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Why you should buy pet insurance this year

Rising vet costs are leading more people to consider pet insurance. Getty Images

With inflation still consistent (though slightly cooler than what it was) and interest rates significantly higher than they were in recent years, many Americans may be more judicious about their spending habits. Each purchase needs to have a clear benefit or it's probably worth skipping for now. 

While it may seem contradictory to purchase additional financial products and services, there are some on the market that can actually help reduce costs. Pet insurance, for example, may cost less than $80 per month but can potentially save owners hundreds if not thousands of dollars over their pet's lifetime. In this instance, pet insurance is more than worth it.

So should pet parents act now? Or should they wait until the economy evens out again? There are some compelling reasons why owners should actually buy pet insurance this year, which we will explore below.

If you think you could benefit from the relief a pet insurance policy can provide then start by getting a free customized price quote so you know exactly what to expect.

Why you should buy pet insurance this year

Here are three reasons why you should secure a pet insurance policy now.

Vet costs are rising

It's not just food shopping and gasoline prices. Trips to the veterinarian are also costing more than they were in recent years. Prices for veterinary care soared 10% in 2022, The Associated Press reported in September, citing government data. Considering that it generally costs hundreds of dollars per year to care for a dog or cat, that increase can be difficult to deal with. Costs for medical supplies, testing and medicines have also jumped, according to The Associated Press.

With no financial relief for pet owners on the horizon, now is a good time to secure a pet insurance policy. Pet insurance providers can help cover a wide array of ailments, conditions and vet visits, reimbursing you directly so that you can spend your hard-earned money elsewhere. So don't let inflation affect how and when you care for your pet. Get a free pet insurance quote now.

You'll pay less

Insurance - no matter the type - favors the young and healthy. The older an applicant is the riskier they are to insure. That risk will be reflected in higher monthly premiums charged to the policyholder. Accordingly, the best time to buy a policy is now, when your dog or cat is as young as they ever will be. The longer you wait the more you'll have to pay. 

This is why pet insurance is especially advantageous for owners of puppies or kittens. Costs will never be lower than when your pet is young so start now. Every birthday that passes will increase the price.

You'll have more coverage options

Pet insurance comes in different shapes and sizes. But if you wait until your pet is older you'll be doing yourself a disservice. Older pets are inherently sicker pets - and pet insurance companies won't offer the same broad protections they would have if you had insured your pet at a younger age.

Pet insurance companies also won't cover pre-existing medical conditions. These conditions can severely hamper the coverage and benefits a pet insurance policy can provide. But if you have your pet insured before these health issues arise you'll be better positioned to enjoy more robust coverage.

You can easily start exploring policies and providers by using the table below.

The bottom line 

Pet insurance can be beneficial to have at various stages of a pet's life. As with most financial decisions, however, timing is key. If you act now you can quickly gain an edge over rising veterinarian costs. You can also position yourself for lower costs and wider coverage options.

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