Best Cheap Pet Insurance in Canada
As pet owners, we want the best for our beloved companions, especially when it comes to their health. Veterinary care can be expensive, and the best pet insurance provides a crucial safety net in case of unexpected illnesses or injuries. However, not all pet parents can afford plans with unlimited coverage and all the bells and whistles. This guide helps navigate the landscape of affordable pet insurance in Canada.
We’ve evaluated 12 pet insurance providers to uncover the best cheap options. Our definition of “cheap” is an affordable plan with a premium below the monthly average of $76. This figure is based on a Forbes Advisor Canada analysis of data from Petinsurer.com, using a $5,000 coverage amount, a $100 deductible, and 80% reimbursement (or the closest available option).
Why Cheap Pet Insurance Matters
Pet ownership costs can be substantial, including food, grooming, toys, and regular veterinary checkups. Unexpected medical expenses, however, can be financially devastating. Cheap pet insurance provides a balance between cost and coverage, making it easier to manage the financial impact of unexpected vet bills.
Finding the Right Cheap Pet Insurance
Here’s how to find the right plan:
- Discuss with Your Veterinarian: While vets are limited in what specific insurance plans they can recommend, they can advise on potential breed-specific health issues or pre-existing conditions that might impact coverage.
- Compare Plans Carefully: Don’t focus on price alone when comparing cheap pet insurance plans. Consider what you want from the plan: accident-only coverage (more affordable, higher risk), accident and illness coverage (more comprehensive), and coverage for wellness and dental issues.
- Adjust Deductibles and Reimbursement: This has a significant impact on monthly premiums. A higher deductible and lower reimbursement rate result in a cheaper premium.
- Look for Discounts: Many insurers offer discounts, such as multi-pet, loyalty, bundled, or healthy pet discounts.
Key Factors in Pet Insurance Costs
Several factors influence the cost of pet insurance:
- Breed: Certain breeds are more prone to specific conditions.
- Age: Older pets are more likely to need medical care.
- Gender: Female pets are sometimes considered a lower risk
- Location: Veterinary costs vary by location.
Is Pet Insurance Worth the Cost?
The value of pet insurance depends on your risk tolerance and how you’d handle unexpected vet bills. It can offset costs associated with accidents and illnesses. Consider your pet’s health and potential for future issues. While pet insurance is an investment designed to protect you, it’s important to read the fine print.
How to Buy Pet Insurance
Requesting a quote online is the easiest way to begin the process. You’ll typically provide your pet’s name, breed, date of birth, postal code, and email. Once you obtain a quote, review the policy wording carefully to understand coverage specifics (e.g., any requirements or limitations). Check if a recent vet visit/medical file is needed.
Cheapest Pet Insurance Companies
Based on our analysis:
offered by PHI Direct, Sonnet Pet Insurance, Desjardins Pet Insurance, Furkin, Peppermint, The Personal Pet Insurance Program, and Spot Pet Insurance.
- PHI Direct: Best for superior savings.
- Sonnet Pet Insurance: Best for dental coverage.
- Desjardins Pet Insurance: Best for discount offers.
- Furkin: Best for maximum annual coverage.
- Peppermint: Best for accident-only plan option.
- The Personal Pet Insurance Program: Best for basic coverage.
- Spot Pet Insurance: Best for wellness care.
