Why your dog needs pet insurance in 2024

With a new year just weeks away, millions of Americans find themselves taking a closer look at their financial situation. While the mistakes of the past year may not be able to be rectified, 2024 brings new opportunities to improve your bottom line further. This can include opening new savings accounts, investing in new assets and boosting your insurance protections. For pet owners, in particular, that final step could immediately provide benefits.

By applying for a pet insurance policy now, owners can start using a policy within weeks. And they may need it, particularly for those who own dogs. There are multiple advantages to having pet insurance for your dog, and many reasons to get a policy in place for 2024. Below, we will explore three primary reasons to act now.

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Why your dog needs pet insurance in 2024

Here are three big reasons why your dog needs pet insurance in 2024.

Winter is coming

The official start of winter is just days away and, with it, the inevitable issues you'll have to deal with when outside with your dog. This can range from everything from frostbite to hypothermia to slips in the ice and snow. For all of these items, it helps to have pet insurance as a backup for when things go wrong. 

By applying for a pet insurance policy for your dog now, you'll have it ready to reimburse you for a wide range of veterinarian visits, treatments and even some medications and procedures. So don't wait until you need it most. Apply for pet insurance now so you'll have it in case of any wintery mishaps, injuries or accidents.

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There's a waiting period

You may be committed and eager to get a pet insurance policy in play, but if you want it accessible in 2024, you need to apply now. That's because pet insurance providers institute a mandatory waiting period between the time you apply and the time coverage kicks in. This is why experts advise against applying when your pet is sick. 

By applying now, when your dog is presumably healthy, you can more easily complete the waiting period (typically 10-14 days). This will ensure that a policy is ready to use if and when you need it in January.

Costs will rise

Every calendar year you wait to get pet insurance practically guarantees a rise in cost. That's because pet insurance for dogs (and cats) is almost always cheaper for younger animals than it is for old. Older pets are considered to be inherently riskier to insure than their younger counterparts — a risk that will then be reflected in higher monthly and annual premiums. 

But if you act now, you'll apply when your pet is still relatively young and more likely to secure reasonable rates. Plus, you'll get in under the wire before your dog starts developing nagging, pre-existing medical conditions. These aren't covered by most pet insurance plans, thus reducing the efficacy of a policy. So, by applying now, you'll be better positioned to secure lower-cost, higher-quality coverage.

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The bottom line

With an eye toward 2024, pet owners should strongly consider protecting their wallet — and their furry friend — with a robust pet insurance policy. Dog owners would especially benefit by getting coverage to offset potential costs related to winter injuries and accidents, and they can more easily complete the mandatory waiting period now versus when they may need a plan more urgently. And, if they act now, they'll significantly improve the likelihood of getting cheaper, more effective care for their dog.