The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First, we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
Second, we also include links to advertisers’ offers in some of our articles. These “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.
Updated: Oct 2, 2023, 9:48am
Fact Checked
Fact Checked
Most pet parents want the best for their furry family members, but good veterinary care doesn’t come cheap. In fact, according to a November 2022 survey from the non-profit Angus Reid Institute, while the majority of pet owners surveyed value the quality of care and service veterinarians provide, at least three-in-five Canadians said the service was too expensive.
That’s no surprise, since vet treatment costs are on the rise and vet bills can mount quickly. One way to maintain financial security as a pet owner is to purchase pet insurance. Having this coverage can act as a financial safety net, limiting the risk of having to pay the full cost of unexpected vet bills if your pet is injured or gets sick.
While the basic coverage of pet insurance plans can have similarities , there can be significant differences in benefits, price and extras. This is why Forbes Advisor Canada evaluated 12 Canadian pet insurance providers to find the best.
$4,000, $8,000, unlimited (per accident/illness)
80%
$100
$4,000, $8,000, unlimited (per accident/illness)
80%
$100
Desjardins offers comprehensive pet insurance at three different coverage levels and price points, with generous coverage for dental, preventive care, alternative therapy and behavioural therapy included with the Gold Paw or unlimited plan. The Silver Paw with $8,000 maximum coverage ($4,000 per illness and $4,000 accident per year) includes dental care with optional additional coverage for alternative therapy, behavioural therapy and medical devices, and the basic Bronze Paw with $4,000 maximum annual coverage offers optional dental care. While not the cheapest pet insurance company, Desjardins offers solid coverage you won’t find in the more basic plans.
Note that both Desjardins and The Personal Pet Program are essentially the same plan, with identical coverage options and benefits. Both are underwritten by Petline Insurance, and The Personal Insurance Company is owned by Desjardins General Insurance Group Inc. One key difference: While the rates offered by The Personal were marginally cheaper, Desjardins makes the stipulation that in complex (thereby expensive) cases, vet direct pay is possible.
Read more:Desjardins Pet Insurance Review
$5,000 accident only, $7,500, $15,000
70%, 80%, 90%
$100, $200, $300
$5,000 accident only, $7,500, $15,000
70%, 80%, 90%
$100, $200, $300
Pets Plus Us is one of only two providers surveyed that offer an accident-only plan. (The other is Peppermint.) In addition, Pets Plus Us offers $7,500 and $15,000 accident and illness coverage with your choice of deductible and reimbursement. Pets Plus Us has a shorter than average waiting period for additional benefits compared to other insurers (two days versus up to six months). While there is no vet direct pay, pet parents can make special arrangements with their vet for more expensive procedures. Pets Plus Us offers a PetHelpFone as part of its free Blue Ribbon Benefits. Instead of a wellness plan, Pets Plus Us offers a Flex Care option as an add-on to help you budget for your pet’s expected veterinary expenses.
Read more:Pets Plus Us Pet Insurance Review
$5,000, $10,000
80%
$200
$5,000, $10,000
80%
$200
PHI Direct has built its reputation for offering affordable pet insurance. With two coverage options ($5,000 and $10,000) and a $200 deductible, you get shorter waiting periods for cruciate ligaments than average, the ability for vet direct payments and access to a 24/7 vet Telehealth helpline. The trade-off is no dental illnesses or wellness coverage and PHI Direct’s time-limited policy stipulation whereby your pet’s accident or illness is covered for one year and then becomes a pre-existing condition and is no longer eligible for coverage. PHI Direct is not currently available in Quebec.
Read more:PHI Direct Pet Insurance Review
$5,000, $10,000, unlimited (per accident/per illness)
80%
$100, $300, $250, $400
$5,000, $10,000, unlimited (per accident/per illness)
80%
$100, $300, $250, $400
Backed by the Ontario Veterinary Medical Association, OVMA Pet Health Insurance offers three plans: Comprehensive, Extended and Unlimited+. While there is a six-month waiting period for dental, cruciate ligament and intervertebral disc disease, the Unlimited+ plan has no waiting period for preventive care and deciduous teeth (baby teeth) conditions have only a 14-day waiting period, with prior approval. There is no vet direct pay option or 24/7 health line, but the Unlimited+ plan offers wellness coverage, and all plans include dental illness. You can also save money with the multi-pet discount and the loyalty discount after the first year.
