Here's What Happens When You Put Off Pet Insurance for Too Long

Adopting a pet can be a very rewarding experience. But it can also be an expensive one. 

Between food, supplies, and vet checkups, you might end up having to dip into your savings account on a somewhat regular basis to cover the costs involved. And that doesn't even account for pet care emergencies you might run into.

Another expense you'll need to bear when adopting a pet is buying pet insurance. And because of the cost involved, you may be inclined to hold off on getting insurance as long as you can. But delaying the purchase of pet insurance could actually end up costing you in a very big way.

The problem with putting off pet insurance

Changes to human health insurance have made it so insurers have to provide coverage for pre-existing conditions. But pet insurance works differently.

Pet insurance companies are not required to pick up the tab for treatments related to pre-existing conditions. And so the longer you wait to buy pet insurance, the more you risk having an issue arise with your pet that gets excluded from your coverage. 

And if you're thinking that you'll just lie on your pet insurance application or neglect to disclose conditions you're aware of, think again. It's common for insurance companies to verify that you're telling the truth by looking at vet records. So if your pet has diabetes and you don't list it as a pre-existing condition, but your pet's veterinary records indicate that your pet is on insulin, then you'll likely be denied coverage (or, at the very least, you'll be told you need to change your disclosures). 

Don't wait to get pet insurance

The idea of having to pay for pet insurance may be daunting, especially at a time when you're looking at so many other pet-related expenses. But when you put off pet insurance for too long, you risk having to foot the bill over time for conditions your insurer won't be willing to cover.

The good news is that pet insurance may end up being less expensive than you thought. Progressive reports that the cost of pet insurance for dogs can average as little as $9 a month and as much as $72.53. For cats, the average cost of pet insurance ranges from $6 to $38.53 per month. 

Of course, these are just averages, and you may be looking at different numbers based on the pet you have. Either way, it's important to shop around for pet insurance rather than just go with the first company you talk to. Comparing rates could help you save money. 

But don't just look at rate quotes when comparing your options. Look at what coverage each insurance plan gives you, too. In some cases, it may be worth it to pay a higher premium to get superior coverage. 

Either way, though, don't expect your pet insurance company to pay for services relating to a condition your pet already has. And the sooner you get pet insurance, the less likely you'll be to have more issues arise that your insurance policy won't cover.