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Published on February 1, 2023
4 mins reading time
Ever see an ad for pet insurance and wonder if it’s worth it? Here are 5 things to consider.
1- Your bottom line
Pets can be expensive. First you have to buy the animal itself, which can run you hundreds of dollars or more, depending on the breed. Plus you need all the gear to keep them happy and healthy and take them on the road. Plus there’s pet food (which adds up fast!) and the vet bills. In 2021, Quebec’s association for small-animal veterinarians estimated that it costs roughly $2,000 per year to own a cat and almost $3,000 per year for a dog. See the links below for more details (in French only):
Can you cover all these costs? Pet insurance can help , at least in terms of vet care.
2. Accidents and illness
Despite your best intentions, love, and care, no pet is immune to injury, accident, or illness. Pet insurance helps you make sure your pet gets the care they need. You just need to take out coverage at the right time, ideally when your pet is young and healthy. Older pets are more likely to develop health problems that aren’t covered by insurance.
Got questions about your pet's health and well-being?
With CAA-Quebec’s No-Stress Policy® for your home, you can talk to a vet or animal-care technician about any issue concerning your dog or cat, including health, behaviour, feeding, travel, etc. It’s free of charge thanks to the Assistant for pet health. And you don’t have to go anywhere: they’re just a phone call away!
3. What if your pet needs care?
You probably know people who have had to make the tough and painful decision to put their pet down or give it away to a shelter or someone else because it needed surgery or treatment that was just too expensive. Pet insurance gives you peace of mind and the ability to give your pet the care it needs, no matter what.
4. Your medium- and long-term financial stability
According to the SPCA, the average life expectancy is 15 years for cats and 12 to 15 years for dogs. Your pet will need more care as it ages, so vet fees tend to increase over time. And rates will definitely be higher in 5, 10, or 15 years.
The nice thing about pet insurance is that you have the option to adjust your premium based on what you can afford. You can insure your pet for accidents only or for accidents and illnesses with or without the preventive care option. Plus, you’re free to adjust the following factors, which also affect the premium:
- Annual deductible (usually based on the age of the animal)
- Co-insurance, which is the portion of expenses covered by the insurer (70%, 80%, or even 90%—the higher the percentage, the higher your premium)
- Maximum annual coverage amount.
Choose the type of coverage that meets your needs. Avoid unpleasant surprises by doing your homework, asking lots of questions, and reading your policy carefully to find out exactly what’s covered and what isn’t.
5. Additional benefits
Pet insurance often covers additional expenses involved in pet ownership. For example:
- Trip cancellation due to a medical emergency involving your pet
- Boarding fees if you are hospitalized and unable to take care of your pet
- Advertising and reward amount if your pet gets lost
- Cremation or burial
- Donation to an animal shelter in honour of your deceased pet
These are things you might not think about, but the coverage really can come in handy. Although pet insurance isn’t widespread in Quebec (only 1% of pet owners have insurance), it’s much more common in other places like the UK (31%) and Sweden (48%).
Would you go without health insurance? Then why should your dog or cat?