4 reasons to buy pet insurance in 2023 – CBS News

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By Zina Kumok
December 29, 2022 / 1:00 PM / CBS News
Health insurance is the best way to protect yourself financially in the event of an unexpected medical emergency. And believe it or not, you can buy the same type of coverage for your pets.
Pet insurance can provide owners with medical care for their cats and dogs as well as a financial safety net for themselves in the event of illness or emergency.
If you think you would benefit from a pet insurance plan then start by getting a free price quote so you know exactly what to expect.
In this article, we’ll break down the ins and outs of pet insurance and explain why taking out a policy should be on your to-do list for 2023.
Pet insurance can cover accidents, illness and even routine veterinary care for your pet. Many kinds of pets may qualify for pet insurance including dogs, cats, birds and reptiles, according to the Insurance Information Institute.
Like health insurance for humans, pet insurance premiums are typically less expensive for younger animals and more expensive for older animals. Premiums will usually increase each year as your pet ages. 
Premium amounts may also vary depending on the coverage level. For example, policies that include routine and basic care are often more expensive than plans that only cover emergencies.   
Pet insurance varies from policy to policy, but may cover the following:
The specific level of coverage depends on the insurance company, but some qualities are universal. For example, most pet insurance policies do not cover pre-existing conditions. 
If you want to buy pet insurance, it’s best to sign up when your pet is young, so any problems they develop will be covered. If you wait until they’re older, they may already have several issues that pet insurance will not pay for.
If you want to secure an inexpensive pet insurance policy then it pays to act sooner than later. Start with a free quote now.
Pet insurance can be advantageous for a variety of reasons. Here are four top reasons pet owners should act now.
Pet insurance premiums remain steady for a year, so it’s easy to budget for the expense. Before the year is up, the pet insurance company will usually send you a notice stating what the new premium will be. This gives you time to prepare and adjust your spending. 
Animal surgery can cost thousands of dollars and having pet insurance can give you a backup plan if you don’t have the funds saved up. It’s much easier to afford a $40 pet insurance premium than to have thousands of dollars in a savings account.
It’s a safety net to catch you in case something unexpected happens, like your cat eating something it shouldn’t or your dog getting injured.
Veterinary emergencies can easily cost thousands of dollars, and no animal lover wants to be forced to make financial decisions while their pet needs emergency care. 
Having pet insurance means you can make the best choice based on the vet’s recommendation, instead of just doing what you can afford. 
If you don’t have pet insurance or a substantial savings account, you may resort to a credit card or personal loan to cover emergency vet bills. 
Since you may not have time to shop around for the best product, you may wind up with a loan or credit card with a high interest rate. Taking out a new loan or credit card can also impact your credit score and affect your ability to qualify for other loans in the future.
Pet insurance removes these concerns from the equation by providing care for a known cost.
The benefits of having pet insurance are multiple and significant – both for you and your pet. The start of a new year is a great time to act. You can get a price quote from pet insurer Lemonade here or you can start comparing policies and providers via the table below.
First published on December 29, 2022 / 1:00 PM
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