If you're worried about an unexpected vet bill or emergency visit, you might be interested in pet insurance.
There are different pet insurance providers across Canada. These companies offer partial or full coverage for different procedures your pet may need in exchange for paying a monthly premium.
According to an Angus Reid survey, only 16% of Canadians use pet insurance as a way to lower their pet's healthcare costs.
However, there are others who want pet insurance but are unable to afford the premiums. For example, 20% of households with incomes less than $50,000 say they are not able to get pet insurance.
If you're thinking about getting pet insurance, make sure you understand what is covered and what is not. Some Canadians report opting out of their pet insurance because not enough expenses were covered to make it worthwhile for them. Whether it's worthwhile for you depends on what the premiums and coverage level are and whether you would save more than you pay in premiums.