‘I can’t afford that’: Ontario woman frustrated after pet insurance doubles to $866 a month

It's estimated there are 14 million dogs and cats in Canada - but only about three per cent of pet owners have invested in pet insurance. Pat Foran reports.

It’s estimated there are 14 million dogs and cats in Canada, however, only about three per cent of pet owners have invested in pet insurance.

While pet insurance can help you in the event of unforeseen expensive medical bills, the premiums can rise substantially as your pet gets older.

An Ontario woman says she was shocked after she received a statement from her pet insurance company showing her premiums had almost doubled to $866 a month.

“Rosie is the best, she loves people,” Elaine Citter, of Toronto, told CTV News.

Citter has owned her bichon-poodle Rosie since she was a puppy and the now-11-year-old dog continues to be a wonderful companion.

“I love her, she is amazing. She is my little shadow,” she said.

When Citter’s previous pet died at a young age and had expensive veterinary bills, she decided to get Rosie pet insurance.

In the beginning, the monthly premiums were manageable but in 2024, Citter noticed her pet insurance rose to $286 a month.

The following year, it jumped again to $470 a month and this year, she was advised her premiums would now cost $866 each month.

“I can’t afford that with all the prices going up. I want to live comfortably and I want her to live comfortably but I can’t justify this kind of money,” she said.

Citter is insured with 24PetWatch. She called the company to get answers regarding the massive price hike.

“They said your dog is older and I said yes that is the point of insurance and they said that I was on an old plan and they weren’t honouring that old plan any longer,” she said.

CTV News reached out to Independence Pet Holding, the parent company of 24PetWatch, on Citter’s behalf.

“While we can’t discuss individual policy details due to customer privacy, we certainly understand Elaine’s frustration and recognize this situation is stressful,” the company said in a written statement.

“Across the pet insurance industry, monthly premiums have risen in recent years as veterinary costs continue to increase. Advancements in veterinary medicine—such as MRIs, laser therapy, rehabilitation services, and other innovative treatments—have expanded the care available to pets, but they’ve also driven up the cost of veterinary services. As claim costs rise, insurers must adjust premiums to keep pace.”

Independence Pet Holding went on to say that premiums may also change as pets age.

“Because dogs and cats age more rapidly than humans, their health risks increase each year. These elevated risks can affect premiums at renewal, as older pets are more likely to need medical care,” it wrote.

“Our mission is to care for pets and empower pet parents, and we remain committed to supporting our customers.”

Brian Vines, with Consumer Reports, said the rates for younger animals will “always be less expensive then those for animals as they age.”

According to Consumer Reports, you should shop around for pet insurance coverage, especially after a huge increase. However, you can also consider creating your own monthly savings plan by setting aside $100 a month in a fund, in case your pet needs care.

“People can self insure meaning you have a lockbox where you put that money in the event your pet does need some kind of service,” Vines said.

Citter, meanwhile, said she only used her coverage a few times for minor issues and there was a $500 deductible.

Over 11 years however, she paid $17,000 in premiums and now wishes she would have had her own savings plan instead.

“It’s very disappointing. It’s disturbing and I really wish I wouldn’t have bothered with insurance. I could have stuck $100 away a week for her and I would have been just fine,” Citter said.

When looking for pet insurance, it’s important to know it may not cover “pre-existing” conditions, and you could have to pay up front and then get reimbursed later.

Coverage varies from plan to plan, so you need to read documents carefully to know exactly what kind of insurance you have.