Vet bills can derail one’s best-laid plans. With a typical emergency visit for a dog starting at $200, it’s not unusual to pay thousands for multiple diagnostic tests, medications, treatments or surgeries.
Even smaller animals such as exotic birds, bunnies and guinea pigs can set you back hundreds of dollars if they develop respiratory problems, nutritional deficiencies, skin infections or dental issues.
With costs of vet care rising, pet insurance can seem like a great solution, says Christiane Lemieux, a professor at the University of Waterloo’s Department of Statistics and Actuarial Science.
“People buy it when they hear stories of, ‘Oh, my dog ate something and the surgery was $10,000,’” she says. “They think: ‘I’m willing to protect myself against this.’”
But pet insurance products vary and premiums can be high. Plus, many policies exclude older animals, breed-specific conditions – such as German Shepherds (hip dysplasia) and daschunds (back problems) – as well as pre-existing conditions. And if consumers don’t read the fine print on their policy, they could pay out thousands in premiums only to find their pet isn’t covered.
V. Victoria Shroff, a Vancouver-based animal law lawyer, frequently hears from frenzied pet parents who’ve had this happen.
“You need to find out if the policy covers genetic conditions,” she says. “Will it cover vaccines? What is the deductible? What percentage of the fees will be returned to you?”
“Look beyond the glossy brochure,” suggests Shroff. “You really have to do your due diligence and see what it is that you’re purchasing.”
What to consider for pet insurance
Lemieux says that for people with puppies, who often have accidents and eat a variety of objects, pet insurance can be an attractive option. Younger animals are also more likely to be covered at a lower premium.
For other pets, do your research, get an expert opinion and weigh self-insurance.
Talk to your vet
Book a vet appointment to assess your pet’s health and to find out what kind of conditions your pet may experience. Vets are well aware of what genetic conditions certain animals have and can offer guidance on what the future might hold, says Shroff. “If there’s something specific the vet tells you, talk to the insurers and find out exactly what they’re going to cover,” she says.
Read the fine print
Pet insurance policies differ in how much coverage they offer – and many won’t cover existing illnesses. Others will charge very high premiums for breed-specific issues. Some have an age limit, while others do not. All have deductibles of varying amounts. “You should definitely make sure that you understand what is going to be covered, as well as the actual cost,” says Lemieux.
Be prepared to wait
Pet insurance often has a waiting period – ranging from 48 hours to six months – before accident and illness coverage begins. For routine and preventative care, there is usually no waiting period. Lemieux also suggests you research whether the premium will go up as the pet ages.
Weigh the costs
In terms of cost, the average cost of pet insurance for dogs in Ontario is $55 per month, while for cats it is $30 per month, according to Progressive Animal Welfare Services. Lemieux says you have to add up the premiums you expect to incur and determine whether paying out of pocket will be cheaper or more expensive. Shopping around and getting quotes from multiple pet insurers can also yield a variety of coverage options.
Consider self-insuring
Shroff recommends pet owners set aside $100 a month for each pet, in a specially designated account at their bank “that you don’t touch.” She says this method can come in handy as many people don’t have a large limit on their credit card and may struggle to pay a steep vet bill.
“Try to see what scenarios are going to save you money,” says Lemieux. “If you feel it will be too difficult to cover a big surgery (out of pocket), then the insurance might be worth it.
