Word Count

Is pet insurance worth it?

(NC) Pets are great. Not only do they provide companionship, but they can also improve our health and well-being. It’s well documented that they keep us active and can help improve mood, reduce stress and even lower our blood pressure.

No wonder people treat them like family. Should we invest in the same sort of insurance coverage for them as well? Is pet insurance worth it?

As risk assessment professionals who often advise on insurance, many actuaries have strong knowledge on the subject. Here’s what their analysis suggests.

Most Canadians have some form of insurance through public, group or individual health plans to help cover their own medical costs.

Pet insurance generally offers the same basic coverage for the cost of accidents or sudden illness. For some, this sort of coverage can be really valuable. If you have had a pet for any length of time, there’s a good chance you have received a large and unexpected vet bill at some point.

As a relatively new product, what pet insurance can cover is changing. In the same way you can get coverage for dental and vision care, pet insurance can now also cover things like vaccinations, flea treatments and dental cleanings.

So, how much does it cost?

Like for our own insurance, a number of factors come into play:

  • The type of animal – only dogs and cats can be covered so far
  • Your pet’s breed, age and gender
  • Where you are located – because vet costs vary from place to place
  • The amount of coverage you want
  • The deductible required
  • The percentage of the total cost paid out for claims

A Forbes Advisor Canada analysis found the average cost is about $76 per month, based on $5,000 annual coverage, a $100 deductible and 80 per cent reimbursement of costs.

Is pet insurance worth it? It can provide peace of mind but, like coverage for your family members, it will depend on your individual situation.

You can learn more about Canada’s actuaries and their assessments at

Media Attachments Related Posts Terms of Use

All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.

Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.