Can I Cancel My Pet Insurance Anytime?
You’ve may have noticed that your pet insurance premiums have increased, or perhaps your circumstances have changed, and you’re wondering whether it’s feasible to cancel your pet insurance policy without getting entangled in a web of complications.
The thought of navigating the fine print of insurance policies can be daunting. With fees lurking in the conditions and the risk of being “out of pocket” for expensive vet bills, the decision to cancel isn’t easy. You’re stuck between the high cost of keeping the insurance and the potentially even higher cost of not having it.
The good news is that, with Pet Circle Insurance, you can cancel your pet insurance policy at any time, even if you have submitted and we have paid claims on a policy. In the majority of cases most other pet insurance brands will only allow you to cancel if you have not submitted and had claims paid.
This article will provide you with a comprehensive guide to making an informed decision on whether or not to cancel your pet insurance, and how to do it the right way.
Pre-existing conditions – a biggie.
An important note is that pet insurance does not cover pre-existing conditions. Any illness, injury or condition that occurred prior to purchasing the insurance policy or within an applicable exclusion period will not be covered for. Therefore, if you cancel your Pet Insurance to move to another provider, they will in most cases (including Pet Circle Insurance) not cover any condition that was known before you moved to the new provider.
An example might be, you dog has a skin condition that is treated by your vet and covered by your insurer, if you cancel this insurance and move to a new insurance – most will not cover any claims for skin conditions.
Can You Cancel Pet Insurance Anytime? Yes!
One of the key advantages when it comes to Pet Circle insurance is the flexibility its policies offer in terms of cancellation. Here’s how it works:
You Can Cancel at Any Time
The first thing to know is that you’re not locked into a lifelong commitment with your pet insurance policy. Whether it’s a shift in your financial situation, a change in your pet’s health, or even finding a better deal elsewhere, you can cancel your policy at any time. This provides pet owners with a much-needed layer of flexibility. For example, if you’re relocating to a different country where your current pet insurance policy is not applicable, you can opt to cancel it.
Cooling-Off Periods: A Safety Net for New Policyholders
Another encouraging feature that many pet insurance companies offer is a “cooling-off period.” This is a window of time, often ranging between 14 and 30 days from the policy’s initiation, during which you can cancel the policy and receive a full refund, as long as you haven’t made any claims. Pet Circle Insurances ‘cooling-off period’ is 30 days.
Think of the cooling-off period as a trial run; it’s a chance to review the policy in-depth, consult with your vet, and decide if it’s the right fit for you and your pet without any financial risk. This is especially useful if you’re a first-time pet insurance buyer and aren’t completely sure what to look for in a policy.
The cooling-off period is not just beneficial for you but also for the insurance company. It’s an assurance that clients have adequate time to understand what they’re signing up for, reducing the likelihood of misunderstandings or dissatisfaction down the line.
What To Consider Before Cancelling Your Pet Insurance Policy
Risks of Not Having Pet Insurance
While canceling your pet insurance might offer immediate financial relief, it leaves you unprotected against future vet bills. Without insurance, you’re responsible for 100% of the medical expenses if your pet falls ill or gets injured.
Some treatments can be quite expensive, and not having a policy in place could force you to make a difficult decision about your pet’s healthcare based on financial constraints.
Pre-Existing Conditions
We hate to be a nag and repeat ourselves, but this one is a biggie. Pet insurance does not cover pre-existing conditions. Any illness, injury or condition that occurred prior to purchasing the insurance policy or within an applicable exclusion period will not be covered for. Therefore, if you cancel your Pet Insurance to move to another provider, they will in most cases (including Pet Circle Insurance) not cover any condition that was known before you moved to the new provider.
An example might be, you dog has a skin condition that is treated by your vet and covered by your insurer, if you cancel this insurance and move to a new insurance – most will not cover any claims for skin conditions. Even if you cancel your insurance and re-start it a year later with the same insurer, you are likely to be not covered for pre-existing conditions or claims.
This can add up quickly if a condition like diabetes or arthritis is likely to be with the pet for life.
The Costs That Can Quickly Add Up if Your Pet Gets Ill or Injured
Even a minor ailment or injury can result in a significant veterinary bill. If your pet requires specialised treatment, surgery, or long-term medication, you could be looking at costs that soar into the thousands.
A pet insurance policy serves as a financial buffer, covering a substantial portion of these expenses. Without it, you’ll have to bear the brunt of these costs out of pocket, which can put a serious strain on your finances.
Cancellation Fees
Some insurance providers charge a cancellation fee if you terminate your policy before the end of the coverage period. It’s essential to read the fine print of your insurance agreement to understand when these fees apply. These fees can be an unexpected expense that may make you reconsider the timing of your cancellation.
Pet Circle Insurance does not have any cancellation fees, but its best to check the fine print of any other insurer.
Age of Your Pet
If your pet is older—often 9 years or older—finding a new insurance policy can be difficult, and if you do, it’s likely to be costly. Some policies won’t cover pets who are above a certain age unless they’ve been insured with them from a younger age. Cancelling an existing policy could, therefore, limit your options should you wish to reinstate coverage later on.
Multi-Pet Discounts
Many insurers offer discounts when you insure multiple pets with them. If you cancel one pet’s insurance, you may lose this discount, which would then increase the cost of insuring your remaining pets. Make sure to calculate this loss before making a decision.
Communication Channel
How you cancel your policy can also be important. Some insurers require that cancellations be made in writing, via email or a letter, for example. Failure to cancel your policy using the approved communication channel might result in continued charges or even fees for non-compliance.
Pet Circle Insurance can be cancelled by any of our communication channels, just don’t send a pigeon – they tend to make a mess.
Timing
It’s often more financially sensible to cancel near the end of your policy period, especially if you’ve already paid your premiums in full or have made a claim during the policy period. Cancelling mid-way could result in you not getting a proportionate refund, or you may still be obligated to pay the remaining premiums.
Pet Circle insurance does do proportionate refunds, but its best to speak to your insurer to make sure!
At Pet Circle Insurance, we have a range of dog insurance and cat insurance policies to help you get the right coverage for your pet.
Other Common Pet Insurance FAQs
What Are The Most Common Vet Costs & Claims?
What Is Excess In Pet Insurance?
Does Pet Insurance Cover Skin Conditions?
