Are you considering Pet Insurance?
More than 50% of Canadian households own pets, according to Statistics Canada. Whether you’re caring for your dog, cat, or bird, owning a pet can be expensive, especially if unexpected vet bills pop up.
When your pet does get sick or injured it impacts you emotionally which is very stressful, but their illness can also have financial consequences.
How do you prepare for that?
You could purchase pet insurance to help with the costs. If that is something that you are considering I suggest that you explore the options available as policies differ based on your pet’s breed, size, age, and where you live.
People ask me “Is Pet Insurance worth it?”. I can’t really answer that definitively, as the policies are all different from company to company, including what they cover. I have heard from some people that things that were unexpected and very expensive were thankfully covered, and I’ve also heard reports of many claims being denied..
Do your research – make sure to shop around and read the fine print.
Insurance can give you a false sense of security as you think your pet is covered for medical expenses as long as you pay your premiums. When something happens and you find out it’s not covered that can send you in a panic if you aren’t prepared financially.
Here is a good link from Consumer Advocate regarding Canadian Pet Insurance Companies >> https://www.consumersadvocate.org/pet-insurance/a/best-pet-insurance-canada
Weigh your options.
One alternative idea to consider is to open a pet bank account and set aside money every month for a future emergency. Take the quote of what your monthly insurance premium would be and convert that amount to a savings target every month to see what it provides you at the end of each year.
Key Questions To Ask Before You Buy Pet Insurance
If you decide to go with pet insurance, here are some key questions to ask before you buy:
- Is there a coverage restriction on the age of my pet?
- Is there ever a maximum payout?
- How much do you pay per claim and does that ever increase?
- What isn’t covered by the policy (i.e: genetic conditions)?
- Does the policy cover or require vaccines?
I would also recommend you look for online reviews, as other people’s experience is often very helpful.
Finally, make sure you speak to your Vet directly about any plan before you commit, as they will often have experiences to share.
As we shared last time, dogs may only be a part of our lives but to them, we are their whole lives. Making sure we’re doing our part to allow our pups to live a long, happy life includes planning to have finances to support them.