Pets are part of the family, which is why pet owners can consider purchasing insurance as soon as they bring a pet home. Whereas animal insurance is an added expense since monthly premiums are required, not purchasing this coverage could end up leaving homeowners with a lot of regret.
Here are some key reasons why pet owners may wish they had purchased pet insurance when adding a dog, cat or exotic animal to their household.
Waiting could mean an animal develops pre-existing conditions
One of the main reasons that pet owners might end up regretting not buying coverage for their pets as soon as possible is that their pets might develop pre-existing conditions.
Unlike human health insurance, pet insurers are not required to provide coverage for a medical condition that an animal has at the time the coverage is purchased. And no pet insurer will cover a problem that develops before a policy is in place.
This means that if an animal develops a medical problem, it will be too late to purchase insurance to pay the related bills. Say, for example, a dog or cat is diagnosed with a heart murmur before pet insurance is in place. Any future problems with the animal’s heart would not be covered by insurance at all, which could result in an owner paying thousands of dollars if the condition leads to congestive heart failure.
To avoid ending up with regrets, owners should strive to put protection in place immediately, so that if something goes wrong, the related vet bills will be covered.
Waiting could force pet owners to choose between providing care and protecting their finances
Pet owners should also have coverage in place before an illness or accident occurs. And, most insurance companies have a waiting period and some require a medical exam before extending coverage. This means that an owner cannot wait until their animal is injured or sick to buy an insurance policy.
If a pet becomes ill or injured and insurance has not yet been purchased, the pet owner could find themselves facing the prospect of large veterinary bills to treat their companion. Since these bills would have to be paid entirely out of pocket, the pet owner may need to borrow to cover them, dip into savings, or deny necessary care to their pet.
It’s a terrible position, especially because no one wants to choose between risking their pet’s life and their own future financial security. Avoiding this is crucial, and buying pet insurance can help owners avoid regrets.
Ultimately, the sooner a pet owner purchases coverage, the more certain they can be that their pet will have comprehensive protection and can get the best care if something goes wrong – with no question as to whether that care fit within the owner’s budget.
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