These are the best times to buy pet insurance

You can save money on pet insurance by buying a policy at certain times. / Credit: Getty Images/iStockphoto
You can save money on pet insurance by buying a policy at certain times. / Credit: Getty Images/iStockphoto

Dogs and cats are often considered to be members of the family by their owners. During the COVID-19 pandemic, almost 1 in 5 households (accounting for around 23 million homes) acquired a cat or dog between March 2020 and May 2021, according to the ASPCA.

In addition to procuring food, toys and a warm place to rest, many of these pet owners may also now be considering pet insurance. This unique form of protection works similarly to health insurance for humans. In exchange for a monthly premium, owners can get pet insurance for a range of medical treatments, prescriptions and sometimes preventative measures.

But, like life, car and travel insurance, there are suggested times to purchase pet insurance.

If you're in the market for pet insurance or want to expand the protection your animal currently has, it helps to speak with a professional. They can answer your questions and provide a quote so you know what to expect.

When to buy pet insurance

Here are three times when you should buy pet insurance.

When the animal is youngBefore pre-existing conditions ariseWhen you're on a budgetWhen the animal is young

You can buy cheaper life insurance when you're younger and healthier. As you age, health issues appear more frequently and your visits to the doctor will increase, making you more expensive to insure. The same concept applies to pets.

You should buy pet insurance when the animal is younger. For those who have recently adopted or bought new puppies or kittens, you should act now before costs rise. With a policy in place from the early weeks or months of your animal's life, the owner can rest easy knowing their animal will be protected for years to come - and it won't break the bank in the process.

Get a quote now and see what your new pet could qualify for.

Before pre-existing conditions arise

Not everyone can afford to purchase (or adopt) a weeks-old animal. So what about pets that are a little older? It makes sense to insure them, too. This is particularly true if they're healthy at the moment.

Pet insurance, unlike health insurance for humans, discriminates against those with pre-existing conditions. In fact, your pet may be turned down for insurance coverage if their pre-existing conditions are known, leaving you stuck with multiple bills.

"A pre-existing condition is anything that happens before you enroll or during the waiting period," Fetch by The Dodo explains. "Like other providers, we don't cover pre-existing conditions."

But if you're dog or cat is currently healthy, not on any significant medications and isn't being monitored for any future conditions, you should get insurance now while you can still grab a good rate. If issues arise in the future, you'll likely be grandfathered in at the current low cost.

When you're on a budget

If you've had a pet previously then you already know how expensive vet visits can be. Costs can vary drastically depending on a whole range of factors. Sometimes this is manageable but other times it isn't, leaving you with a question of cost versus care.

But pet insurance helps by providing you with protection for a variety of ailments and medical conditions. And it will keep your costs to a minimum by reimbursing you for different visits and treatments. For a relatively inexpensive price each month (around $15-$40 monthly for cats and $30-$70 per month for a dog), you can rest assured knowing that your next visit to the vet won't be a pricey one.

There are also multiple ways to get discounted pet insurance. This ranges from upfront premium discounts to lower rates for seniors and members of the military. So explore your options and see what cost reductions you're eligible for.

The bottom line

There are many benefits to purchasing pet insurance. When you buy it, however, can go a long way in determining the price you'll pay. So if you fall into one of the above categories, it may make sense to act now to lock in a good rate.

Have more questions? Reach out to a pet insurance expert who can help you build a plan that works for you and your budget or use the table below to find a provider.

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