Best Cheap Pet Insurance In Canada For February 2025

• PHI Direct – Best For Superior Savings
• Sonnet Pet Insurance – Best For Dental Coverage
• Desjardins Pet Insurance – Best Price Discount Offers
• Furkin – Best For Maximum Annual Coverage
• Peppermint – Best For Accident-Only Plan Option
• The Personal Pet Insurance Program – Best For Basic Coverage
• Spot Pet Insurance – Best For Wellness Care

While you don’t want to scrimp on veterinary care for your pet, it pays to be strategic when looking for the best cheap pet insurance. Here’s how:

Review the Pet Insurance Plan with Your Veterinarian

While most veterinarians recommend pet insurance, there may be limitations on what your veterinarian can say about specific policy options. If you have questions about coverage limits or policy exclusions, for example, it’s best to speak to your insurance provider. However, your vet is an expert in pet health. Ask your vet whether your pet is prone to any breed-specific or hereditary conditions, such as patellar luxation in American cocker spaniels or bladder cancer in beagles. You can also discuss whether your pet has any pre-existing conditions that would be excluded from a pet insurance policy.  As costs vary between different vet practices, you can also ask for a price list of services to see whether more comprehensive coverage, such as a wellness plan, would make financial sense or if it’s better to pay for routine care out of pocket and save the insurance for medical emergencies.

Compare Pet Insurance Plans

Finding the best pet insurance for both your four-legged friend and your budget may seem a bit daunting. Coverage options and monthly premiums vary substantially between pet insurance plans and it can be overwhelming to know where to begin. While your goal may be to find cheap pet insurance, don’t focus on price alone.

Start by asking yourself some broad questions about what you want out of your insurance plan. Do you want an insurance policy that helps pay for medical bills in the event of an accident? Then an accident-only plan might be a good choice, especially if affordability is a primary concern (and you’re comfortable taking on more financial risk). If you want coverage in the event your pet gets hurt or sick, then an accident and illness policy is best as it will cover a wide variety of problems, like broken bones, torn ligaments, hereditary conditions, cancer and prescription medication.

Then you need to decide if you want coverage for routine care, such as wellness checks, or dental issues, such as gum disease. Also, do you want pet ownership assistance coverage that helps pet parents with lost and found pet advertising expenses and kennel costs if you are hospitalized? It’s important to remember that the more comprehensive a plan, the more expensive your monthly premium will be.

Once those big questions are answered, then you can start to look at the particulars of each plan, such as are there any special waiting periods before coverage begins (some insurers have long waiting periods for cruciate ligament injuries), what is excluded from coverage (some insurers cover prescription diets while others do not), or is an age-based deductible applied as your pet gets older. It’s important to review the policy wording carefully to understand any limitations to your policy before you enroll and need to make a big claim.

Adjust Your Deductible, Reimbursement and Coverage Levels

Some insurance providers allow you to adjust your deductible and reimbursement rates to save on monthly premiums. Your deductible is the amount you pay each year before your insurance kicks in. Your reimbursement rate is the amount your insurance provider will pay you back for claims. (Conversely, your co-insurance is the amount you pay.)

A good rule of thumb is the higher the deductible and the lower the reimbursement rate, the cheaper the premium. For example, using a sample quote from Furkin for a five-year-old Labrador retriever in Toronto at an 80% reimbursement rate, the monthly premium with a $300 deductible costs $93.54 while the premium using a $500 deductible costs $84.08 each month.

Your coverage limit, also known as your policy limit, is the maximum amount your insurance provider will pay you each year for eligible medical expenses. The higher the coverage limit, the more expensive the premium.

Ask for Pet Insurance Discounts

Pet insurance discounts are a good way to save on your premiums. Some common discounts include:

• Multi-pet discount: When you enroll more than one pet.
• Loyalty discount: Applied after the first year and in subsequent years for being a repeat customer.
• Bundled discount: When you hold other insurance with the provider, such as home or auto insurance.
• Healthy pet discount: When you don’t reach your deductible or make any claims in a policy year.
• Member discount: Applied for being a member with an affiliate retailer or professional organization.

You can also ask your insurer if they have discounts offered for military service (active or veteran) and seniors.

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.)

How Are Pet Insurance Costs Determined?

There are several factors that affect the cost of your insurance, namely:

• Pet’s breed. Some pets are more susceptible to certain conditions than others. For example, Great Danes are prone to hip dysplasia. For this reason, it may cost more to insure certain pets. Also, larger dogs usually cost more to insure.
• Pet’s age. As pets age they are more susceptible to accidents and illnesses, so older pets are more expensive to insure. 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.
• Pet’s gender. Female pets may be considered a lower risk, which can result in lower pet insurance premiums.
• Location. Vet costs vary by location. If the vet costs are higher in your area—often due to improved access to better treatment options—as well as higher labour costs, you may pay more for coverage.

The question of whether or not pet insurance is worth it depends largely on your aversion to risk and how you would pay for unexpected vet bills. Pet insurance can be a good way to help offset costs associated with unexpected medical expenses related to accidents and illness, which can be costly and force you to rack up credit card debt or take money out of savings.

Pet insurance will offset the cost of covered medical treatments at a veterinarian, but whether you come out ahead will depend 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 furry friend 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.

While there are many options to consider when shopping around for a pet insurance plan, it’s easy to request a quote online. Typically, you’ll be asked for your pet’s name, gender, breed, date of birth (approximate is fine), your postal code and an email address. Within seconds you’ll be provided with a quote and you can choose to proceed with enrolling your pet or wait (Your quote is usually good for 30 days).

At this point it’s a good idea to review the policy wording (available on each insurance provider’s website) and determine if there are any requirements prior to enrolling your pet, such as a recent vet visit or up-to-date medical file to confirm your pet’s health before making any claims.

To find the best cheap pet insurance, defined as a monthly premium less than the national average of $76, 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: 60% of score. We calculated average rates for plans with $5,000, a $100 deductible and an 80% reimbursement level, or the closest options available.
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 all insurers cover dental accidents, only a few cover dental illnesses, such as gum disease or cleanings. Plans with more extensive dental coverage scored higher.
Any discount: 10% of score. Insurers that offer any kind of discount, including a multi-pet discount, healthy pet discount, loyalty discount, bundled discount etc., earned points.
Direct payment to vet: 5% of score. Pet insurance companies that have the ability to pay a vet directly earned points.
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.