If you’re not satisfied with your current pet insurance and have been searching the web for whether you can change pet insurance mid-policy, you’ve come to the right place. Whether you’ve had a bad experience with your current provider or simply just looking for better incentives, switching to a different carrier is possible.
So can you change pet insurance mid-policy? The short answer is yes. But is it worth it? The truth is, there are some risks you should take into account before deciding on a new pet insurance company.
Here are some insights to help you make the right decision for yourself and your animal.
What You Should Know Before Cancelling Your Current Pet Insurance Plan
There are several things to consider before canceling your current policy for a new one. You may lose coverage for certain pre-existing conditions, you might have to go through waiting periods again, and at the end of the day, you may not even be saving much after all.
Can You Switch Pet Insurance Without Losing Coverage?
Certain pre-existing conditions your furry friend has that are currently covered with your existing plan may not be covered by your new policy. Most pet insurance carriers don’t cover pre-existing conditions; they only cover illnesses that arise after the policy is in effect.
So if your pet has any health problems currently covered by your existing plan, the cost of care will likely no longer be reimbursed if you switch to a new one. So you want to do your research before making a decision you might regret. Just don’t rush into anything, and take time to analyze your options.
Waiting Periods
Every type of insurance tends to have waiting periods before letting you take advantage of certain benefits. Usually, you can get coverage for preventive care right away, but it’s a different story for illnesses and accidents.
If you decide to switch policy, you may want to keep your current one until the new one starts kicking in. This way, you can still get reimbursed for your pet’s care if anything happens during that transition time.
The only downside is that you’ll end up paying two premiums at a time. It’s up to you to decide whether you’re willing to take the risk of not having coverage or if you prefer to play it safe.
Weighing Costs and Savings
If you want to switch pet insurance policies for a better rate, it’s understandable. But keep in mind that lower premiums don’t necessarily mean higher lifetime savings. First and foremost, pet insurance premiums are not set in stone. They may increase as your pet ages, gets ill, or because of external factors you have no control over.
Also, cheaper premiums may come with lower coverage and reimbursement rates. If your pet has any existing illness, you want to compare the average yearly cost of the treatment you’ll have to pay against how much you’d be saving on your new annual premium.
Finding the Right Option for Pet Insurance
Can you switch pet insurance? Yes. But there are a few things to consider to find the best health insurance option for your four-legged friend.
Your Pet’s Age
The older your pet is, the more care they will require, and the more expensive the insurance premiums will be. If you’re looking to switch to a plan that offers better coverage for senior pets, you should seek help from a licensed agent who will point you in the right direction.
Your Pet’s Overall Health
If your pet is generally healthy and its breed is typically not prone to specific health problems, you should pay particular attention to its preventive care coverage. Keeping up with regular checkups at the vet and tracking your pet’s health will help catch any disease before they get worse and harder (and costlier) to treat.
In this case, there are technically fewer risks switching to a different plan with a lower premium. Once you switch and the waiting period has passed, your pet will be covered for any disease or condition that arises.
Other Considerations
Pet insurance policies are not one size fits all. You may need to switch pet insurance because you’re moving to a different state where your current carrier does not operate. Or you may be annoyed with their customer service or claim processing time, and that’s understandable.
No matter what happens, your number one priority is to keep your pet insured at all times. Accidents happen, and health conditions can develop over time, costing thousands of dollars to treat. Pet insurance allows your pet to get proper care and live a longer, healthier life. They deserve it!
The best thing you can do is to reach out to a pet insurance advisor. They are experts and will give you the best available options for your pet and your wallet.
