So You Rescued an Older Pet. Does It Make Sense to Get Pet Insurance?

Rescuing an older pet can be a very rewarding experience for both the new owner and the animal. But, an important choice will have to be made after bringing the pet home that can affect the owner's checking account. Specifically, the new pet owner will need to decide about whether to buy pet insurance.

There are some pros and cons to weigh when making the decision, so it's important to think this choice through carefully to make the right one. Here's what to consider.

Will the animal's medical issues be covered?

Before buying a policy for an older pet, it's important to understand how policies work and that they may not cover every issue that arises. See, pet insurance policies do not provide coverage for pre-existing medical conditions. So, if the animal had, for example, a heart murmur or joint issues, then any future treatment related to cardiac or joint conditions would typically be excluded from insurance coverage.

Pet insurers might ask for medical records or an exam to be performed before providing coverage to an older pet. There may also be a waiting period before a policy goes into effect.

However, just because the insurance will not cover everything doesn't mean it isn't worth getting. Any accidents that the pet has, such as being hit by a car, will typically be covered as will medical conditions that are not pre-existing. Often, this means that insurance will still pay for many health problems that could arise later in an animal's life.

How much will the premiums be?

A small minority of pet insurers do not increase premiums by age -- but most do. Getting coverage for an 8-year-old animal could be twice the cost (or more) compared with getting coverage for a puppy. Buying a policy for a 12-year-old animal could mean paying three times as much as getting insurance for a puppy.

Insurers generally charge more for older pets because of the increased risk of health issues. Unfortunately, this can make it a financial burden to buy insurance. Of course, while insurance is expensive, it could save owners even bigger bills later in the event a serious illness or injury occurs.

If a pet owner gets a policy for an older animal that costs around $100 a month, the pet owner would break even on premiums if their pet received an average of $1,200 in covered care over the year.

With some treatments, such as chemotherapy and certain surgeries, potentially costing several thousand dollars or even tens of thousands of dollars, it may be worth investing in insurance to make certain a pet can get the necessary care if something goes wrong

Would getting care without coverage be affordable?

Finally, the last big question to consider is whether medical care would be affordable without buying insurance. When rescuing an older pet, it's important to have as much time with them as possible. No pet owner wants to be forced to decide between saving their animal and going into debt, so if there's a chance treatments couldn't be paid for without a policy, getting insurance coverage is a smart move.

It's best to act quickly to get an older rescue pet covered ASAP, so consider these questions and decide if buying insurance is the best choice. Owners who decide to get covered should get several quotes from different insurers to find the best price, so they can protect their finances and their animal's future.