Should you buy pet insurance? Here's when it makes sense
Pet owners are well-versed in the weekly, monthly and annual costs of caring for their pets. Food, grooming, boarding and medical care all add up - and those expenses are only increasing. With this in mind, many owners may be looking for ways to save and reduce costs, if not eliminate them entirely. This is where pet insurance can be useful.
In exchange for a monthly premium paid to a provider (frequently discounted if paid annually), owners can secure coverage for a wide range of treatments, medications and veterinarian visits. Depending on the policy and insurance company, owners could potentially be reimbursed for 90% of their pet's medical care.
That all being said, pet insurance isn't for everyone. There are times when it makes sense and times when owners may want to consider turning elsewhere. Start by getting a free pet insurance quote here now to learn more.
When it makes sense to buy pet insurance
Here are three times when pet insurance makes sense for you and your furry family member.
When you've adopted your pet
If you've adopted your pet, you may not have all of their medical information and history. In some cases, even the adoption agency or shelter may not have the pet's background. In this case, it may be beneficial to buy pet insurance.
Since you don't know your pet's full history, you also don't know what medical issues they may have or any allergies or medical conditions they'll be prone to in the future. By purchasing a pet insurance policy now, you can protect yourself against any issues that will arise in the future. And if you act quickly, you'll better your chances of securing a cost-effective plan versus waiting until your dog or cat gets sick.
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When your pet is young and healthy
It may seem counterintuitive to purchase pet insurance when your pet is still young, active and healthy, but this is arguably the very best time to get a pet insurance plan. Younger pets are inherently healthier pets, making them less of a risk to insure. That reduced risk will be reflected in cheaper monthly and annual premiums.
But that's not the only reason it makes sense to insure your pet at this stage of their life. If you get pet insurance for a young pet, you'll have more coverage choices than if you waited. Pet insurance providers won't cover pre-existing medical conditions. So, act while your pet is still young, and those conditions aren't present. If you wait, your chances of paying more for less coverage only increase.
When you're the owner of a certain breed
Some dog and cat breeds can live long, healthy lives. Others, unfortunately, are more prone to medical conditions and tend to require additional care and treatments. If you're an owner of the latter types, it makes sense to get pet insurance to help cover the costs of their inevitable treatments and medications.
For dog owners, this could mean insuring Newfoundlands, English and French bulldogs and Jack Russell Terriers. Owners of Abyssinian, Persian or Ragdoll cats, meanwhile, should also strongly consider getting a pet insurance policy to help pay for their future treatments and vet visits.
In short: If you know in advance that your breed is predisposed to more medical issues than other types, consider getting pet insurance now so you have it when you need it.
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The bottom line
Pet insurance can provide valuable protection for millions of pet owners. But it can be particularly advantageous for those who have adopted their pet or whose dog or cat is still young and healthy. Similarly, it may make sense to get pet insurance if you already know that breed is likely to require repeated and extensive medical care throughout their life.
