Pet insurance for dogs: Dos and don'ts to know
Pet insurance offers owners a unique way to safeguard their beloved pet and their wallet. In return for a minimal fee to a provider, which is often discounted if paid annually, owners can obtain insurance protections for an array of veterinarian visits, treatments and surgical procedures. Considering the elevated costs many Americans are currently encountering, any way to alleviate some financial burden is welcome. Fortunately, pet insurance can help.
That said, pet insurance is a service just like any other. To get the greatest return on their investment, there are some factors owners should account for, particularly those who own puppies or older dogs. By being aware of these dos and don'ts, dog owners can more effectively tailor their pet insurance coverage to what they need now, or what they will need in the future.
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Pet insurance for dogs: Dos and don'ts to know
Here are three dos and three don'ts to know when it comes to insuring your dog.
Do: Apply early
Pet insurance will only grow in cost the longer you wait to apply. An older dog is considered a riskier dog to cover. That risk will then be reflected in higher premiums passed on to the owner. But if you apply early in your dog's life, you'll greatly improve your chances of being offered cost-effective coverage.
Don't: Wait until your dog gets sick
Pet insurance companies all implement their own version of a mandatory waiting period before coverage kicks in. So if you wait until your dog is sick before signing up with a provider, you may not be able to get all (or any) of the coverage you were hoping for. Instead, owners will be better served by applying when their dog is healthy so they have it ready to go for those sick days.
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Do: Consult your veterinarian
Not only is your vet well-versed in the medical history of your particular dog, but they also likely have experience with your dog's overall breed. So don't be afraid to ask them their thoughts on pet insurance and find out any recommendations they may have. By consulting with your veterinarian first, you'll be able to better build a personalized policy for your particular pet. That way you don't wind up paying for coverage you don't want and can't use.
Don't: Take the first policy you're offered
When it comes to financial products and services, it pays to shop around to find the best rates and terms. Pet insurance is no different. Don't accept the first offer you get. Instead, compare and contrast the multiple providers on the market to find the best policy for your pet and your own budget.
Most experts recommend getting quotes from at least three providers before settling on a final pick, but that number could easily be higher with so many top companies now offering pet insurance protections.
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Do: Understand different breed costs
Different dog breeds come with different price points and some will be significantly more expensive than others. It helps to keep this in mind when comparing policies. Goldendoodle dogs, for example, will almost always be less expensive to insure than dogs known for their breathing issues (like French and English bulldogs). That doesn't mean that pet insurance isn't worth it for all of those breeds, but it is important to know what to expect to pay in advance.
Don't: Assume your dog is too old (or too young)
Pet insurance can be beneficial for dogs of all ages — from puppies to middle-aged dogs to older ones. At each stage of your dog's life, pet insurance can come in handy, albeit for different reasons than at other points. But don't just assume your dog doesn't need insurance when they're young (as mentioned, that's often the best time to get it), and don't forego it when they're older (as it can still greatly reduce costs).
The bottom line
Pet insurance for dogs can be both cost-efficient and comprehensive if you make the right choices at the right times. By understanding these particular dos and don'ts, you'll better be able to obtain the right pet insurance policy for your dog now and well into the future.
