The coverage offers a financial safety net for families with furry members, but there’s a learning curve.
Millions of animal owners provide their furry family members with medical coverage by buying pet insurance, but knowing precisely when to make a purchase will determine just how much is paid for the coverage throughout the life of the animal.
In the case of an unexpected need for veterinary care, this coverage can make a big difference.
That said, it’s not uncommon for people to say that they would prefer to simply tuck some money into a savings account instead of purchasing pet insurance due to the various types of restrictions and exceptions as well as the chance that it might never need to be used.
Indeed, for some animal owners, that strategy might work. If they do indeed create an account and make adequate regular payments, particularly if they start when the animal is young, by the time it’s needed, the funds might be available. That way if they aren’t needed, they weren’t spent. It should be noted, though, that few animal owners follow through regularly with this type of saving plan, and many don’t realize how much emergency pet care or unexpected surgeries can cost.
For many people, pet insurance provides the forced discipline and peace of mind of knowing that if unexpected veterinary care is needed, there won’t be a requirement to choose between the life and health of the animal or the financial wellbeing of the entire family. This can be a devastating choice.
Fortunately, there are times to purchase pet insurance that ensure it will be the most affordable.
For animal owners who know that coverage is the most realistic and practical option to be sure the money is there if their cat or dog needs it, there are times when it is best to take out a policy to know that coverage will cost the least throughout the entire life of the animal.
These best times for purchasing a policy include when the animal is young – typically, the younger the better. Some insurers won’t increase premiums throughout an animal’s life, so insuring them when they’re young – before they have the chance to develop or encounter serious illnesses – often means the lowest premiums.
It’s also best to buy pet insurance when an animal is still healthy. That way, a policy’s exclusions for pre-existing conditions won’t have the chance to rule things out for coverage. That said, if a condition has existed, it’s a good idea to wait until it has fully cleared before purchasing coverage if possible. Some insurers will cover a pre-existing condition once it has fully cleared.