Pet insurance helps to protect you against large, unexpected vet costs. Whether your pet suffers an accidental injury or a sudden illness, you can typically get reimbursed for many of your resulting vet bills. But is pet insurance worth it when your pet is young and healthy, or should you wait until they're older? This guide will walk you through the pros and cons of each option to help you decide which is better for your situation.

When should you buy pet insurance?

Buying pet insurance early is recommended because it ensures your pet will be covered for whatever conditions may arise throughout its life

If you delay pet insurance coverage you risk being fully responsible for the costs of veterinary care in the event of an illness or accident. For reference, here are some of the average costs of vet procedures:

• Emergency surgery: $1,500 to $5,000¹
• Cancer treatment: $4,000²
• Diabetes: $1,600 to $2,900³
• Wound treatment: $800 to $2,500⁴
• X-Ray: $150 to $250⁵
• Ultrasound: $300 to $600⁶
• Blood Work: $80 to $200⁷

Delaying coverage can lead to a situation where your pet's well-being, and even survival, hinges on your ability to pay for expensive care on short notice.

Other considerations

In addition to the above, it's important to understand that pet insurers don't generally cover pre-existing conditions. For example, suppose your dog gets diagnosed with cancer and you buy pet insurance to help cover it. The policy typically wouldn't cover the costs of care associated with the cancer treatment because the condition predates the policy.

Some insurers do cover “curable” pre-existing conditions if they've been cured for a certain amount of time, such as six months to a year. However, even they won't cover pre-existing conditions deemed “non-curable”. The only way to guarantee conditions will be covered is to get pet insurance before symptoms have emerged and been recorded by a vet.

Age also plays a significant role in the cost and availability of pet insurance. Premiums tend to be more expensive as pets age, and some insurers won't cover pets over a certain age limit. By getting coverage early, you can take advantage of lower prices when your pet is young and ensure that he or she remains fully covered into old age.

So, should I cover my pet now or later?

Waiting to buy pet insurance has serious risks to consider and very few benefits. Delaying coverage can lead to a situation where your pet's well-being, and even survival, hinges on your ability to pay for expensive care on short notice. Here are some things to keep in mind:

Benefits of early coverage

• Cover surprise bills: If your pet gets sick or hurt while uncovered, expensive vet care costs can be difficult to cover on short notice.
• Avoid Pre-existing condition exclusions: If your pet gets injured or sick before you have coverage, treatment for the injury or illness generally won't qualify for coverage in the future.
• Get preventative care covered: Having pet insurance makes it easier to take your pet to the vet for routine check-ups and visits, which can help you spot problems early and prevent the development of more serious conditions.
• Stress relief: It can be very stressful if your dog gets hurt or sick and you have to worry about expensive veterinary bills on top of their well-being.

Upsides to delaying coverage

• Premium savings: The main advantage of waiting to buy pet insurance is you won't have to pay premiums during the years your pet remains uncovered.
• Potential net saving: You may also save overall if your pet doesn't get injured or sick while going without coverage, and if the costs of veterinary care are less than you would've paid for coverage
• Less work: You don't have to worry about finding and managing another insurance policy for the years you forgo coverage.

Example

Here's an example of how waiting to get pet insurance can play out in a real-life scenario.

Julie and her husband, Joe, decided to get a female Chocolate Lab puppy. They figured she was young and healthy, so wouldn't require expensive veterinary care for a couple of years. Unfortunately, one afternoon, she began to repeatedly vomit and they noticed half of her squeaker toy was missing. They took her to the emergency vet care clinic and an x-ray showed part of the toy lodged in the puppy's intestines. Unfortunately, emergency surgery to remove the toy was going to cost $3,500. Julie and Joe felt blindsided, but financed the cost with a credit card and paid it off over the next year.

If Julie and Joe had put pet insurance in place, they could've been reimbursed for a large part of the costs and avoided going into debt. For example, suppose they had a pet insurance policy with a $45 monthly premium, $250 deductible, $10,000 annual limit, and 90% reimbursement rate. They would've paid $540 in premiums during the policy year and the $250 deductible, but would've been reimbursed for $3,175 of the $3,500 surgery. As a result, their net costs would be just $1,115, $540 of which was broken up into 12 payments of $45.

Example scenario

Key factors to consider when deciding on timing

As you think over your situation and if pet insurance coverage is right for you sooner or later, consider the following key factors:

• Current health: Assess your pet's current state of health. Have you noticed any symptoms that may point to potential issues down the road?
• Breed-specific risks: Certain breeds are more susceptible to specific health problems. For example, golden retrievers are more prone to hip and elbow dysplasia, eye conditions, cancer, and certain heart conditions.⁸ Research your pet's breed to understand the health problems he or she may face in the future.
• Personality: Every pet has a unique personality and some are more prone to accidents than others. Consider if your pet tends to get into trouble. For example, does he or she regularly escape from the yard, eat indiscriminately, or get into altercations with other animals?
• Lifestyle: Consider if your pet's lifestyle increases its chances of suffering from accidents or illnesses. For example, if your cat is allowed to roam outside, it'll typically be at a higher risk of injury than an indoor cat.⁹
• Cost: Consider your financial situation, the cost of coverage, and the cost of veterinary care without coverage. It can help to get a quote so you can see what coverage will actually cost you. Then, check the average costs of veterinary care for illnesses and injuries in your local area or online. Consider how you would pay for large, surprise vet bills without coverage and how it would impact your overall financial health.

By weighing these factors, you can gain a better understanding of the risk level your pet presents, along with the potential costs and benefits of coverage.

The bottom line: When to get pet insurance

Whether you should get pet insurance now or wait until later depends on your situation and preferences. Getting coverage early comes with costs, but can save you serious money if your pet ends up needing expensive care. It also ensures that all your pet's future conditions will be covered, so it can be an investment for future years. If your top priorities are predictability and peace of mind, it can be the better route.

On the other hand, delaying coverage means you may be able to save on the premium costs while uncovered. However, you'll risk facing large surprise costs and the development of conditions that'll never qualify for coverage. You may prefer this route if you're willing to tolerate more risk for the chance of possible savings, and if you have another way to cover large, surprise expenses.

Still have questions? Speak with an InsureMe Advisor for personalized advice tailored to your situation. They can help you further explore both options and find the best solution for your furry friend and budget.