It is a sad truth that having pets larger than a goldfish costs you quite a few more dollars. A Canadian lady talked about how much money her parents had to spend on her Labrador when she was a child.
That is the reason why her and her husband spend $45 on pet insurance for their German shepherd mix, Ozzie. They did this 6 years ago.
What does pet insurance help with?
It covers some of the vet costs—which can be quite pricey. However, not even pet owner sees the insurance as a saving grace.
Those who pets are cats can spend up to $100 per annum; on dogs, it is twice the amount. This information is according to the British Columbia Society for the Prevention of Cruelty to Animals.
The data only shows routine visits and do not include emergency visits which we all know, can be in the thousands of dollars!
Different breeds come with different health issues. For e.g., Great Danes have a higher chance of having heart disease than say a smaller breed like a Cocker Spaniel. It is sad but it is the hard truth so you may or may not want to factor in these things when choosing a pet.
The insurance plans tend to have a mixture of a maximum payout amount each year that is a deductible.
What is a deductible?
An amount that the owner has to pay before the insurer pitches in and a co-pay—a percentage of the bill the owner is responsible for. You should know that if you pet has a pre-existing condition, most of the plans out there will not cover it—the control of that condition will continue to come from your pocket.
The average annual cost for insuring an adult cat for accident and illness coverage with Pets Plus Us, for instance, is $370, while a dog, the cost almost doubles to $734.
It’s estimated that about 1%–3% of all domestic cats and dogs in Canada have some type of insurance.
Ozzie’s insurance covers almost $2,500 of yearly medical costs since his owners found that he is allergic to about 22 food, fabric and other things, which include beef, chicken and wool.
“It would have been really cost prohibitive to keep him if we didn’t have pet insurance,” she says, adding the insurer pays 90% of those costs save for a one-time $500 deductible.