoned, suffers an infection or develops a chronic illness, most pet insurance plans will pay a portion of these medical bills after you have met your deductible.

If you want your policy to cover routine checkups, flea and tick medication, or vaccinations, then you will need to purchase a Wellness Plan which is often offered as an add-on to your Accident and Sickness Plan.

Older Pets - Most pet insurers have an age cap of 14 years. Typically the older your pet is when you initially sign up, the more expensive your premium is.

Pet Emergency Fund - Some people feel that paying monthly Pet Insurance premiums are not worth it and choose instead to put money away monthly in a separate fund for any emergencies your pet may incur.

Peace of Mind - Having Pet Insurance or a Pet Emergency Fund can give you the peace of mind that your pet will be taken care of in the event of an emergency.

Understanding how Pet Insurance works, and what it covers and doesn’t, will make it easier for you to make the best decision for you and your furbaby.