Pet Insurance: What You Should Know Before You Enroll

Types of pet insurance coverage

No two pets are alike, so insurance needs will vary. For example, it’s probably fair to say that a couch-potato housecat is less likely to tear a ligament than a rowdy herding dog, so accident insurance might not always make sense for every pet. However, that same cat might have an allergy (or is prone to developing allergies), so getting their monthly medication covered may be a priority.

When comparing insurance coverage options, there are three common ones to consider:

• Accident-only coverage pays for veterinary care when a pet is unexpectedly injured, whether they were hit by a car or digested something toxic.
• Accident and illness coverage provides broader protection and may cover common illnesses, serious diseases, and certain hereditary conditions.
• Wellness coverage is intended for preventive veterinary care and typically covers annual wellness exams, vaccinations, flea and heartworm prevention, routine dental cleanings, spaying or neutering.

Just like you would review the details of your own healthcare coverage, remember to carefully go over the details of your pet insurance policy. Don’t simply assume annual vaccines, dental care, or other preventive services are included, as many traditional accident and illness coverage do not include preventive care.

Do you need pet insurance?

Pet insurance may not make sense for every owner. And depending on your pet’s age and breed, it might not even be an option: Affordable coverage isn’t always available for older animals or specific breeds with known health issues. In these cases, some pet owners might choose to rely on their emergency fund to cover the cost of care.

Whatever the case may be, remember to compare any restrictions and coverage limitations before purchasing a policy. You’ll need to decide to whether the overall coverage is worth the monthly premium.

When should you buy pet insurance?

When you first bring home Fido or Fluffy, pet insurance is probably not at the very top of your to-do list. However, if you decide that pet insurance makes sense for your pet, the sooner you apply and enroll in a plan, the better.

Generally speaking, you’ll want to apply for coverage before any health problems arise that could be deemed a pre-existing condition, which are any chronic illnesses or injuries that occur before your pet’s coverage becomes active.

Because pre-existing conditions are typically not insured, any care they receive related to that condition may not be eligible for reimbursement from your insurance company. To minimize the chances of denied claims, consider enrolling in a plan as early as possible—before an injury or disease becomes a pre-existing condition.

Also, bear in mind that buying insurance early doesn’t necessarily mean you can use it immediately. Most policies have a waiting period between the date you enroll and the date coverage takes effect.

Since waiting periods vary by provider, state, coverage type, and medical condition, remember to check your policy’s effective dates before any vet visits or submitting a claim, as you might not be eligible for reimbursement.  

Wrapping up

While pet insurance won’t cover every medical bill or health issue, the right policy could make it easier to manage your veterinary costs. It can also provide some financial peace of mind should the unexpected happen, so you can spend less time worrying about your pet and more time enjoying every moment together.