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How to cancel pet insurance
You could receive money-back although you'll lose out on helpful benefits.
You’re free to cancel your pet insurance policy whenever, although you could lose benefits like lifetime renewals or discounts if you come back later. However, you may get a full or partial refund for premiums you’ve paid, especially if you bought a policy with a money-back guarantee.
How do I cancel my pet insurance policy?
Most pet insurance companies make cancelling your policy a painless process. And the good news is most companies accommodate whatever method you prefer to use, including email, mail, phone or fax. If you’re cancelling by phone, you may need to verify your request in writing or verify your identity.
Follow these steps to call off your insurance:
Find your company’s contact information for cancellations.
Offer a reason for your cancellation along with your request.
Provide your bank account information or address if you’re due a refund.
Wait for confirmation that your cancellation is processed.
What should I consider before cancelling my policy?
Nixing your pet insurance can come with repercussions. Keep the following points in mind if you’re thinking of cancelling:
Cancellation fees. While many companies don’t charge a fee for cancelling within your term, that may not be the case with every provider. Make sure you’re aware of any charges before pulling the plug on coverage.
Following the process. Your pet insurance may detail a specific cancellation process, such as giving notice by a certain day each month or requesting cancellation in writing.
Lifetime coverage eligibility. If you cancel coverage on an older pet, you might not be eligible for a new policy later if your pet reaches the cutoff age. Plus, not every insurance company offers lifetime renewals for older pets.
Missed discounts. You could lose helpful discounts like customer loyalty or a discount that most providers don’t offer.
Timing your cancellation. You may benefit more by cancelling near the end of your term rather than in the middle.
Ready to switch pet insurance?
Will I get a refund after cancelling my policy?
Yes, you might get a full or partial refund, depending on when you cancel your policy. Many companies guarantee money back if you cancel near your policy’s start date, such as within 30 days. As long as you haven’t made any claims, you could be granted a full refund.
If you have made a claim, you might still get a refund for unused portions of your premium. However, not every insurance company offers a money-back guarantee. Most companies that do display that benefit proudly on their website or policy documents.
After the guaranteed period, you might get a partial refund for premiums you’ve paid ahead of time. Companies that don’t offer a money-back guarantee may still refund unused portions of your premium.
Case study: Katie cancels her pet’s policy.
Katie pays her cat’s insurance premium of $20 on the first day of each month. She no longer has the budget to pay for her premiums. If Katie cancels her policy on the 15th, she should get a refund of $10 since she only insured her cat for half of that month.
Reasons you might cancel your pet’s coverage
There are several reasons why you might want to cancel your pet insurance policy, such as:
You can no longer afford cover. If your financial circumstances take a turn for the worse and you need to cut back on expenses, you may decide you can’t afford to continue paying pet insurance.
You want to switch to a different insurer. You might find a better level of cover elsewhere and choose to cancel your current policy and switch to a new insurer.
You no longer want coverage. You may decide the benefits your pet insurance offers are not worth the cost of premiums and that you don’t want to continue paying for cover.
Your pet has passed away. If your dog or cat has passed away, you can cancel your policy for that pet.
How can I avoid cancelling my pet insurance?
You’ll lose out on the peace of mind for vet expenses if you forgo pet insurance. Instead of cancelling, you may want to consider a few other options:
Chat with a pet insurance representative. An insurance professional may make suggestions for lowering your costs or alert you of programs you’re eligible for.
Choose a lower annual limit. If you don’t reasonably expect major vet expenses, you could try a lower annual limit like $5,000. This amount won’t cover every procedure but the most common ones.
Cover emergencies only. An accident-only policy ensures a certain level of protection for urgent vet care while dropping your premiums to an affordable cost.
Switch companies. If you’re not happy with your coverage, you could try to a new provider with the coverage or benefits you’re looking for.
Bottom line
You can usually cancel your policy in a simple, straightforward process while collecting a refund on unused premiums you’ve paid. However, choosing an alternative could help you maintain the coverage your pet needs. Either way, make sure you consider many pet insurance options before deciding on the best coverage for your pet.
Frequently asked questions about cancelling pet insurance
It depends on the type of vet care and number of vet visits your pet needs. For example, a pet that develops a chronic disease may rack up vet costs for medication, vet checkups and procedures. On the other hand, you might save money if your pet rarely needs vet care. You have to decide how much risk you’re willing to take.
You might save money by not insuring your pet now. However, your pet could develop a pre-existing condition while uninsured. Most insurance companies won’t cover pre-existing conditions, and even curable conditions may not get coverage.
Yes, you might find low-cost vet clinics, grants or local charities that help pet owners afford vet care. Your options will depend on your pet’s condition and the programs or vet clinics near you.
Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for nearly five years, after earning an English education degree. Her insurance know-how has been featured on CarInsurance.com. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.
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