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Should I Get Pet Insurance & is it Worth It?

Alan Percal, ASA, MAAA | Sep 14, 2022

Our furry family members bring us joy, and we always want to ensure they are healthy and happy. If you are looking for pet insurance, Furkin Pet Insurance understands your pet’s health and your financial peace of mind are top priorities. Pet insurance is worth looking into because it helps you bounce back from new or unexpected veterinary costs and gives you the confidence to choose the best care for your pet.

Let’s review some of the most common questions on whether or not you should get pet insurance.

What Are the Benefits of Investing in Pet Insurance?

The goal of investing in pet insurance is to ease the future financial burden placed on you as a pet owner. Companies such as Furkin, provide comprehensive accident, illness, and emergency coverage, including but not limited to the following list of services:

  • Accidents (broken bones, foreign body ingestion, poisoning, etc.)
  • Illnesses (cancer, diabetes, allergies, etc.)
  • Alternative Therapies
  • Anesthesia and Surgery
  • Diagnostics
  • Emergency Care
  • Hospitalization
  • Imaging (CT scans, MRI, and X-Rays)
  • Medical Procedures
  • Prescription Medications
  • Referral and Specialist Fees

Pet insurance coverage varies across companies and some may only offer coverage for accidents. If you need more information, our care specialists are happy to answer questions about the coverage and what is best for your circumstances.

How Many People Have Pet Insurance?

Pet insurance has been growing rapidly in North America due to the many benefits for pet owners and their pets. The Canadian pet insurance market is expected to expand by almost 50% over the next 5 years. According to the North American Pet Health Insurance Association (NAPHIA), there were 4.41 million pets covered by some kind of pet insurance policy in Canada and the United States.

The number of insured pets is growing, and in 2018, NAPHIA reported that only 271,000 pets in Canada had pet insurance. In 2021, 432,533 pets were insured in Canada, a 59.6% increase from 2018. With 56% of Canadian households owning pets, there’s clearly room for continued growth.

Is it Worth it to Get Pet Insurance?

Pets are playful and adventurous, so you'll likely have some unforeseen vet bills over the years. Even if they are the most risk-averse pet you’ve known, unfortunately unexpected illnesses can also pop up in our furry friends. If your dog swallows a small ball or sock, surgery could cost anywhere between $800 – $7.000. A savings account may help cover the less costly accidents or illnesses, but it's hard for most people to save for the more severe events.

When you purchase pet insurance, a large portion of your financial risk associated with the cost of caring for your pet is transferred to the insurance company. The resulting financial security, ease of budgeting for pet care, and peace of mind allow you to choose the best treatment recommended by your veterinarian rather than being faced with the tough decision of what you can afford. Pets can live longer and healthier lives with proper medical care, which makes them and their humans happy too.

What Does Pet Insurance Cover?

Pet insurance plans cover unexpected accidents/injuries and illnesses, diagnostic treatment, emergency care, hospitalization, prescriptions, and more. Typically, pet health insurance won't cover routine care such as regular wellness checkups. You may want to consider pet wellness coverage for routine physicals and preventive care. When you are considering the best coverage for your pet, it’s always wise to read the policy of any insurance company, such as Furkin.

Can I Reduce My Need for Pet Insurance Coverage?

Preventive care can help reduce the chance of future medical conditions and/or catch potential issues early, both of which could help decrease the likelihood of having large future veterinary expenses for your pet.

For starters, ensure you get flea and tick treatment for your pet to help protect them from a life-threatening illness. Make sure you regularly treat them for heartworm and follow your veterinarian's advice on when to spay or neuter your pet. Without it, they could be at risk for ovarian, uterine, or testicular cancer. Most veterinarians will also recommend regular wellness checkups at least once per year.

Are There Different Kinds of Pet Insurance?

Depending on the company, you may have the option to choose from multiple coverage plans. Differences across plan options could be related to what services are included in coverage or other variable features such as deductibles, reimbursement levels, annual coverage caps, and lifetime coverage limits. At Furkin, you get comprehensive coverage for unexpected accidents and illnesses, with sick visit exam fees and taxes included.

Other Things to Consider Before Getting Pet Insurance

Pet health insurance may have some additional considerations to be aware of, such as exclusions related to pre-existing conditions. Illnesses or injuries that are present or symptomatic before your plan is active may not be covered. Your policy may require a vet exam within a certain period of enrolling along with maintaining all vaccinations and other preventive treatments as recommended by your vet. The policy may not cover some treatments if your pet is not up to date with vaccinations.

Some pet insurance plans may also offer additional features and benefits, so it’s important to read through the policy of any coverage option you are considering for your fur family.

Furkin Pet Insurance includes many valuable benefits and coverages designed to make pet parenting easier, especially in an emergency. Call our care team today, and we’ll gladly help you find the right coverage for your needs.