Read more:OVMA Pet Health Insurance Review
$20,000
80%
$100, $300, $750
$20,000
80%
$100, $300, $750
While some policies have per accident or per illness maximums, Furkin offers one simple plan with $20,000 maximum annual coverage for you to use where you need it. You can also choose between three deductibles to suit your budget. While there is no vet direct pay option, Furkin does offer a 24/7 vet Telehealth service for pet parents in need of some answers. Compared against average premiums for policies with unlimited coverage, Furkin is significantly cheaper and is comparable to monthly premiums for $5,000 coverage. Furkin does not offer dental or wellness coverage and is not currently available in Quebec.
Read more:Furkin Pet Insurance Review
Unlimited
90%
$0 to $1,000
Unlimited
90%
$0 to $1,000
Trupanion is the only pet insurance company surveyed that offers just unlimited coverage. You can customise your deductible from $0 to $1,000 in $5 increments and Trupanion does not apply an age-based deductible as your pet gets older. Trupanion has a unique lifetime per condition deductible, meaning you pay only when your pet develops a new condition. Trupanion’s focus is on unexpected illness and injuries, so there is no preventive or dental coverage. While Trupanion’s unlimited coverage and 90% reimbursement is impressive, it is also significantly more expensive than other unlimited pet insurance providers and can be cost prohibitive for dog owners, especially in larger urban centres or with older pets.
Read more:Trupanion Pet Insurance Review
$5,000, $10,000, $15,000
70%, 80%, 90%
$300, $500, $700
$5,000, $10,000, $15,000
70%, 80%, 90%
$300, $500, $700
If you like the ability to customise your monthly premium to suit your budget, Fetch By The Dodo allows you to choose your maximum annual coverage, reimbursement and deductible. Annual coverage starts at $5,000, but the maximum coverage tops out at $15,000 per year. Fetch By The Dodo offers comprehensive dental coverage for every adult tooth, including gum disease. At $300, the minimum deductible is higher compared to other providers, but there is no age-based deductible applied as your pet gets older. Fetch By The Dodo is not currently available in New Brunswick or Quebec.
Read more:Fetch By The Dodo Pet Insurance Review
$5,000, $10,000, unlimited
80%
$100
$5,000, $10,000, unlimited
80%
$100
Spot offers pet insurance with $5,000, $10,00 and unlimited coverage with a low $100 deductible. Spot earned points for shorter waiting periods compared to other companies. While Spot does not offer dental illness, it does have an optional wellness rider that includes spay or neuter surgery—one of only two pet insurers surveyed to offer that. However, Spot has both an age-based deductible and an age-based reimbursement, which means that both your deductible and the amount you pay as co-insurance will increase as your pet ages. It’s worth noting that Spot is not currently available in Quebec.
Read more:Spot Pet Insurance Review
$5,000 ($2,500 per accident/$2,500 per illness)
80%
$100, $300
$5,000 ($2,500 per accident/$2,500 per illness)
80%
$100, $300
If you’re looking for affordable coverage for medical emergencies and accidents, Sonnet offers one simple plan with $5,000 maximum coverage: $2,500 per accident and $2,500 per condition per year. This may be limiting if you have one expensive claim but could save you money if you make several claims for different conditions. Sonnet does not offer any wellness options, but does include some dental illness coverage, which includes cleanings. Sonnet is currently only available in Alberta, Ontario, Quebec, New Brunswick, Nova Scotia, B.C. and PEI.
Read more:Sonnet Pet Insurance Review
$1,500 accident only, $3,000, $5,000, $10,000 (per accident/per illness)
80%
$100
$1,500 accident only, $3,000, $5,000, $10,000 (per accident/per illness)
80%
$100
Peppermint offers three levels of coverage, maxing out at $10,000, as well as an accident-only plan. Peppermint does not offer a lot of extras, such as vet direct pay, a 24/7 pet health line or wellness coverage. With a low $100 deductible, Peppermint scored points for having the second cheapest monthly premium of the 12 insurance providers surveyed.
Read more:Peppermint Pet Insurance Review
$2,000, $5,000, $10,000, unlimited (per illness/per accident)
80%
$100, $300, $250, $400
$2,000, $5,000, $10,000, unlimited (per illness/per accident)
80%
$100, $300, $250, $400
Petsecure gets a nod for flexibility, offering four plans, each with their own varying levels of coverage and your choice of deductible. The caps per accident/per condition may be limiting when it comes to more expensive claims, but the coverage for routine dental care, including cleanings, is a plus. The unlimited plan includes wellness coverage that can be used for routine care, such as vaccinations and annual check-ups. The downside? Petsecure has the most expensive average monthly premium for $5,000 coverage of the 12 pet insurance companies we surveyed.
