Our pets become an inextricable part of our families. And just as we care deeply about the health and safety of our family, so do we about our pets.
There are millions of pet owners in Canada, many of whom have insured their pets. This is to ensure that they don’t suffer financial loss while attending to their pet’s health. Besides general maintenance, it is veterinarian bills that can burn a hole in your pocket if your pet suddenly falls sick. Having pet insurance would help you care for them without worrying about the expenses.
Because let’s face it, no matter how careful we are and how gently we treat our pets, there’s no telling what the future can bring. Having pet insurance will allow you to provide a happier and healthier life for your pet without having to constantly worry.
Terms You Need To Know
When obtaining health insurance for your pet, you may get confused by all the jargon being thrown around. Don’t worry, we’ve got you covered.
Here are some commonly used terms and what they mean.
Premium
This fee is either monthly or annual. This is what we pay to obtain the insurance policy
Deductible
This is the money you pay from your own pocket, after which your insurance coverage will take care of the rest.
Reimbursement
This is the money your insurance company will cover from their end. It’s usually 70% to 90%, and reimbursements are used to cover the expenses incurred. Make sure you always enquire about how much time the company will take to reimburse your costs.
What Does Your Pet Insurance Do?
Just like any other insurance, after obtaining the policy that you decide works best for your pet, you pay a monthly premium. If your pet suddenly falls ill or meets with an accident, the insurance company will cover a large portion of the expenses — this would be the percentage of reimbursement promised.
The following are usually considered grounds for claiming pet insurance:
- Sudden illness
- Injury
- Emergency care
- Surgery
- Prescribed medicines
- Diagnostic Tests
Some companies also offer additional wellness packages involving extra benefits such as vaccinations, routine checkups, and alternate wellness.
Top 3 Best Pet Insurance Companies In Canada
There are numerous pet insurance companies in Canada, but we’ve narrowed down the list to the top three pet insurance companies in the country. This list has been curated based on coverage, lifetime limits, deductibles, and enrollment rules. An ideal insurer would ensure maximum coverage, no lifetime limits, clear deductibles, and no exclusive enrollment rules.
Trupanion Canada
Known as VetInsurance when founded in 2000, Trupanion is undoubtedly one of the largest pet insurance providers in Canada. It may be the best option if you’re seeking hassle-free pet insurance, given the single option for coverage.
Key features:
- Covers up to 90% of eligible expenses after the annual deductible is met.
- Vet Direct Pay allows bills to be paid by the insurance company directly to the veterinarian.
- 24*7 customer support.
- Extra coverage (paid service) includes a “Recovery and Complementary Care” package with alternative therapies like chiropractic treatment, acupuncture, naturotherapy, etc.
- 5- day waiting period for injuries and 30 days for illness.
Pros:
- Unlimited lifetime insurance coverage, and no lifetime cap on accidents and illness.
- Vet Direct Pay eliminates the hassle of reimbursement claims on paper.
- Deductible is according to conditions.
- Covers the needs of most Canadian pet owners.
- No penalty for making claims on your policy.
- The waiting period for illness can be waived with a certificate from your vet.
Cons:
- 14 years is the maximum age of enrollment.
- No option to add preventative treatments.
- Single plan eliminates the possibility of customization.
- Does not cover exam fees.
Prices:
The monthly premium starts at $22. The deductibles vary according to conditions, from $0 to $1000 per condition. There is an unlimited benefit limit.
PetPlan Canada
PetPlan Canada is an award-winning insurance company, with extensive experience in the pet insurance industry. The services offered by this company are inclusive of situations that are often ignored by the rest in the industry.
Key features:
- Comprehensive dental care coverage for all teeth.
- 14-day waiting period for illnesses, and 6-month long waiting period for intervertebral disc disease and ligament injuries, and 48-hour waiting period for accidents.
- Covers up to 70% to 90% reimbursement, including taxes.
- Holistic coverage in the unlimited plan (Secure 4) including hydrotherapy, homeopathy, acupuncture, and laser therapy performed by licensed veterinarians.
- 24*7 customer support.
Pros:
- 10% to 15% discount on your premium if you’ve got three or more pets insured under the company.
- No age limits involved while enrolling.
- Exam fees covered, saving $200-$250 every visit.
- Customizable plans with multiple tiers.
Cons:
- Pets older than six years old require vet screening within 30 days of enrolling.
- Does not cover cosmetic and elective procedures.
Prices:
The plans average around $35 a month for dogs and $25 a month for cats. The coverage starts at $2500 and can be unlimited. The payout limit begins at $1000 and can be unlimited on condition or for accidents. Dental care coverage is only $200 to $600 per year. Annual deductible can be selected from $250 up to $1000 and can be utilized in any vet office in Canada or the US.
PetSecure Canada
Founded in 1989, PetSecure Canada is one of the oldest pet insurance companies in Canada and is 100% Canadian-owned.
Key features:
- Covers 80% reimbursement of the actual bill.
- Services are available in both of Canada’s national languages.
- Takes up to 7-10 business days for claims to be paid.
- 48-hour waiting period for coverage of accidents, six months for dental coverage, and 14 days for illness.
Pros:
- Annual wellness care option allows exams, flea preventions, and vaccinations.
- 10% discount if you insure three or more pets in the company.
- Extensive coverage with multiple tiers to pick from.
- Extra benefits such as lost pet advertising, burial service, boarding kennel fees, etc.
- No age limits for enrolment.
- Dental care coverage is offered as an add-on for most plans.
Cons:
- Does not include pregnancy, whelping, and other elective treatments without a DIN or NHP number.
- Expensive optional wellness package, priced at $450 per year for dogs and $350 per year for cats.
Prices:
Coverage starts at $1000 per illness/accident and offers unlimited coverage. Payout limit starts at $1000 and can be unlimited per accident or condition.
To Conclude
You may have specific needs while looking for an insurance plan for your pets. We’ve compiled this list keeping in mind what would fit the majority of Canadians and their requirements.
Pet insurance saves you from the panic of financial restrictions and leaves you to focus on comforting your pets when they’re unwell. If you’re not someone who always has emergency funds, we highly recommend you insure your pet!