Why Waiting Even a Few Weeks to Get Pet Insurance Could Be a Costly Mistake

Put that policy in place while your pet is settling in.

When my family and I adopted our dog, Champ, about two and a half years ago, our primary focus was getting him settled and secure in our home. He'd been bounced around a lot as a rescue pup, so we knew he'd need some time to adjust and decompress.

One of the first things we did upon bringing Champ home was to take him to the vet for a full exam. What we should've done at the same time was purchase pet insurance for him. But we waited to do that. And it cost us a lot of money.

A lesson learned the hard way

We noticed Champ starting to limp after a few months of being with us, and we figured maybe he'd pulled a muscle or something. We tried resting him for a few days and then shortening his walks, but that didn't help. The vet couldn't find anything obviously wrong, so she referred us to a specialist who wanted to run a CT scan to see if malformed joints were to blame.

The problem? The price tag attached to that diagnostic testing was $3,000.

My husband and I said yes immediately. Thankfully, we had money in our emergency fund for situations like this. But had we put pet insurance in place sooner, that policy probably would've covered a large chunk of that diagnostic bill.

Meanwhile, Champ's diagnosis was arthritis, not a malformed joint, which was a relief, as it meant he wouldn't need surgery -- just anti-inflammatory medication and an adjustment to his exercise routine (lots of walking, but limited running). It turns out the reason this issue never came to light earlier is that we were Champ's first family to really give him a lot of exercise. And while exercise and walking is really good for him, too much running, we learned, was not.

Don't wait to get pet insurance

Not only did not having pet insurance mean having to dip into our savings account to the tune of $3,000 for Champ's CT scan, but because we didn't get our policy until after his arthritis diagnosis, that condition is now considered pre-existing. As such, its treatment isn't covered by insurance.

Thankfully, the cost of his medication isn't so unreasonable. But we don't know what additional issues related to his condition might arise as he ages. What we do know is that we'll have to keep padding our savings to ensure that we can cover any costs that arise that our pet insurance policy won't pick up the tab for.

If you're adopting an animal, your first priority may be to help him feel welcome in your home, and to load up on the initial supplies you need. But don't wait to get pet insurance. Applying a few days after adopting your pet is not unreasonable.

The sooner you get your policy, the less likely you'll be to encounter a medical issue you need to pay for out of pocket. And the less likely you'll be to run into a situation like the one we landed in.

Forbes Advisor found that overall, pet insurance costs an average of $35 per month for dogs and $28 a month for cats for $5,000 worth of coverage within a plan year. Now, the amount you'll pay will obviously hinge on different factors, including your pet's age and breed. But you may find that your monthly pet insurance premium is a small price to pay in comparison to the bills you might otherwise face if a health issue -- even a relatively minor one -- arises.