* Applies an age-based deductible as your pet gets older.
** Applies an age-based reimbursement as your pet gets older.
Put simply, pet insurance is health insurance for your pet. According to the Ontario Veterinary Medical Association, half of all pets will have a major illness in their lifetime. Treatment can be costly and pet insurance can help protect you from unexpected veterinary costs
There are two main kinds of pet insurance plans: Accident-only or accident and illness. A wellness or preventive health plan can be added to an accident and illness plan, or be part of a more comprehensive policy.
Pet insurance plans are typically reimbursement-based, meaning you’ll pay up front for your pet’s veterinary bills, then submit a claim for reimbursement.
Here’s an example of how a pet insurance claim typically works:
The time it takes to be reimbursed varies between insurance companies, and can be anywhere from the same day to two weeks for more complex cases.
The amount you are reimbursed for is a function of your coverage limit (the maximum amount your insurer will pay out each year), your reimbursement rate and your deductible.
For example, with a coverage limit of $5,000, 80% reimbursement and $100 deductible, say your veterinary bill is for $1,000. You’ll pay only $300 ($1,000 – $200, which equals 20% co-insurance or your portion of the claim – $100 deductible = $700 that you will be reimbursed).
Your coverage limit, also known as your policy limit, is the maximum amount your pet insurance provider will pay you each year for eligible medical expenses. Your annual coverage resets when a new policy period begins. Some providers with accident and illness plans, such as Desjardins and Peppermint, have per-incident and per-illness maximums within their annual cap. So the Bronze Paw plan with Desjardins offers $4,000 of maximum annual coverage: $2,000 per accident and $2,000 per illness condition. Others, such as Furkin, offer one combined accident and illness maximum per year. Several insurance providers, including Desjardins, OVMA, Spot, The Personal Pet Program and Trupanion offer unlimited payout options, which means there is no upper limit on the amount you will be reimbursed each year.
The annual deductible is the amount of money you must pay for veterinary services before you receive reimbursement for any eligible expenses. You pay your deductible only once per year. A lower deductible means you’ll pay less upfront before your coverage kicks in, but your monthly premiums will be higher. For example, $2,000 annual coverage for a five-year-old Labrador Retriever in Toronto with Petsecure costs $57 per month with a $100 deductible and $45.93 per month with a $300 deductible. Accident-only plans often have a per incident deductible that must be paid with each accident claim.
Many companies also apply an age-based deductible as your pet gets older, so your deductible increases to offset the increased health care costs of senior pets. For example, a $100 deductible with Desjardins increases to $250 when your pet turns five years old and $350 when your pet is over 10 years old.
With most pet insurance companies, you’ll need to pay your pet’s veterinary bill first and then you submit a claim to your provider for reimbursement (Trupanion and PHI Direct will pay your vet directly). The reimbursement rate is the amount your insurer will pay, while the co-insurance is your portion of the claim. So if your reimbursement rate is 80%, you only pay 20%. Most insurance providers offer a reimbursement rate of between 70% and 90%. While your deductible is only applied once per year, the reimbursement rate is applied with each claim. It’s important to note that if your policy is subject to claims risk management (check the fine print), whereby a pet insurance company assesses all policies for the number of costs and claims, if you submit a lot or expensive claims, your reimbursement rate may go down. This means you’ll have to pay more.
Pet insurance pays a portion of your pet’s medical bills for unexpected accidents and illness, and offers coverage for:
Some more comprehensive pet insurance plans offer extended coverage for the following:
Maintaining your pet’s pearly whites is a very important part of their overall health, as dental problems can lead to other problems when left untreated. However, dental checkups don’t come cheap, running from $200 to $500 for a cleaning and $6,000 for a root canal. Pet dental insurance may be able to help offset the costs related to treatment, but not all offer the same level of coverage.
While all pet insurance companies surveyed extend coverage for dental accidents, such a fractured tooth, only some cover dental illnesses. Not all pet insurance companies cover cleanings either. For example, Sonnet covers dental illness up to $300 a year and includes cleanings, while Trupanion offers unlimited coverage for dental illnesses, but not cleanings.
