[Survey] 62.6% of Canadians don't know about pet insurance
More than one in two Canadian households owns a pet. Yet pet insurance is still a relatively new product in our province. We therefore questioned 1,079 pet owners on the subject, to find out how Canadians relate to this insurance product.
Only 15.5% of our respondents claim to have pet insurance
Responses to the question "Have you ever heard of pet insurance?" revealed that the vast majority of respondents (62.6%) said they had never heard of pet insurance. This suggests a potential need for public awareness and education about this form of insurance.
Source: HelloSafe survey (2023)
Good to know
Methodological note: only respondents who answered "Yes" to the question "Do you currently have a pet?" were included in this study.
On the other hand, of those who are aware of this insurance, a significant proportion (21.9%) have not taken out insurance for their pet, which raises questions as to why they have not done so despite their prior knowledge. Finally, 15.5% of respondents have already taken out pet insurance, indicating a significant take-up of this type of protection.
Reducing veterinary costs, the No. 1 reason to take out pet insurance in Canada
The answers collected to the question "If you have taken out pet insurance, what are the main reasons behind your choice?" reveal the main reasons pet owners give for taking out insurance for their four-legged companions:
- First of all, a significant proportion of respondents (29%) cited reduced veterinary costs as a major motivation. This highlights owners' financial concerns about the high cost of veterinary care, reinforcing the importance of this insurance to relieve this financial burden.
- 29% of respondents also said they had taken out pet insurance on the recommendation of their vet. This suggests that trust in professional advice plays a significant role in the decision to take out pet insurance.
- Protection against illness (27.1%) and accidents (17.4%) remain major concerns for owners.
Source: HelloSafe survey (2023)
Expert advice
Alexandre Desoutter, editor in chief at HelloSafe :
"Many pet owners in Canada are still unaware of the benefits of pet insurance, unaware that this protection can provide invaluable peace of mind for both their four-legged companion and their own financial peace of mind. In fact, work still needs to be done in this area among the Canadian population, so that animals can benefit from all the veterinary care they need."
The monthly cost of the premium, the No. 1 choice for pet insurance for 33.5% of Canadians
It's interesting to see the survey results regarding the most important criteria for choosing pet insurance. These insights shed light on the factors that pet owners prioritize when making such an important decision. Let's break down the key takeaways from the data:
- Monthly Cost of Premium (33.55%): Unsurprisingly, the majority of respondents (over one-third) prioritize the monthly cost of the premium. This emphasizes the importance of affordability in pet insurance, as many pet owners want coverage that fits within their budget.
- Other Pet Owners' Opinions (30.32%): A significant portion of respondents value the opinions of other pet owners. This suggests that word-of-mouth recommendations and online reviews play a crucial role in influencing pet insurance choices. It highlights the power of peer experiences and testimonials in the decision-making process.
- Scope of Coverage (23.87%): Nearly a quarter of respondents prioritize the scope of coverage offered by insurance plans. This demonstrates that pet owners are concerned about the level of protection their policy provides and want comprehensive coverage for their furry companions.
- Easy Claims Submission (17.42%): A notable percentage of respondents appreciate the ease of claims submission. This indicates that a streamlined and hassle-free claims process is crucial to pet owners, making it easier for them to access the benefits of their insurance when needed.
Source: HelloSafe survey (2023)
Methodology
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
The results presented in this study are from a survey of 1,079 pet owners in Canada via hellosafe.ca during the month of July and August 2023.
About HelloSafe Canada
HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.
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