Want the best pet insurance? Don't apply during these 3 times

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By Matt Richardson

June 5, 2023 / 3:01 PM / CBS News

Pet insurance can be a valuable and cost-effective financial protection for owners that provides robust care and treatment for the pets they love. By paying an insurance provider each month (or annually, if you prefer the discount), owners can secure coverage for a wide array of veterinarian visits, treatments and even some medications. Based on the provider and policy type, owners can get reimbursed for up to 90% of their pet's medical care (and even some surprising other perks).

That said, pet insurance is just like any other financial product or service in that the timing needs to be right to obtain the most value. You don't want to wait too long to get your dog or cat insured but you also don't want to start too early and wind up paying for a policy that you don't need and won't use. While there are some better times to apply for pet insurance than others, there are also some times in which owners are better off re-working their application to guarantee its approval.

Below we have listed three times owners should avoid applying for pet insurance as well as three alternative times to apply. If you're considering pet insurance then start by getting a free price quote to learn more.

Here are three times to skip the pet insurance application as well as alternative times to pursue a policy instead.

There's nothing wrong with getting pet insurance for an older dog or cat. It can often still be valuable and it's better than keeping your fingers crossed and having to pay out of pocket. But if you're an owner seeking the best and most comprehensive pet insurance plan out there then you'll want to instead apply when your pet is young. The younger the better, generally.

A young dog or cat is inherently a healthier dog or cat. Because of this, these animals will generally be offered more comprehensive care at a lower price point than their older counterparts. Every birthday that passes will make your pet more likely to need care and riskier to insure. That risk will then be passed on to the owner in the form of higher monthly or annual premiums.

Apply instead: When your pet is young and healthy.

Get a free pet insurance price quote here and learn more.

You don't want to wait until your pet gets sick to pay for pet insurance. While the application and approval process is usually simple, there is a mandatory waiting period that most insurers follow that will prevent the insurance from automatically being available. This usually lasts for 14-15 days, depending on the provider. So if you wait until your pet is ill, you won't have the financial support a policy provides for at least two weeks.

"The 15-day waiting period, which begins the day after you enroll, is a set period of time before your coverage kicks in and you can be paid back for claims," Fetch by the Dodo explains. "We cover injuries and illnesses that occur after the waiting period is over. Any claims you submit during the waiting period will not be covered. Any injury or illness that occurs during the waiting period will be considered a pre-existing condition, which means it won't be eligible for coverage," the insurer notes.

Apply instead: When your pet is healthy and coverage needs are not urgent.

One important way that pet insurance is different from health insurance for humans is in the approach to pre-existing medical conditions. When it comes to pet insurance, these issues simply won't be covered. Or you'll need to wait until they're fully cleared.

"A pre-existing condition is any injury or illness which occurs or shows symptoms before coverage starts or during a waiting period," Spot pet insurance explains. "A condition is considered pre-existing whether or not it's been officially diagnosed or treated; all that matters is when it occurred or symptoms first displayed."

But, Spot notes, pet owners that fall in this category still have options.

"However, with plans provided by Spot, this doesn't mean the condition can't be covered in the future if the condition is curable," the provider explains. "An injury or illness that is curable, cured, and free of treatment and symptoms for 180 days will no longer be regarded as pre-existing, with the exception of knee and ligament conditions. If a knee or ligament condition occurs before the coverage effective date or during a waiting period, any future ones won't be covered."

Apply instead: Before pre-existing conditions arise — or directly after the conditions in question have cleared according to the provider's terms.

Check pet insurance prices here now to learn more.

Pet insurance is a great and effective way to protect both your pet and your wallet. To get the most value out of a plan, however, it's just as important to know when not to apply as it is to know when you should. Namely, you avoid applying for pet insurance when your pet is older (younger pets have better, cheaper coverage options). You should also act before they're sick (as a waiting period could otherwise be problematic) and before any nagging medical conditions appear (as insurance companies won't cover pre-existing conditions). If you can apply outside of these three scenarios you'll vastly improve your chances of getting approved for comprehensive and inexpensive coverage.

Learn more about your pet insurance options here now.

First published on June 5, 2023 / 3:01 PM

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