Are you willing to pay thousands of dollars for surgery or veterinary treatment out of pocket? Or would you be content to say your final goodbyes to a loved member? Insurance for cats and dogs can help you avoid this terrible decision by offering continuous protection in the event of unforeseen circumstances for a set monthly fee. This is how it goes.
What is covered by pet insurance?
Pet insurance reimburses a portion of the costs incurred in the event of a disease or accident, typically between 80% and 90%. At a higher cost, more comprehensive plans can include preventive care (such as annual vet examinations), dental treatment, and even behavioral counseling. Every occurrence is eligible for a refund, and unlike car or home insurance claims, it does not result in a monthly premium increase.
Calculating premiums for insurance
To compute the monthly charge, your pet’s age and health state are taken into account first, just as they are for humans. The higher the danger of major disease in an older pet, the higher the premium. When your pet reaches an advanced age, it will no longer be insured. Certain dog and cat breeds are also more susceptible to certain diseases, raising the cost of insurance. Finally, any pre-existing health condition that exists before to the policy’s implementation is not covered.
Insurance companies for pets
Several financial institutions and significant merchants in Canada, including Desjardins and its subsidiary La Personnelle, HBC, and Costco, offer pet insurance. Petsecure, Pets Plus Us, Trupanion, and 24PetWatch are some of the specialized insurance.
What is the cost of cat insurance? Is it possible to get dog insurance?
A cat insurance policy with the bare minimum coverage is roughly $13 per month at HBC. Dog insurance is a little more expensive, with monthly premiums starting at around $17.
Is pet insurance a good investment?
Pet insurance, like other types of insurance, is primarily used to avoid having to pay a large sum of money in the event of an unforeseen event in exchange for fixed monthly payments. Do you have a few thousand dollars set up in the event that a catastrophic illness or injury necessitates costly surgery or treatment? If this isn’t the case, pet insurance offers peace of mind in the form of reasonable monthly payments.
Pet-specific savings accounts
Another option is to open a bank account for your pet and set up automated payments to deposit a predetermined amount each month. The remaining funds might be used as an emergency fund for veterinary care. If the money are not required, they can be redirected to another use. If your puppy or kitten requires care from a young age, however, your funds may not be sufficient to meet the bills.