Pets are not an accessory. They are living beings that deserve to be cared for to best of our abilities. That is simply the responsibility and commitment we take on once adopting an animal.
Whether it’s a playful puppy, an aging cat, or an adventurous rescue, we want to give them the best possible care throughout their lives.
While Canada has a publicly funded healthcare system for people, veterinary care isn’t covered by provincial health insurance. Every visit to the veterinarian, from routine exams to emergency surgeries, is paid for by the pet owner unless they have private pet insurance.
As veterinary medicine continues to advance, pets now have access to many of the same diagnostic tools and treatments available to humans.
That’s great news for their health, but it also means costs can add up quickly. Pet insurance can help make those expenses more manageable.
Here are five reasons many Canadian pet owners choose to insure their furry companions.
1. Veterinary care can come with a big bill
Most pet owners hope they’ll never face a medical emergency, but accidents and illnesses can happen without warning. A dog that swallows a foreign object, a cat that develops diabetes, or a pet injured in an accident may require surgery, hospitalization, diagnostic imaging, or ongoing treatment.
Even less serious issues can become costly once examinations, blood work, medications, and follow-up appointments are added together.
Those expenses are becoming increasingly common. According to Canada’s Competition Bureau, Canadians now spend approximately $9.3 billion each year on veterinary services, while households spent an additional $7.4 billion on pets and pet food in 2022.
The Ontario Veterinary Medical Association estimates that caring for an adult dog costs about $4,137 per year, while an adult cat costs approximately $2,849 annually.
Emergency veterinary visits can add anywhere from a few hundred dollars to well over $1,600 on top of routine annual care.
Pet insurance can help offset many of these unexpected expenses, allowing owners to focus on their pet’s recovery instead of worrying about how they’ll pay the bill.
2. Care-based decision-making
One of the most difficult situations a pet owner can face is choosing between recommended treatment and what they can realistically afford.
Without insurance, some owners may have to delay treatment, decline advanced diagnostics, or make heartbreaking decisions because of financial limitations.
Affordability is already preventing some Canadians from accessing veterinary care.
One in five Canadian pet owners wanted or needed preventative care for their pet but couldn’t access it because of affordability, appointment unavailability, or other barriers.
While every policy is different, pet insurance can reduce out-of-pocket costs for eligible treatments, giving owners more flexibility to pursue the care their veterinarian recommends.
3. Pets are living longer
Advances in veterinary medicine, better nutrition, and increased awareness of preventive care have helped many pets live longer, healthier lives.
With longer lifespans, however, comes a greater chance of developing chronic conditions such as arthritis, allergies, heart disease, or cancer.
These illnesses often require ongoing medications, specialist appointments, or regular monitoring over many years.
Today’s veterinarians also have greater access to sophisticated diagnostics and treatments, including CT scans, MRI imaging, advanced surgical procedures, and specialized medications.
These innovations have dramatically improved outcomes for many pets but have also increased the cost of care when serious illness or injury occurs.
Having insurance in place while your pet is healthy may provide coverage for future eligible conditions, helping you manage costs over the course of your pet’s lifetime.
4. It fits into a financial plan
Unexpected veterinary bills can be difficult to absorb, particularly when they arrive without warning.
Instead of facing the possibility of paying several thousand dollars at once, pet insurance allows many owners to budget through regular monthly premiums while reducing the financial impact of eligible emergency or illness-related expenses.
This predictability can be valuable when the average annual cost of caring for an adult dog already can exceeds $4,100.
In addition, routine veterinary care represents just one portion of the overall cost of pet ownership.
While you’ll still be responsible for deductibles, co-payments, and services not covered by your policy, insurance can make veterinary expenses far more predictable over time.
5. Getting coverage early is advantageous
One of the most important things to understand about pet insurance is that it generally doesn’t cover pre-existing medical conditions. Once a condition has been diagnosed or symptoms have appeared, it typically cannot be insured later.
For that reason, many owners choose to purchase coverage while their pets are young and healthy.
Enrolling early may provide access to broader coverage throughout your pet’s life and reduce the risk of exclusions for conditions that develop later.
The cat’s meow
Pet insurance can help make your life and their lives easier and more enjoyable.
Pets bring so much intrinsic joy into our lives. They become a part of the family and deserve to be protected as such.
We recommend speaking with a licenced financial professional about how to get pet insurance and how it can fit into your current budget.
