Here's what happens if you wait to get pet insurance

When it comes to financial products and services, timing is critical. If you purchase something too early you may not reap all the potential benefits, but if you buy in too late you could risk paying extra for limited returns. This is true for everything from life insurance to mortgages to even gold investing. It's also true for lesser-known but equally valuable policies like pet insurance.

Pet insurance can provide cost-effective and valuable protection for owners of dogs and cats of all ages. In return for a monthly premium paid to a provider, owners can secure reimbursement for a wide range of veterinarian visits, treatments and even some procedures. However, owners should typically purchase pet insurance as soon as possible to get the greatest benefit for the lowest cost. If they wait, they could wind up paying significantly more — or they could risk being rejected for coverage altogether.

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Here's what happens if you wait to get pet insurance

There are some compelling reasons why owners shouldn't wait to get pet insurance. Here's what could happen if you decide to hold off:

Premiums could rise

A young pet is generally a healthier one. As your dog or cat ages, their health issues will increase, making them a greater risk to insurance companies. That heightened risk will show up in your monthly and annual premiums and will only rise with each passing birthday. 

This is one of the best reasons to get pet insurance when your dog is still a puppy or your cat is still a kitten. It's also a top reason to insure newly adopted pets. If you wait, you will very likely wind up paying more than if you had acted when your pet was still young and healthy.

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Coverage options could be limited

Pet insurance doesn't operate like health insurance for humans does. If your pet has pre-existing medical conditions, a pet insurance company will limit the coverage they provide. And that coverage will likely be more expensive than if you had insured your pet when they were healthier. 

"A pre-existing condition is any injury or illness which occurs or shows symptoms before coverage starts or during a waiting period," Spot pet insurance explains online. "A condition is considered pre-existing whether or not it's been officially diagnosed or treated; all that matters is when it occurred or symptoms first displayed."

Plans provided by Spot don't cover these issues, meaning that if you wait to insure your pet, your options will be limited (assuming your application isn't fully rejected). Or, you could wait until they fully heal (if applicable) and re-apply. Either way, applying for pet insurance with pre-existing conditions isn't ideal. So, if you know you need pet insurance, consider acting now.

Coverage may not be available when needed most

While pet insurance is easy to apply for and easy to get reimbursed from, it doesn't kick in immediately. Pet insurance providers all implement their own version of a waiting period. This time frame usually takes place after your application has been approved but before you can start submitting claims to get paid back. So if you wait until your pet becomes ill before applying for a policy, you won't be able to get reimbursed until the mandatory waiting period has been completed. 

"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," Fetch by the Dodo notes. "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." 

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The bottom line

No one wants to pay for insurance coverage they don't need. But they also don't want to get stuck without the security a robust insurance policy can provide. Fortunately, if pet owners time their application for insurance smartly, they won't find themselves in either scenario. By not waiting to apply for pet insurance, owners can more easily obtain cost-effective and comprehensive coverage for years to come — protecting both their furry friend and their bank account.