A new study suggests that if you’re considering buying your pet from a pet insurance company, it’s not necessarily a good idea to pay extra for the coverage.
The study was conducted by Pinsent Masons Insurance Group, which provides pet insurance for both home and business owners.
The study found that the average cost of a pet’s pet insurance policy in Canada was $12.20 per month, and the average premium was $14.82 per month.
Pinsently said that the researchers were able to track the costs of each policy, so that they can compare costs for similar policies across Canada.
“The average annual premium for pet insurance in Canada is $13.16 per month,” said Pinsented’s research director, Dr. Stephen Lacey.
“That is the highest in the world.
In the U.S., it’s $7.49 per month.”
The authors of the study found a correlation between the cost of insurance and the percentage of the cost that comes from premiums.
“A pet insurance premium of at least 30% is associated with an increase in annualized annualized medical spending of about $17,000 for a single person, according to the researchers,” they wrote.
If you want to be sure that your pet insurance premiums will be affordable, the authors suggest looking for a policy with a lower premium, which can also help you compare the cost per month to other policies.
“Pet insurance premiums are very expensive, but you may be surprised by the savings that can be achieved with cheaper policies,” Dr. Lacey said.
As the study notes, there are other options for pet owners who are considering purchasing their pet from pet insurance companies.
You can compare the average pet insurance quotes from various insurers and use your pet as an example of how much the premiums are, which may help you decide if the insurance is right for you.