A new pet insurance brand, PHI Direct, has launched in Canada.
The insurer is offering pet coverage with premiums that start at $10.19 for cats and $15.20 for dogs. PHI Direct offers two policy options, with annual benefit maximums of $5,000 or $10,000. The products are being offered as an alternative to comprehensive pet coverage.
PHI Direct also revealed that its monthly premiums are further reduced by providing coverage to only new illnesses or accidents for up to a year. The insurer’s “time-limited” plans mean that any condition that a pet is treated for in the current policy year would not be covered in the next year of coverage.
“Our goal is to help insure more Canadian pets through our market-leading ‘time-limited’ approach to coverage,” said PHI Direct general manager Randy Valpy. “PHI Direct answers the unmet need of the pet owner looking for introductory coverage at attractive price points by providing on-the-spot protection to meet their immediate needs for veterinary care and treatment for up to a year. Coverage doesn’t include the benefits of some of the leading providers in the industry, but the price point reflects that too.”
In a company release, PHI Direct also stated that it is the first pet insurance offering in Canada to accept PayPal and Apple Pay. The insurer also hinted at plans to launch in the US later this year.