The following Canadian companies offer additional coverage for dental disease and illness:
A standard pet insurance policy covers unexpected illnesses and accidents, and spaying and neutering don’t fall into either category. That’s because spaying and neutering are predictable procedures and expenses.
Wellness plans, also known as preventive plans, that are included in the more comprehensive pet insurance plans, or as an add-on, cover predictable expenses, such as annual exams, vaccinations, flea control and blood wellness tests. However, only two Canadian pet insurance companies surveyed included coverage for spaying and neutering:
Vaccinations help protect your pet from a number of potentially serious and even fatal diseases. According to the Ontario Medical Veterinary Association, every pet should be vaccinated. Core canine vaccines include: rabies, distemper, adenovirus-2 and parvovirus. Additional vaccines based on your pet’s medical history and lifestyle include leptospirosis, Lyme disease, bordetella and influenza. Pet insurance is for unexpected illnesses and accidents, while vaccinations are part of your pet’s routine care. However, vaccinations may be covered if your policy includes wellness or preventative care, either as core coverage or an add-on. For example, Spot’s Routine and Advanced wellness plan add-ons include coverage for vaccinations.
No. Due to the cost of treating pre-existing conditions and the relatively short lifetime of a pet (dogs live on average 10 to 13 years depending on the breed), pet insurance providers exclude pre-existing conditions from coverage. A pre-existing condition is defined as an illness or injury that starts prior to policy enrollment, including any waiting period. Note that most insurance providers stipulate that a condition does not need to be diagnosed to be considered pre-existing.
Here’s a scenario: If your pet goes to the vet with a limp, but there is no diagnosis, but later is found to have developed hip dysplasia, if that initial visit happens before your pet is enrolled, that condition will be ineligible for any coverage going forward.
However, some insurance companies, such as OVMA, Pets Plus Us, Furkin and Spot, make concessions for a temporary or “curable” condition, including bladder infections or respiratory infections. As long as your pet is cured, shows no further symptoms and a certain amount of time has passed since that initial diagnosis (usually between six months and one year), that condition may be covered in your plan moving forward.
Pet insurance companies in Canada currently only provide coverage for dogs and cats.
According to a Forbes Advisor Canada analysis of 12 Canadian pet insurance companies, the average monthly cost is about $76, based on $5,000 in annual coverage with a $100 deductible and 80% reimbursement (or the closest available option). However, your costs will vary depending on the maximum amount of coverage and the deductible you choose. (The higher coverage, the more expensive the monthly premium, while the higher the deductible, the cheaper the monthly premium.) What’s more, other factors affect your cost, such as:
Most veterinarians will say yes, as pet insurance helps remove the financial anxiety around making the best healthcare decisions for your pet should disaster strike. And that happens more often than we might expect.
According to Angus Reid, 71% of pet owners surveyed reported needing veterinary care for a serious illness and 51% for emergency visits. Of those that have pet insurance, 22% said it was a “total lifesaver” while 34% said they haven’t always needed insurance but it was nice to have. Only 10% said it was totally useless.
When it comes to the numbers, pet insurance will offset the cost of covered medical treatments at a veterinarian, but whether you come out ahead depends on how much you’ve been paying in pet insurance premiums, as well as your deductible and reimbursement percentage.
It also depends on how many claims you make. If you have an accident-prone pet, or if your four-legged BFF develops a chronic disease, pet insurance may save you thousands of dollars over the course of your pet’s life (It’s important to note that some insurers may readjust your reimbursement if you make a lot of claims during a policy year).
However, if your pet remains healthy and injury free, you may pay out more than you get back. Like any insurance plan, you are preparing for the worst and hoping for the best.
In addition to not covering pre-existing conditions, even the most comprehensive insurance policy will have a list of exclusions, or expenses they won’t cover. Some of these include:
The benefits to pet insurance are clear: If your pet is injured or becomes ill with an eligible condition, you can save thousands of dollars in veterinary bills that you would otherwise pay out of pocket. For example, if your pet develops hip dysplasia, the cost of long-term medications and surgery is over $7,800, according to Trupanion. But if you have an insurance policy with $10,000 coverage, 80% reimbursement and a $100 deductible, you would only pay $1,660. ($7,000 bill – $1,560 = 20% co-insurance – $100 deductible.)
