2 main reasons to buy pet insurance now

Pet insurance can be a valuable and cost-effective way to protect your dog or cat in case of emergencies, illnesses, or routine medical care. Owners can opt to pay a moderate premium to a provider each month or they may opt for a discounted rate if they pay annually. Either way, owners can rest assured knowing that their pet - and their bank account - will be protected.

Like most financial products, however, the timing around a purchase is key. Pet insurance is no different. To gain the most out of this unique financial protection prospective policyholders will want to make sure they purchased their policy at the most opportune time. For the majority of pet parents, that means acting sooner than later. The reasons behind this timing suggestion are tied to both cost and care.

If you're in the market for pet insurance then start by getting a free quote so you know exactly what to expect.

2 major reasons to buy pet insurance quickly

Here are two major advantages to securing a pet insurance policy now.

Lower cost

The sooner you apply for a pet insurance policy the better. That is, of course, if you want to pay lower premiums. Pet insurance operates like most traditional insurance types in the sense that it charges less for younger, healthier applicants. The older your pet is, the riskier they are to insure and the more likely they are to need constant medical care. Because of that risk and the added care, there will be more bills for the insurer to pay. That will then be reflected in higher premiums for the owner.

"As pet owners get older, they end up needing more health care… and the same is true for their pets," notes pet insurer Lemonade. "When you purchase pet insurance your pet's age will impact your monthly premium."

"While the cost of food, toy, and treats stays fairly constant throughout a pet's life, the cost of unexpected medical care can rise sharply as your pet ages," insurer Pets Best explains. 

A lower price tag is arguably the best reason to get pet insurance quickly. Every year you wait you risk having to pay more for potentially less coverage. So start checking prices now to see what your pet is eligible for. 

More coverage

Pet insurance doesn't always operate like health insurance for humans. Case in point: pet insurance providers can and will turn down your pet for coverage for any pre-existing medical conditions. So you should act quickly before nagging medical issues arise, hampering your coverage options.

"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."

Spot pet insurance also won't protect against these types of medical issues.

"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."

Fortunately, if you act now when your pet is young and healthy (and before any new health conditions pop up), you can put your pet in the running for more robust coverage. If you wait, however, you increase the likelihood that any insurance you do get approved for will be for select items only.

So start shopping around now to see what kind of protection your pet is eligible for. Use the table below to compare some top providers on the market.

The bottom line

Pet insurance can be a valuable and cost-effective alternative to pricey vet bills and treatments. To get the most out of a potential plan, however, it's better to act quickly. By applying for a pet insurance policy now you'll better position yourself for both lower costs and more comprehensive care. 

You can get a customized pet insurance quote now.