Discover five things you didn't know about pet insurance

People worry about having adequate health insurance for themselves and their families, but what happens when a pet gets sick or injured? In North America, less than three per cent of pets are insured. To help you decide whether pet insurance is right for you, here are the realities behind five common myths.

1. Pet insurance is too expensive
That depends on how deep your pocketbook is. Procedures not previously available for household animals – physiotherapy, organ transplants, pacemakers, chemotherapy – not only offer more treatment options, but also mean vet bills are bigger than ever.

Monthly insurance premiums can range from $13 to $96, depending on the animal and level of coverage. However, if you have several pets, including a cat (typically cheaper to insure), your total fees may outweigh any claims you will make. Companies may offer discounts for insuring multiple pets or microchipping.

"Cost is always a factor," says Dr. Julie de Moissac, president of the Canadian Veterinary Medical Association and a veterinarian in Outlook, Sask. "But it's a relief for clients to have insurance. If something really catastrophic happens, you're covered."

2. Companies won't insure older pets or breeds with hereditary diseases
Certain disorders are common in particular breeds – German shepherds often develop hip dysplasia, labs have higher incidences of diabetes – and can cost thousands to treat. While it is true that not all companies cover hereditary diseases, and may even deny coverage to breeds known to get them, some do. Similarly, some companies have age limits for coverage, as geriatric issues increase the chances of illness.

If you are concerned about a disease your pet may develop, read the policy's fine print. You will definitely have to pay higher premiums to get these types of coverage, and your deductible may increase as your pet ages.

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