Image source: Getty Images

If you're gearing up to adopt a pet, one thing you'll want to do is read up on the costs of owning one so you can factor that sum into your budget. And those costs should include everything from food to gear to medications and veterinary care. The latter, however, has the potential to be quite expensive -- even when things don't go particularly wrong.

Data from SWNS Media Group reveals that the average pet owner spent $1,242 on vet visits in 2023. And if that number sounds high to you, you may want to purchase pet insurance as soon as possible.

Don't compromise your pet's health

Whether a pet insurance policy leaves you spending less on veterinary care will hinge on factors like your pet's age, their pre-existing conditions, and the type of coverage you have. Some pet insurance companies do offer coverage for preventive care -- for example, annual vaccines your pet should have. But pet insurance that covers preventive care can be more expensive than insurance that's simply designed to cover the unexpected.

To be clear, though, it's really important to put pet insurance in place in case you end up with an emergency situation related to your pet. Let's say your pet picks up a parasite that causes non-stop vomiting. Between testing and treatment, you may be out anywhere from a few hundred dollars to a few thousand, depending on whether your pet needs to be admitted to an animal hospital and administered fluids and medications or whether you can treat the issue at home.

Without pet insurance, you might have to raid your savings or rack up serious credit card debt to cover your costs in that sort of scenario. Or, you might end up in an even worse situation -- having to potentially not get the life-saving treatment your pet needs due to a lack of money.

That's why it's so important to put pet insurance in place. You won't necessarily save money on preventive care with pet insurance. But when it comes to non-routine care, you may find that having insurance saves you money on vet visits -- even when there's no major emergency at play.

How to find the right pet insurance policy

As you might imagine, when it comes to choosing a pet insurance policy, you may be privy to many options. So factors to look at include:

• Scope of coverage
• The cost of coverage (what your premiums amount to)
• What each policy pays (it's common for insurers to put a cap on coverage)
• Your out-of-pocket deductible (what you'll pay before the insurer covers care)

Now, one thing you should know is that if you have a pet with a pre-existing condition, you may have a really hard time finding a pet insurer that will cover the issue at hand. But that doesn't mean you won't be able to find an insurer to cover new issues that might arise.

Either way, take a little time to explore your options. But, frankly, don't take too much time. You never know when a pet care emergency might strike. The sooner you can put insurance in place, the more protection you get.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.