Adopting a pet can be a very rewarding experience. But it can also be expensive.
Between food, supplies, and vet checkups, you may need to dip into your savings account regularly to cover the costs incurred. And that’s not even taking into account any pet care emergencies you might encounter.
Another expense you will incur when adopting a pet is purchasing pet insurance. And because of the costs involved, you might be inclined to wait as long as possible to purchase insurance. But delaying buying pet insurance could actually cost you dearly.
The problem with deferring pet insurance
Changes to human health insurance have required insurers to provide coverage for pre-existing conditions. But pet insurance works differently.
Pet insurance companies are not required to pay tab for treatments related to pre-existing conditions. So the longer you wait to purchase pet insurance, the more likely you are to have a problem with your pet being excluded from your coverage.
And if you think you’re just going to lie on your pet insurance application or neglect to disclose conditions you’re aware of, think again. It is common for insurance companies to verify that you are telling the truth by checking veterinary records. So, if your pet has diabetes and you don’t list it as a pre-existing condition, but your pet’s veterinary records show that they’re taking insulin, you’ll likely be denied coverage (or, at the very least, you will be told that you need to change your disclosures).
Don’t wait any longer to take out pet insurance
The thought of having to pay for pet insurance can be daunting, especially at a time when you’re considering so many other pet-related expenses. But when you put off pet insurance for too long, you may find yourself footing the bill over time for conditions that your insurer won’t be willing to cover.
The good news is that pet insurance can end up being cheaper than you thought. Progressive reports that the cost of pet insurance for dogs can average as little as $9 per month and as high as $72.53. For cats, the average cost of pet insurance ranges from $6 to $38.53 per month.
Of course, these are just averages, and you may see different numbers depending on the pet you own. Either way, it’s important to shop around for pet insurance rather than just going to the first company you talk to. Comparing rates can save you money.
But don’t just look at quotes when comparing your options. Also look at what coverage each insurance plan offers you. In some cases, it may be worth paying a higher premium to get more coverage.
Either way, don’t expect your pet insurance company to pay for services related to a condition your pet already has. And the sooner you get pet insurance, the less likely you are to have more problems that your insurance policy won’t cover.