If you have more comprehensive coverage that includes dental coverage, for example, you may be more likely to take your dog to the veterinarian for annual checkups, knowing that the treatment costs are paid for.
Pet insurance also offers pet parents peace of mind that if anything happens to your pet, you can afford to take care of them and make the best treatment decisions without worrying about how you’re going to cover the costs.
Like all types of insurance, medical pet insurance is there to provide financial assistance to pet parents when faced with unexpected emergencies. You could pay into your insurance policy for 10 years and never make a big claim. But you could also pay for the same period of time and when your pet develops a chronic condition or has a devastating accident, your coverage falls short of the full cost of the required treatment because your plan has a maximum payout limit. Your choice of pet insurance products and coverage limits is a factor of your emotional ability to deal with risk and your financial ability to deal with a big vet bill.
To find the best pet insurance we reviewed each company’s policy wording and used data provided by PetInsurer.com to score each pet insurance company based on the following:
Pet insurance rates: 40% of score. We calculated average rates for plans with $5,000 or unlimited coverage, a $100 deductible and an 80% reimbursement level, or the closest options available.
Special waiting period: 10% of score. Many pet insurance companies have a special waiting period for problems such as cruciate ligament issues and hip dysplasia. Plans that had no waiting period, a waiting period of six months or less, or the ability to have the waiting period waived scored higher.
Direct payment to vet: 10% of score. Pet insurance companies that have the ability to pay a vet directly earned points.
24/7 vet health line: 10% of score. Insurers that provide access to a 24/7 vet health line scored in this category.
Routine wellness plans: 10% of score. Insurers that offer wellness plans, either included with a plan or as a rider, earned points.
Dental illness coverage: 10% of score. While most insurers cover dental accidents, not all insurers cover dental illnesses, such as gum disease or cleanings. Plans with more extensive dental coverage scored higher.
Pet ownership assistance: 5% of score. Insurers that include coverage for pet owner expenses, such as advertising and reward for lost pets, boarding for medical emergencies, end of life expenses and/or vacation cancellation, scored in this category.
Any discount: 5% of score. Insurers that offer any kind of discount, including a multi-pet discount, healthy pet discount, loyalty discount, etc., earned points.
In Canada, while there are a few exemptions, tax payers rarely get a break for life or health insurance premiums. The same applies to pet insurance. While Fido may feel like a part of the family, the Canada Revenue Agency does not classify pets as dependents and therefore, the cost of their care and maintenance (including pet insurance) is not tax deductible.
Some of the more comprehensive pet insurance policies cover routine vet visits as part of their wellness or preventive coverage. This may be included in the policy or available as an add-on. For example, OVMA covers annual exams and vaccinations as part of its preventive care coverage offered with the Gold Paw plan. Spot offers a Routine or Advanced optional wellness rider to its accident and illness plans. However, most accident and illness plans cover only sick exam fees and associated treatment.
Some pet insurance companies offer discounts for multiple pets. For example, Desjardins, OVMA Pet Health Insurance and Petsecure offer 10% off your monthly premium for three or more pets, and 15% off your monthly premium for six or more pets. There may also be other ways to save money, such as loyalty discounts, membership discounts (Costco Executive members save 15% off a Pet Plus Us plan) or healthy pet credits if you don’t make a claim or reach your deductible in a policy year.
One pet insurance policy doesn’t fit all. Answering what dog insurance is best is a personal question based on your attitude towards risk as well as your lifestyle. Is your pet’s breed at a higher risk of developing a congenital condition? Do you plan on taking your pup backwoods camping or are walks around the block more your style? Answers to those questions alone could increase your future likelihood of an expensive vet bill. You also need to balance your access to financial resources should disaster strike with your monthly budget. While an unlimited plan offers no maximum cap for coverage, it can be significantly more expensive than $5,000 coverage. Then you can decide if you want a plan that focuses on medical emergencies alone, or one that also includes wellness and/or dental coverage. The key is to get pet insurance before you get handed a hefty vet bill.
While pet insurance offers an affordable way to budget for unexpected vet bills, there are alternatives to cover your pet’s care, such as:
Fiona Campbell is a Staff Writer for Forbes Advisor Canada. She started her career on Bay Street, but followed her love for research, writing and a good story into journalism. She is the former editor of Bankrate Canada, and has over 20 years of experience writing for various publications, including the Globe and Mail, Financial Post Business, Advisor’s Edge, Mydoh.ca and more.