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Many individuals and families throughout Canada have pets, including dogs, cats, birds, and other furry companions. While pet ownership continues to grow in popularity, so does the importance of getting pet insurance.
Pet insurance is a type of health insurance for animals, protecting their owners from financial loss should a pet get sick or injured unexpectedly.
The average expense for the first year of pet ownership can be around $2,900 for a dog and up to $1,950 for a cat, according to the Ontario SPCA and Humane Society. A significant portion of these annual costs includes veterinary care—both expected checkups and unexpected health concerns.
Fortunately, Canadian pet owners have many choices for pet insurance to help protect their family members and save the hit to their wallets. Here is what you need to know about pet insurance in Canada, including the best companies to consider.
On this page:
- Best pet insurance in Canada
- What is the purpose of purchasing pet insurance?
- How to find a company that fits your needs
Best pet insurance in Canada
To find the best pet insurance in Canada, our editorial team reviewed partner pet insurance providers to see where each stood out amongst the rest. Our evaluation focused on U.S.-based companies that offer coverage to both U.S. and Canadian residents.
However, while our in-depth evaluation was focused on U.S. companies, we’ve also included Petsecure, who only offers pet insurance in Canada.
|Company||LendEDU Rating||Annual Benefit Limit||Reimbursement|
|FetchPet||4.8 out of 5||Up to unlimited||70%, 80%, or 90%|
|Trupanion||4.2 out of 5||Unlimited||90%|
|Petsecure||Not rated||Up to unlimited||80%|
Available in both Canada and the U.S.
- You choose your deductible, reimbursement rate, and benefit limit
- Added benefits include FetchForward™(soon to come), virtual vet visit coverage, and more
- 30-day money-back guarantee
FetchPet, previously known as Petplan, offers comprehensive pet health insurance plans for cats and dogs in Canada and the United States. You can visit any veterinary office in both countries with no restrictions or networks.
With one of the most comprehensive pet insurance plans, pet owners can trust that they’ll be covered in the event that their pet suffers unexpected accidents or illnesses. Some of the things covered under a policy include exam fees, specialist visits, comprehensive dental, virtual vet visits, imaging, cancer treatment, surgery, and more.
During enrollment, you’ll be able to choose your deductible, reimbursement rate, and benefit limit from a list of options to find the coverage you need, at a price that you can afford.
Available in both Canada and the U.S.
- The only pet insurance company that can pay the vet directly through proprietary software
- Includes 24/7 customer care
- Has paid out more than $1 billion in claims
Trupanion offers pet insurance in both Canada and the United States. Policyholders can visit any veterinarian in either country without any restrictions.
Some things that stand out about Trupanion are its ability to pay your veterinary bill directly at checkout and its lifetime per incident deductible. With Vet Direct Pay, Trupanion can pay select veterinarians at checkout so that you don’t have to pay large out-of-pocket costs. Its lifetime per incident deductible could help pet owners limit costs if their pet suffers from the same injury or illness multiple times.
All of Trupanion’s pet insurance policies don’t have a cap on the annual benefit limit and reimburse 90% of the costs for covered conditions. The only term you control is the deductible, which can be selected from $0 to $1,000.
Unlike FetchPet and Trupanion, Petsecure is only available in Canada. Its coverage is a bit different than the other two companies in that it packages its policy terms and allows you to choose between two deductibles with each plan.
Unfortunately, when we got a quote to review the terms, some of the selection process didn’t work and we couldn’t select any of the deductible options to review cost information. Make sure to look out for that issue when you’re getting a quote.
In addition to its standard coverage, policyholders can enjoy up to $4,050 in customer benefits. These benefits include $1,000 in boarding coverage if you’re hospitalized, $1,000 in trip cancellation coverage if your pet suffers an emergency, $1,000 to cover cremation or burial costs, and more.
What is the purpose of purchasing pet insurance?
Pet insurance is designed to offer peace of mind and protect you from financial loss should your animal become sick or injured unexpectedly.
Most pet insurance policies pay up to a certain percentage of reimbursement for covered accidents and illnesses, meaning you are only responsible for the remaining percentage of the total veterinary bill.
In some cases, pet insurance also covers routine care for pets. Wellness exams, dental cleaning, neutering or spaying, or vaccines may be selected as part of some pet insurance policies for an additional cost.
Having this coverage in place is beneficial if you do not want to pay the full amount out of pocket each year. However, it is important to consider the cost burden each month for the coverage selected and compare it to the potential benefit paid.
How to find a pet insurance company that fits your needs
The first thing pet owners should do is consider the likelihood of needing coverage for their pets. While some animals are healthy throughout their lifetime, others may be more prone to developing conditions that require treatment or care.
In these cases, it is essential to get a pet insurance policy that provides enough coverage to be worth the cost. It’s important to be aware that pet insurance might not cover pre-existing conditions, so be sure to clarify upfront what medical conditions the plan covers.
Pet owners should review the ongoing premium charged for animal health insurance. If the benefits of the policy are not used periodically, the coverage may not be worth the price paid in premiums.
Some pet insurance providers in Canada offer a discount when the coverage is bundled with another policy, such as homeowners insurance or auto insurance. Be sure to ask about these discounts when taking out a policy.
Pet insurance in Canada is not a requirement for pet owners. However, the protection it offers can bring peace of mind to pet owners and be a smart financial investment.
Pet insurance requires some research and due diligence before selecting the right policy. During your search, review coverage amounts, premiums, and exclusions for certain conditions. Be sure to base your decision on these factors, as well as your pet’s need for the coverage both now and in the future.
Author: Jeff Gitlen