These tips on buying pet insurance Canada are focused on the needs and wants of a pet owner.
If the buyer is well-informed about the potential pitfalls, cost-effective coverage can be purchased at a reasonable price. This video and the tips below will help you to buy pet insurance.
What should you budget for?
The cost of pet insurance with roughly equal benefits can vary greatly in the premium. But, consider $15 per month as the minimum amount for what an average person would call comprehensive coverage. For a dog aged two years, this is the cost of lifetime coverage. This depends on the dog’s age and breed, as described in the main guide for pet insurance. There is likely a reason for the higher premium. You may find that the coverage will be more restrictive if you pay less.
Be aware of age restrictions
Insurance companies know that older animals are more likely to have health problems. In the diagnosis and treatment for a chronic or serious condition, vet bills can be expensive and inevitable. The very low premiums for pet insurance that terminates at 10 years old reflect the fact that it does not cover common ‘end-of-life’ claims.
What level of coverage is available for vets fees?
Most people think that $2000 to pay vets fees is sufficient. Unfortunately, this is often inadequate and will likely be even worse in 10 years. Numerous insurers offer a $4000 cap on vets fees. Some argue that this is the minimum because vets fees are rising at a much faster rate than the general inflation rate.
Be on the lookout for increased policy excesses
While some providers maintain low premiums, others increase your excess for vets as your pet ages. The excess can be a percentage of the treatment cost, usually 20%. However, some pets have higher excesses. This would result in a $2000 vet’s bill being split, with you paying $400 towards the claim and your $100 (typically) excess. In such a case, the insurance company will only pay $1500. You should monitor your policy excess and make sure you have enough money to cover unexpected vet bills.
Inflation is a problem for vets – don’t get caught!
Your premium will increase to reflect increased claims costs and the higher likelihood of claims. The rate at which vets fees are rising has been much higher than inflation. This is due to the wide range of services available. You can compare the quality and cost of private hospitals to get comparable results.
Know how much your premiums will rise in the future
Do not sign up for pet insurance policies just because you are offered a discount or special offer. These discounts are usually only available for the first year. After that, the full price will be reverted to next year. Get multiple online quotes for different pet ages to get an idea of the market’s value. This will help you determine if the prospective provider is going to continue to provide you with good value. Comparing prices can prove to be very helpful.
Branding costs
Although many banks, supermarkets and large brands offer pet insurance, specialist providers may be able to provide the coverage. Although these brands might charge a premium, you may find that the same specialist providers will offer similar products for a lower price.
Information about dog breed restrictions
Certain breeds have known problems, such as hip displacement in German Shepherds or the shorter lifespan of larger dogs (such as Great Danes). These issues are reflected in any policy that you receive. Although the insurers will be open about this, you should not ignore it. Providers only cover unexpected costs, not for payments for inherent diseases.