The basic information you need to know when choosing pet insurance for your beloved companion.
Is pet insurance a viable option for most Canadians? More than ever, veterinary bills are rising because of all the advances in veterinary technology. Today, if your pet has a major health crisis or even a routine check up, it could cost you dearly. If you are a pet owner and are considering pet insurance, you will need an informational guide to follow for choosing the right insurance company. This guide will give you basic information along with comparatives on the top pet insurance companies in Canada so you make an informed decision.
Do I need pet insurance?
Ten years ago, many people would have said that pet insurance was frivolous and unnecessary but times have changed and so have the needs of our furry friends. Today, our pet’s medical care costs can rival our own! Many surgical procedures can start around $900 and quickly escalate to over $5000. There is no question that veterinary bills are on the rise.
So the question becomes, “Is it worth it?” The answer really depends on you. For some pet owners, insurance is an invaluable service that gives you the ability to provide your pet the best possible care at an affordable rate. And, if a serious condition should arise, it keeps you from having to make a painful decision based on finances. Yet, other pet owners are not willing to spend the money for medicines and surgical procedures. Ultimately, only you can decide if pet insurance is worthwhile.
Does my pet qualify for insurance?
You have decided to insure your pet. Now, you will need to find out if your pet is eligible for insurance. Here are the basic requirements of most insurers:
- Own a cat or dog between 8 weeks and 14 years of age.
- You are a Canadian or U.S. resident
- You have a valid e-mail address
If you are able to meet these requirements, you are eligible for pet insurance. Keep in mind that some pet insurers do not have an upper limit on the age of your pet.
Pet insurance providers – basic information and advantages/disadvantages
PetCare is a leader in providing accident and illness insurance for cats and dogs in Canada. They offer a unique variety of services and products to meet the needs of your pet.
PetCare provides several benefits to pet owners: Unlimited lifetime accident coverage, coverage for hereditary conditions, premiums do not increase for older pets and exceptional service standards.
You plan can become quite pricey if you are not careful. You need to make sure you understand the type of coverage you will need for your pet and make sure you aren’t signing up for coverage you don’t need.
Trupanion is a leader in medical insurance for pets. As a founding member of the North American Health Insurance Association (NAPHIA), Trupanion is a well-respected provider of pet insurance. Trupanion was also the 1st pet insurance company in Canada to earn the American Animal Hospital Association (AAHA) Seal of Acceptance. The AAHA Seal of Acceptance program was created to help inform pet owners about quality pet health care.
Trupanion offers several advantages to their plan:
- One simple plan. Trupanion offers one comprehensive policy that covers surgeries, diagnostic tests, medications, treatments and hospital stays.
- 90% coverage. Trupanion will cover 90% of veterinary costs for any accident or illness claims that are approved (minus exam fees and optional deductible). This 90% deductible is available at any specialty hospital, veterinary clinic and emergency care center.
- No payout limit. Another advantage is the unlimited lifetime insurance coverage that Trupanion offers. What that means for you is no per accident limits, annual limits or lifetime care limits.
Watch out for the pre-existing conditions and circumstances around the policy. The plan may not allow for pets that are older or already ill. And, the plan may not cover the costs upfront.
Petsecure is a leading provider of innovative insurance coverage and boasts as 100% Canadian-owned and operated. They are also one of Canada’s oldest and largest per insurance providers.
Petsecure offers many benefits to their innovative pet insurance plans:
- Secure for LifeTM is a coverage designed for pet owners who have concerns for their pets long-term health. This plan will cover a broad range of illnesses.
- You can renew benefits each year. Basically, this means that if you have $2,500 of illness coverage, you will receive $2,500 towards each illness that occurs that year.
- Secure for LifeTM gives you no limits on your coverage for life. So as long as your pet is insured with Petsecure, you will receive renewed annual coverage year after year.
There may be a delay of coverage before the policy kicks in. In these instances, you will need to cover the cost of any services provided until the insurance coverage takes effect. In most cases, this can be anywhere from a few days to two-weeks.
When you’re ready to choose a pet insurance company, make sure you know the type of coverage your pet needs and you understand the advantages and disadvantages of each. As with any type of insurance, it is important to do your homework so your best friend isn’t left in the doghouse.