Understanding Pet Insurance in Canada
As a pet owner in Canada, you’re likely no stranger to the joy and companionship that furry friends bring to your life. However, providing quality veterinary care can be expensive. According to a November 2022 survey by the Angus Reid Institute, at least three-in-five Canadians found veterinary services too costly. Pet insurance can act as a financial safety net, limiting the risk of unexpected vet bills.
What is Pet Insurance?
Pet insurance is health insurance for your pet, covering unexpected accidents and illnesses. There are two main types: accident-only and accident and illness plans. Wellness or preventive health plans can be added to accident and illness coverage or be part of a comprehensive policy.
How Pet Insurance Works
Most pet insurance plans are reimbursement-based. You pay your pet’s veterinary bill upfront, then submit a claim for reimbursement. The reimbursement amount depends on your coverage limit, reimbursement rate, and deductible.
Key Considerations for Pet Insurance
Coverage Limits and Deductibles
Coverage limits vary between providers, with some offering per-incident and per-illness maximums within their annual cap. Deductibles range from $0 to $1,000 or more, with lower deductibles resulting in higher monthly premiums.
Reimbursement Rates
Reimbursement rates typically range between 70% and 90%. Some providers apply age-based deductibles or reimbursement rates, affecting your costs as your pet ages.
Covered Expenses
Pet insurance typically covers injuries, chronic illnesses, common illnesses, serious illnesses, hereditary conditions, testing, diagnostics, surgery, and prescription medication. Some comprehensive plans offer extended coverage for alternative therapies, behavioral therapies, wellness, preventive care, and dental care.
Top Pet Insurance Providers in Canada
- Desjardins Pet Insurance: Offers comprehensive coverage at three different levels, with generous coverage for dental, preventive care, and alternative therapies.
- Pets Plus Us: Provides accident-only plans and higher coverage limits, with a shorter waiting period for additional benefits.
- PHI Direct: Offers affordable premiums with two coverage options and a 24/7 vet Telehealth helpline.
- OVMA Pet Health Insurance: Backed by the Ontario Veterinary Medical Association, offering comprehensive plans with wellness coverage and dental illness coverage.
- Furkin: Features one simple plan with $20,000 maximum annual coverage and a 24/7 vet Telehealth service.
- Trupanion: Offers unlimited coverage with customizable deductibles and a unique lifetime per condition deductible.
- Fetch Pet Insurance: Allows customization of deductible, reimbursement, and coverage limits, with comprehensive dental coverage.
- Spot Pet Insurance: Offers $5,000, $10,000, and unlimited coverage options with a low deductible and optional wellness rider.
- Sonnet Pet Insurance: Provides a simple plan with $5,000 maximum coverage, including dental illness coverage.
- Peppermint: Offers three levels of coverage and an accident-only plan, with the second-cheapest monthly premium.
- Petsecure: Features four plan options with varying coverage levels and deductibles, including wellness coverage with the unlimited plan.
Choosing the Right Pet Insurance
When selecting pet insurance, consider your pet’s age, breed, health, and your financial situation. Balance your need for comprehensive coverage with your budget for monthly premiums. While pet insurance can provide financial protection and peace of mind, it’s essential to understand the terms, conditions, and exclusions of your policy.
