Protecting Your Pet: 3 Ways To Make Sure That The Pet Insurance Is Worth It

Posted on: 11 March 2015

The pet industry is huge. Recent data has indicated that pet owners represent a $6.5 billion a year business opportunity with over 57% of Canadian households owning at least one pet. Owning a pet can be extremely expensive. The cost of training, food, vaccinations, toys, and pet sitting can quickly add up. With the economy in a tough place, knowing that your pet is financially covered in the event of an emergency is important. Insurance brokers offer various pet insurance coverage that is designed to do just that — protect your pet and keep medical bills low. Pet insurance premiums typically cost anywhere from $300 to $400, but can cover around 80% of your total out-of-pocket expenses. Still, purchasing pet insurance can be tricky. Here are 3 ways to make sure that the pet insurance is worth it.

Insure Your Pet When It Is Still Young

Most insurance brokers will not cover pre-existing medical conditions. Even if they do, your insurance premiums will skyrocket as a result. You want to make sure that you purchase pet insurance for your pet while it is still young, as it will not have any pre-existing medical conditions just yet. This way, as your pet ages and matures, the insurance policy will cover any and all medical conditions that begin to emerge.

Read the Fine Print of the Terms and Conditions 

Don't forget to read the fine print. Don't sign on the dotted line for any insurance policy that is offered to you. Not all insurance policies will offer the amount of coverage that you need. For example, while some pet insurance policies may claim that they will cover medical treatments and medications for eye conditions, they may only cover specific treatments or medications, or may only cover up to one eye. You want to dive deep into the fine print of the terms and conditions in order to make sure that you fully understand what you are getting. 

Familiarize with the 3 Types of Insurance

Last but not least, you want to familiarize with the 3 different types of insurance policies that are available — lifetime insurance coverage, per condition insurance coverage, and annual insurance coverage. All possess their own unique advantages and disadvantages.

Lifetime insurance coverage will offer protection to your pet for the duration of their whole life, and is renewed annually. This type of insurance policy will cover all types of medical conditions, even pre-existing ones. You can claim a medical condition over and over, if necessary. The benefit of this type of policy is that you can give your pet the best veterinary care possible without worrying about the bills. The downside to this type of insurance policy is that the policy will generally have a maximum annual spending cap. In addition, this type of policy tends to be most expensive.

Per condition insurance coverage is a selective type of policy with a maximum spending cap; however, it is also one of the cheapest insurance policies available on the market. A maximum amount of coverage is generally set for each medical condition. For example, you may only be able to claim coverage for an eye condition several times before the insurance policy will no longer cover it. This type of policy is not recommended for pets with a long-term illness.

Last but not least, an annual insurance coverage is the cheapest of the three types available. This type of insurance policy will normally place a maximum annual spending cap on the length of time that a condition is covered for. This type of insurance policy is generally most affordable and effective for pets with short-term conditions; however, it is not able to offer a lot of flexibility. 


If you own a pet, getting pet insurance may be beneficial for you and your pet; however, most experts recommend that you click here for more information or shop around and speak to several insurance brokers about the type of policies that they offer in order to get the best deal around. With the right insurance policy, you can make sure that you can offer your pet the best veterinary treatment without having to worry about breaking the bank. Pets are often considered as family, and there is nothing more heartbreaking than having to sit idly by while a pet suffers due to lack of financial funds.