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Why is it important to have pet insurance in Canada?

Why is it important to have pet insurance in Canada?

Black dog being carried by veterinary staff

We have all heard of various types of insurance available for humans - health insurance and life insurance, to name a few of the most common types of insurance. Increasingly, people treat their pets as family members, so it should not be a surprise that pet insurance exists too. 

Pets get sick and injured which can result in expensive visits to the vet. Did you know that the average dog owner in 2021 in Canada spent $4,412 on their furry friend? That number is increasing every year.

If you are a pet parent, you know these bills can be substantial and usually come when you are least prepared for them. This article covers what you need to know about pet insurance in Canada.

What is pet insurance?

Pet insurance in its simplest form is health insurance for your pet. Estimates show that one in three pets will need some form of emergency care during their lifetime.

It is no secret that all pet owners want to keep their four-legged friends happy and healthy without draining their bank accounts in the process. The trend of pet insurance is something that more and more insurers are recognizing as a need. It is a powerful tool for financially protecting pet parents from those high vet bills.

Just like for humans, the cost of animal medical care is rising across the board. It is not uncommon for pets to require diagnostic procedures like labs and x-rays, treatment plans, and associated medications to treat pets. This can add up quickly, especially for purebreds or older animals.

What does pet insurance cover?

Much like any other type of insurance, pet insurance will cover your pet for costs associated with medical bills stemming from:

  • Accidents
  • Diagnostic tests
  • Emergency Care
  • Hospitalization
  • Prescriptions
  • Sudden illness
  • Surgery

Some pet insurance plans also offer wellness packages that include preventative care such as checkups, vaccinations, and parasite prevention.

How much is pet insurance?

The cost of pet insurance depends on a variety of factors such as whether it is a dog, a cat or another animal, their breed, age, and the desired deductible amount. Even the province you live in can impact the cost of pet insurance. All of these items will be taken into consideration to determine the premium for your pet’s insurance policy. 

​​Pet insurance premiums for your dog can start as low as $15.20 per month to more than $100+ per month. It will be dependent on the coverage option you choose as well as the deductible. If you want to know more about prices, you can take a look at the best pet insurance in Canada on HelloSafe’s comparison platform. 


Is pet insurance worth it?

You can never predict what will happen to your dog or cat. However, it is certain that pet insurance is worth it when something happens to your pet.

Insurance professionals and veterinarians can tell you, however, that if your pet sustains an illness or injury, the vet bills can be astronomical. And as many as one in three pets in Canada require emergency care during their lifetime.

Accidents like dog bites, fractures or eating something that they should not have, like LEGOS, can cost thousands of dollars to treat. A ligament repair in dogs can cost $3,000 to $7,000. That figure does not even include X-rays, anesthesia and follow-up care.

There are also breeds of both dogs and cats that are more susceptible to certain illnesses or injuries. If you own one of these purebreds it can mean more frequent and more expensive veterinarian bills

So is pet insurance worth it? If you want to ensure that your animal gets the best care available, and save money while doing so, the answer is a resounding yes.




This article was written by Alexandre Desoutter, a former journalist and editor-in-chief for the international comparison platform HelloSafe in Canada. Having graduated with a Master in International Law and Political Sciences in France, he is now the spokesperson for HelloSafe in Quebec, managing the publication of studies about insurance and personal finance.

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February 20, 2024
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