Why Pet Insurance is Important

Recent studies have shown that over half of all Canadian households have at least one pet; usually either a cat or a dog. However, in North America, less than 1% of all pets are insured. Thus, the question one has to ask is: Why aren’t our beloved pets benefiting from pet medical insurance?

Let’s face it; all pet owners love and cherish their pets. Therefore, just as you would have coverage for you and your family members, why wouldn’t you take out pet medical insurance for your pet? The policy you choose is as important to the maintenance and overall health of your pet as it is to you.

Each year, about one out of every three domestic pets will have an unexpected injury or illness that will require veterinary care. Sometimes, a simple checkup and/or treatment may be required. However, there may be other times when our pets may need expensive tests using additional diagnostic equipment that can also be just as costly.

Prescription drugs for pets are expensive. Since there are no government programs or subsidies in place to provide our furry friends with the care they need, pet insurance provides us with a way to cover these unexpected costs.

As with most insurance companies, the premiums vary. For example, while there are different policies depending on your pet’s breed; some may include annual check-ups and the required vaccinations, while others may include spaying and neutering; and death benefits. Others may just include accident and illness.

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Pet medical insurance covers all unexpected health costs for your pet, up to the limit on your policy. On the other hand, with our own health insurance, our government plan covers only our basic care needs.

Due to the fact that pet insurance is kind of a niche insurance market for older pets, it is the kittens and puppies that do not have as much risk of becoming ill as will older pets as they age. But consider that while puppies and kittens may not fall ill as easily as older pets, young pets are just like young children. They lack full coordination and are more likely to experience injuries or get into trouble. So too, younger pets also lack perception and judgment that comes from experience.

While most pet insurance claims arise from costs related to illness, puppies and kittens are more likely to become injured in accidents. Of course, prevention is always important and taking out pet medical insurance while they are still young will afford you peace of mind should any serious illness develop or any accident occur.

If you have an outdoor pet, or pets that spend time inside and outside, it is likely they can come into contact with things that indoor pets may not. This could include traffic, ticks, and exposure to other animals. However, when we think of the unexpected, accidents come to mind first. According to statistics, 75% of pet medical claims are illness related. Indoor pets are not any less vulnerable to illness than outdoor pets. Your Wheezy may still fall ill from a variety of ailments such as allergens in the home, and having pet insurance is the only way to ensure she gets the treatment she needs to fully recover.

For more information on pet medical insurance and the benefits derived thereof, please visit: www.insurance-rates.ca/pet-insurance-rates.html.

You know the old saying, “An ounce of prevention is worth a pound of cure.” Keep your pet active through exercise as well as a proper diet. Research the breed; the more you know about your pet, the better equipped you will be to prevent any onset of illness or disease. Pet medical insurance is vital to the health and care of your “best friend.”

Liane Wood is a chartered insurance professional and registered insurance broker specializing in personal and small business insurance.

Visit her website at: www.Insurance-Rates.ca


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