December marks a time for reflecting on the past 12 months while also looking forward to the start of a new year. This thinking can take many forms and, for some, may involve a closer look at your financial situation. While there are likely to have been some places where money could've been better spent in 2023, there are also some opportunities to change course in 2024. For many pet owners, this can include turning to pet insurance for their dog or cat.

Pet insurance can provide valuable financial protection for owners and medical protection for their furry friends. In exchange for a minimal fee to a provider each month (often discounted if paid annually), owners can secure coverage for a wide array of veterinarian visits, treatments and even some medications and procedures. Pet insurance can be worth it for several reasons but can be particularly valuable heading into a new year. Below, we'll break down why that is.

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Why you should get pet insurance for 2024

Here are three reasons why you should get pet insurance for 2024.

Pet care costs are rising

Pet care costs, like seemingly most other things, have only increased in recent months and years. The average price of having a dog now is about $1,400 a year and is about $1,200 for cats, according to a report published earlier this year. With this information, it's understandable that owners would want to reduce the money they have to pay out of pocket. 

Fortunately, with pet insurance, they can. Pet insurance covers a wide range of issues and there are multiple types of policies to choose from, ranging from an accident-only policy to more comprehensive coverage. 

A pet insurance policy will reimburse owners after they've paid for services at the time they were rendered, providing some vital assistance when needed most. Not sure if it makes sense for you? Simply stack up the costs you're currently paying for care versus what a policy could potentially be and see where the savings are. You may be surprised at the answer.

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It will only get more expensive (and less helpful)

Pet insurance doesn't age like fine wine. In fact, it only gets more expensive and less comprehensive the later you wait to apply in your pet's life. An older pet is considered to be a less healthy one and thus riskier to insure. That risk is passed on to owners in the form of higher monthly and annual premiums. 

But care will also be less thorough than if you had applied earlier. That's because pet insurance companies don't cover pre-existing conditions. And, your dog or cat is more likely to develop these ailments later in life, thus reducing their coverage options.

In short: If you know you want pet insurance, apply now, in December 2023. Every calendar year you wait will make a policy more expensive and less helpful.

There's a waiting period

So you know that pet care costs are rising and you know that, if you wait, a policy will only become more expensive and less thorough. But there's a third reason you should get a policy for 2024 — mandatory waiting periods. All pet insurance providers make applicants complete these periods (typically a few weeks) before their coverage kicks in. Thus, if you wait to apply until your pet gets sick or injured you likely won't have the care you need when you need it most. 

By applying now, however, when your dog or cat is still presumably healthy, you can more easily complete the waiting period and start the new year with a fully functioning and available robust pet insurance plan.

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The bottom line

Pet insurance can be a valuable financial tool for millions of pet owners at any time of the year, but it can be especially beneficial ahead of a new year. It can immediately assist with the rising costs of pet care and, by acting promptly, you'll better position your pet for comprehensive care at a more reasonable price point. And you'll better be able to complete the mandatory waiting period that all providers include in their plans. Plus, you'll be better equipped to deal with the unavoidable slips, slides and injuries that the winter season brings for pets.