Buying pet insurance? What to know first

Prices for everything from food to veterinary care are higher than they've been in recent years, and the inflation behind it doesn't seem to be easing any time soon. In this environment, many Americans find themselves looking for any advantage they can get. This includes pet owners, who are already accustomed to high expenses for pet food, grooming, boarding and medical care. Pet ownership can be a fulfilling, loving and expensive relationship.

Fortunately, pet insurance can help. In return for a low fee to a provider each month, owners can procure coverage for a wide variety of issues and vet visits. However, while this unique insurance type is worth it for many reasons, owners should go into the process clear-eyed to get the most cost-effective and valuable policy. To that point, there are certain things owners should be aware of before signing on the dotted line.

If you're in the market for pet insurance, start by getting a free quote here.

What to know before buying pet insurance

Here are three tips all owners should know before buying a pet insurance policy. 

Don't automatically sign with the first provider

Whether you're shopping for a home, car or insurance policy, it's generally advisable not to take the first offer you get. That's also true for pet insurance. This is a robust industry with many providers offering a variety of policies and coverage options. While the first quote you get may ultimately be the best one for you and your pet, you won't know that definitively until you've shopped around and compared providers.

Start by getting quotes from at least three pet insurance companies to establish a baseline to compare against. Make sure to do an accurate, apples-to-apples comparison. For example, if you get a quote from one pet insurance company for a 2-year-old female Goldendoodle in good health,  get quotes from the second and third company for the same age, sex, breed and health. This will ensure the provider you wind up with truly is the best of the bunch.

Start checking pet insurance prices here now.

Different policies have different prices

There are various types of pet insurance policies to choose from, all of which have their own price point. In short: If you want more robust coverage, you'll have to pay for it. Comprehensive plans are generally more expensive than accident and illness plans, and accident and illness plans are pricier than accident-only plans.

There is no best plan for everyone. Some owners may want to pay as little as possible to get coverage. In these cases, an accident-only policy that covers issues like swallowed items and broken bones may be best. Other owners may want more comprehensive coverage and the perks that come with it. Just know that different policies come with different prices, so understand your budget before committing to a specific plan. 

Don't wait for a better deal

With some financial products, like mortgages, you may be able to time the market to get a better deal. But that's not the case with insurance policies, particularly pet insurance. Pet insurance will only become more expensive as your dog or cat ages and they become riskier to insure. That risk will show up every month in higher premiums.

Another reason why you shouldn't wait? Pet insurance companies typically don't cover pre-existing medical conditions. They generally only provide coverage for items outside of that realm (if they even approve your pet for a plan). So don't wait. If you do, you'll likely pay more for less-expansive protections. 

The bottom line

Pet insurance can be a smart way to protect both your pet and your bank account.

Before choosing a policy, however, be sure to do your homework. Don't automatically go with the first provider you got a quote from. Instead, shop around to compare prices and policies. Understand that different types of pet insurance come with different costs. Finally, don't try to time a pet insurance plan to get the lowest rate. If you wait too long, you could wind up paying a higher cost for less-robust coverage.

Get a free pet insurance quote here now to get started to get started.