If you have a furry-footed family member, chances are you’ve heard the term “pet insurance.” What exactly is it and how does it work?
This kind of insurance is designed to pay veterinary bills if your pet becomes sick or injured (usually paying up to a certain percentage and only after a predetermined deductible has been reached). And while this type of insurance might seem as alluring as a whiff of catnip, it’s important to protect yourself by fully understanding what you’re in for before signing on the dotted line.
Tips when it comes to purchasing pet insurance:
- Research, research and then research some more! There are a number of pet insurance options out there and it’s important to find the one that works for you and your pet.
- Know what’s included – and not included – in your plan. Your pet insurance policy might not cover all ailments or even all animal species – read the Terms and Conditions carefully and find out what sicknesses and injuries aren’t covered. It is also important to see if the plan covers preexisting conditions.
- Fully understand the costs. Before you sign up, know how much you’re paying for the pet insurance plan, including monthly costs, deductibles, annual fees and whether your rate will go up as your pet gets older. Like health plans, pet insurance policies often have maximum payable limits, so weigh the cost of pet insurance against the cost of regular and emergency veterinary visits.
- Identify your responsibilities. Do you know how many days you have to submit a claim after the vet visit or how to cancel your contract? Read the Terms and Conditions carefully and find out what you’re on the hook for when it comes to purchasing a pet insurance policy.
ADDITIONAL READING:
When you have to say goodbye to a pet
Travelling with your furry friend
How much is that doggie in the window? Scam warning
I had a bad experience with the PetsPlusUs insurance company. Surely their policy does not cover pre-existing conditions but it was never disclosed to me that 1) exclusions were added to my pet’s policy; 2} said exclusions were never based on a real diagnosis, just the condition that might in the future lead to a diagnosis. I am very upset and feel that I have been treated unfairly. No amount of phone calls to the company produced any recourse.
Hi Olga, thank you for your comment. While we are responsible for regulating several industries and oversee specific consumer protection laws, we don’t have any authority when it comes to issues involving insurance. I did a bit of digging for you and you may be interested in contacting the General Insurance Ombudservice. They oversee aspects of insurance and may be able to offer some information to you about this issue. If that doesn’t work for you, you may be interested in the Lawyer Referral Service from the Canadian Bar Association. You can have 30 minutes on the phone with a lawyer for approximately $25. A lawyer may be able to offer some clarification on your rights in this situation. Another option is to take the issue to the Civil Resolution Tribunal. The CRT can help you resolve certain disputes quickly in variety of different ways. We’ve written a blog post about what to expect from the CRT, if you are interested in taking a look. I hope this helps and best of luck!