Why you shouldn't delay buying pet insurance – CBS News

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By Matt Richardson
January 4, 2023 / 2:30 PM / CBS News
When it comes to sound financial planning when you buy a product or service is almost as important as what you’re actually buying. 
This is especially true for insurance types, which take many factors into consideration when reviewing applications. Depending on the insurance type, and the amount of coverage being requested, companies can tack on a prohibitive price tag – or even deny an application outright.
Pet insurance comes with a unique set of benefits for dog and cat owners. While it can be advantageous to have throughout a pet’s life, there are some specific reasons why it’s valuable to purchase now, before your pet ages and their health deteriorates.
If you’re considering pet insurance then start by getting a free online price quote today so you know exactly what it would cost.
If you’re a pet owner unsure about when to get pet insurance, then consider acting soon. If you delay buying insurance then you could encounter one or more of the following.
Pet insurance, like life and health insurance, is generally cheaper for younger, healthier applicants. The longer you wait to apply, the older your pet will be. Older pets are inherently riskier pets to insure. That risk will be reflected in higher premiums charged to the owner. Even if your pet is healthy, you’ll still probably pay more for coverage than you would have if you got your cat or dog insured when they were a kitten or a puppy.
That doesn’t mean that you should skip pet insurance for older animals. You may still be able to secure a cost-effective policy. Just understand that every time your pet has a birthday it’ll become more and more expensive to insure. So it pays to act now when your pet is as young as it ever will be, and you can secure a low rate.
You can easily check prices with Lemonade pet insurance online right now.
Pet insurance doesn’t work exactly like other insurance types. Case in point: Providers can reject your pet for coverage or significantly limit the coverage they offer if your pet is suffering from pre-existing medical conditions.
“A pre-existing condition is anything that happens before you enroll or during the waiting period,” pet insurer Fetch by The Dodo explains. “Like other providers, we don’t cover pre-existing conditions.”
Spot pet insurance has a similar policy.
“A pre-existing condition is any injury or illness which occurs or shows symptoms before coverage starts or during a waiting period,” they explain on their website. “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.”
This is why it pays to secure a plan as soon as possible before any nagging health issues have to be dealt with. By acting now, owners can improve their chances of obtaining a more comprehensive policy versus waiting and potentially being limited or rejected outright.
The longer you wait to obtain coverage, the more likely you put your pet in the running of being rejected altogether. Pet insurance does frequently cost more for older, sicker animals but if the dog or cat in question is older or sicker than most other applicants it’s possible the application will be rejected in full.
Lemonade pet insurance explains the reasoning on its website. 
“Look at it this way: If you try to get your 13-year-old dog signed up for pet insurance for the first time, they might be declined due to age limits. But if you sign up your dog while they’re young and healthy, they’ll never be denied coverage at renewal because of their age, and they’ll be eligible for more coverage down the line.”
The longer you wait, the greater your chances of coverage rejection. So act soon to secure the protections that pet insurance provides.
Pet insurance can save pet owners money, provide care for pets and offer peace of mind. But to get the most value from these benefits it pays to act early. If owners delay securing a policy they risk paying more, having coverage limited or even completely denied.
You can get a free pet insurance quote in 30 seconds here now or use the table below to browse some top pet insurance companies.
First published on January 4, 2023 / 2:30 PM
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