Pets have become some of the most sought-after companions during the COVID-19 pandemic. After all, who would not want a friendly dog, cat, bird, lizard, fish, etc. to keep them company back home during a global health crisis? In fact, 54% of Canadian millennials have called themselves “pet parents” in 2022, a survey by Pet Keen has noted.
But as pet ownership surged, so have the costs to take care of and maintain them. According to data from HelloSafe.ca, the average dog owner in Canada in 2021 spent $2,912 on veterinarian visits and services. For cat owners in 2021, that number is $2,150. HelloSafe.ca stressed that these two numbers are increasing each year.
To cover these costs, pet owners have been advised to secure insurance. But what exactly does pet insurance cover? Insurance Business’ Mark Rosanes gives the low-down on how pet insurance works in his new guide, which this article will briefly touch upon.
What does pet insurance cover? According to Rosanes, the product offers three types of protection:
The most common type of coverage, accident and illness policies cover injuries caused by accidents – including broken bones, torn ligaments, bite wounds, eye trauma, and poisoning – and sickness – including skin infections, cancer, arthritis, allergies, ear infections, diarrhoea, and internal parasites.
Some insurers offer accident-only plans, which essentially cover anything associated with sudden physical injury. This type of policy usually costs less than accident and illness plans and suits pets with pre-existing conditions.
This optional coverage pays out for wellness expenses, including annual physical exams, spay or neuter procedures, routine blood panels, heartworm testing and treatment, faecal testing, urinalyses, routine vaccinations, teeth cleanings, and flea and tick treatments.
In addition to the fiscal aspect behind pet ownership, Canadians have been advised that having a furry or feathered friend is both a financial and psychological investment. Chartered Professional Accountants Canada (CPA Canada) has even advised that pets should start socializing before households are permitted to return to their workplaces again; this would prevent the pet from suffering major separation anxiety.
