A Guide to Changing Pet Insurance Policies
The fundamental reason why people require pet insurance is to cover the charges of veterinary facilities. Vet expenses may be hefty, and if a pet requires hospital treatment, it may significantly drain the owner’s financial savings or leave them in debt. In such cases, pet coverage can be quite useful.
Insuring your pets can seem like a luxury. However, with pet insurance, your much-cherished companion can get the clinical treatment that they require. For many pet owners, an insurance policy is no longer a luxury, but a need. Research shows that as many as one in three policyholders make a claim. Purchasing insurance is fairly easy. One can get an insurance plan over the phone, online or through a dealer. Pet insurance is no longer a niche segment as most of the leading insurers provide coverage. A lot of different policies are available these days, and it is crucial to pick one that covers your pet’s needs. There’s no point purchasing a basic plan if you need it to pay for alternative remedies like homeopathy for your pet. Likewise, there is no need to pay for an expensive comprehensive coverage if you only want to cover the cost of major expenses like essential clinical expenses, at home care, and liability insurance while traveling abroad.
Changing pet insurance
During the policy term and your pet’s lifetime, your conditions may change, and your pet might develop distinct needs. When this happens, it might be time to look at the coverage information and determine if it is still appropriate for your pet’s needs. Inform your insurer about the modifications you want to make. In a few instances, your insurer could extend the policy to cover what you ask for, at little or no additional charges. However, if adjustments are not possible in your policy, then you might need to change the pet insurance plan entirely.
In case you change your mind and no longer need the coverage, many policies provide you with the right to cancel a policy within 14 days of purchase. This duration of 14 days is called the “cooling-off period.” If you cancel your policy during the cooling-off period, you will get a complete refund for the premiums you have paid, provided that you haven’t made a claim. The insurer may charge you a small administration price to cover the cost of paperwork due to cancellation. After 14 days have elapsed, you can cancel your coverage at any time, but you won’t receive any refund for any premiums you have paid up till the date of cancellation. You need to contact your insurer as quickly as possible to cancel the policy. Don’t stop paying your premiums directly.
Is there a need to cancel the pet insurance policy before changing the insurer?
Yes, you have to make sure that you cancel your current insurance coverage before signing up for a new one as this will protect you from paying twice. You should also confirm with your bank if the direct debit option has been deactivated. Most insurance agencies ask you to call them to cancel your coverage. You can do this at any time, but bear in mind that if you cancel your policy earlier than it is due for renewal, you could face a risk of paying the premiums for the rest of the current term of insurance.
Points to consider while changing your pet insurance policy