Ontario woman frustrated after pet insurance doubles to $866 a month

An Ontario woman, Elaine Citter, has expressed her frustration after her pet insurance premiums skyrocketed to $866 a month for her 11-year-old bichon-poodle, Rosie. This dramatic increase highlights a broader issue within the pet insurance industry as many pet owners face rising costs as their pets age.

Statistically, there are an estimated 14 million dogs and cats in Canada, yet only about 3% of pet owners have invested in pet insurance. The article reveals that while pet insurance is intended to protect pet owners from unforeseen costly medical expenses, many face substantial premium increases as their pets grow older.

Citter's experience began with reasonable monthly premiums, starting at $286 in 2024. However, in just two years, her premiums surged to $866, reflecting how rapidly insurance costs can escalate along with the aging of pets. This particular situation exemplifies the stress many pet parents face when trying to balance their pet's health needs with rising inflation and personal financial burdens.

According to Independence Pet Holding, the parent company of Citter's insurance provider, premiums may rise due to increasing veterinary costs. They emphasize that advancements in veterinary medicine, including services like MRIs and laser therapy, have driven up the costs of care, which in turn affects premium rates for pet owners.

Consumer Reports advises pet owners to shop around for pet insurance, especially in light of significant premium increases, and suggests establishing a savings plan for pet care as an alternative to insurance. For Citter, reflecting on her 11 years of premiums amounting to $17,000, she now believes creating her own savings fund could have been the wiser choice.

When considering pet insurance, pet owners should be aware that policies often do not cover "pre-existing" conditions and may require upfront payments followed by reimbursement. It’s essential to thoroughly read policy documents and understand the kind of coverage offered before purchasing insurance.

While pet insurance can provide peace of mind, the experience of Elaine Citter serves as a candid reminder that costs can quickly escalate, prompting pet owners to weigh their options carefully.

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