If you decide to cancel your pet insurance, you are free to do it anytime you want. However, the cost and process will depend on the time you wish to cancel your policy. The drawback in canceling pet insurance is forgoing the benefits for injuries or illnesses that your pet is entitled to receive. Now, are you ready to shoulder all emergency costs if your dog or cat is no longer insured?
So before you do that, there are some essential things you need to know when canceling pets best insurance. Read on.
What to Consider When Canceling Pet Insurance
While you lose out on all essential benefits when your pets get sick or injured, you may receive money-back once you cancel your policy. If you’re ready to take this step, here’s what you should expect:
· Most pet insurance policies implement a 30-day cooling-off period. If you are within this period, you can get a full refund after canceling, provided you have not made claims during your policy year.
· If you are not within the cooling-off period, you may not get any refund. On the other hand, this depends on whether you have made any claims or not when premiums are settled. Also, you can refund the amount of premiums you paid that covers your policy’s remaining period. Don’t forget to check if there’s a cancellation charge.
In addition to the guidelines mentioned earlier, you may also need to consider the following factors:
ü You can take advantage of the cancellation if you process it by the end of the term.
ü You may miss some discounts such as customer loyalty once you cancel your pet insurance policy.
ü If you call off the policy for an old pet, you may not be able to get a new policy once your dog or cat reached the age limit.
ü Your policy may indicate certain cancellation conditions for it to be processed.
ü Review any cancellation fees before canceling your pet insurance as some companies implement a specific amount to cancel a policy.
Steps in Canceling Pet Insurance
The good thing about pet insurance providers is that they usually offer a painless cancellation process for every pet owner. They even accommodate different methods that you may want to use, such as fax, phone, mail or email. If you wish to cancel by phone, it’s essential to confirm your request through identity or writing.
The following are necessary steps to cancel your pets best insurance:
1. Go to the contact information of the company for pet insurance cancellation.
2. Give one valid reason for canceling the policy together with the request.
3. Provide an address or bank account info for the refund.
4. Wait until a confirmation message is sent by the company that says the cancellation has already been processed.
If you’re canceling because you want to switch to another pet insurance policy, make sure to keep all these essential things in mind so you can make an informed decision.