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Should I Get Pet Insurance?

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. If you need more information, our care specialists are happy to chat with you further.

What Are the Benefits of Investing in Insurance?

The goal of investing in pet insurance is to ease the financial burden placed on you as a pet owner. A Care Team member can answer questions about what the coverage includes and which benefit option is best for your circumstances. Pet insurance coverage varies but typically includes the following service options:

  • Alternative Therapies
  • Anesthesia and Surgery
  • Diagnostics
  • Emergency Care
  • Hospitalization
  • Imaging (CT scans, MRI, and X-Rays)
  • Medical Procedures
  • Prescription Medications
  • Referral and Specialist Fees

Do a lot of People Get Pet Insurance?

Pet insurance has multiple benefits for pet owners and 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 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 covers unexpected accidents/injuries and illnesses, diagnostic treatment, emergency care, hospitalization, and prescriptions. Typically, pet health insurance won't cover regular wellness visits, 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 reduce the times you need to use your insurance benefits. 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 get your pets spayed or neutered. Without it, they could be at risk for ovarian, uterine, or testicular cancer.

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 included.

Other Things to Know Before You Get 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.