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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.
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:
Nixing your pet insurance can come with repercussions. Keep the following points in mind if you’re thinking of cancelling:
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.
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.
There are several reasons why you might want to cancel your pet insurance policy, such as:
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:
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.
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