Considering pet insurance? Avoid this major mistake

Pet ownership can be an exciting and fulfilling experience for years to come. But while owning and caring for a dog or cat can be great, paying for their inevitable medical care can be a burden, particularly now that costs have risen. In today's economic climate, it makes more sense than ever to offset these costs by securing a pet insurance policy. Depending on the type and provider, a pet insurance plan can reimburse owners for up to 90% of the care they otherwise would have paid for out of pocket.

While the benefits of a pet insurance plan are plentiful, like any other financial product or service, there are also some important mistakes to avoid making. For example, you don't want to apply later in your pet's life as the cheapest and most comprehensive care if often reserved for younger animals. But that's primarily a cost concern. There's arguably an even bigger mistake owners should avoid to ensure their pet is covered.

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

Avoid this major pet insurance mistake

Just like you shouldn't wait to get health insurance for yourself until you're sick, you should avoid doing the same for your dog or cat. Don't wait until they're ill to apply for pet insurance because you won't get covered in time for it to be helpful.

That's because pet insurance companies mandate a waiting period before they will cover your pet. If you wait until they're sick, your waiting period will overlap with when they're ill, meaning you'll still have to pay for treatments and medications until your policy is live.

"The 15-day waiting period, which begins the day after you enroll, is a set period of time before your coverage kicks in and you can be paid back for claims," pet insurer Fetch by the Dodo says. "We cover injuries and illnesses that occur after the waiting period is over. Any claims you submit during the waiting period will not be covered. Any injury or illness that occurs during the waiting period will be considered a pre-existing condition, which means it won't be eligible for coverage."

According to Fetch by the Dodo, there's "also a 6-month waiting period before injuries of the hips and knees can be covered. You can waive the waiting period for knee injuries by having your pet examined by a vet in the first 30 days of your policy to determine that they don't have any relevant pre-existing conditions."

Different providers have different approaches to waiting periods - some may be longer and some may be shorter. What's standard, however, is that they all have some form of waiting period. So don't wait until your coverage needs are urgent. Apply today while your pet is still healthy and have your pet insurance readily available for when you need it most. Get a free quote here now.

Other pet insurance mistakes to avoid

While applying later in your pet's life and waiting to apply when they're already sick are two of the biggest pet insurance mistakes to avoid, they're not the only ones. Here are two other pet insurance mistakes owners should do their best not to make:

Not shopping around

The pet insurance industry has grown significantly in recent years, providing owners with more options than ever. In this environment, it pays to shop around before signing on the dotted line. Get quotes from at least three different providers to improve your chances of finding the best and most cost-effective policy.

Getting the wrong type

There are multiple pet insurance types to choose from. Make sure you know why you need pet insurance - and what you can afford to pay for it - before choosing a type. Different types have different price points (and cover different treatments), so do your research first. 

The bottom line

Pet insurance is a great way to protect your pet - and your bank account. To effectively do both, however, you'll want to avoid making some major mistakes. Namely, waiting to apply for a policy by the time your pet is sick could backfire as you'll need to complete a waiting period before the insurance kicks in.

So don't wait. Get started early and enjoy the benefits and peace of mind a pet insurance policy can provide today.