Changing Pet Insurance: What You Need to Know

Did you know over 3.6 million pets were insured in the United States as of 2022¹? Veterinary costs are going up, making pet insurance more important. Switching pet insurance providers is a big decision. This guide will help you understand the process, benefits, and what to consider when changing your pet’s insurance.

Key Takeaways

• Understand the risks and benefits of switching pet insurance providers
• Learn about mandatory waiting periods and pre-existing condition exclusions
• Evaluate the costs and possible savings of changing coverage
• Ensure continuous coverage during the transition to a new provider
• Compare plans from top pet insurance companies to find the best fit for your pet

Can You Switch Pet Insurance Providers?

Yes, you can switch pet insurance providers at any time during your dog’s life². But, it’s important to know the risks and things to consider before you do.

The Quick Answer

Switching pet insurance is easy, but there are a few things to remember. Some companies cover pre-existing conditions, while others have a waiting period².

Comparing Plans and Costs

When looking at new pet insurance, compare coverage, costs, and deductibles. Cheaper plans might not cover as much, so find a balance³.

Use tools like Pawlicy Advisor to get personalized advice and compare plans². Remember, older pets cost more to insure, so consider their age when choosing³.

When switching, think about gaps in coverage, waiting periods, and canceling your old policy². You can have more than one policy, but not for the same issue².

Canceling your policy can differ by company, and check for refunds². Switching might mean paying two premiums at once, so weigh the costs and benefits³².

Potential Risks of Switching Pet Insurance

Switching pet insurance can have benefits, but it also comes with risks. One big concern is losing coverage for pre-existing conditions. If a dog has a pre-existing condition, switching pet insurance providers may result in non-reimbursement for ongoing treatment.⁴

Also, new policies often have waiting periods before they start covering your pet. Some pet insurance providers have a waiting period of 14 days for accidents before coverage takes effect,² and for illnesses, most pet insurance companies impose a waiting period of 14 to 15 days.1 This means your pet might not be covered during these times, leaving you with unexpected vet bills.

It is technically possible to have multiple pet insurance plans for a dog simultaneously to avoid coverage gaps during a switch.² But, this can be complicated and not practical for everyone. Cancelling a pet insurance policy should be done near the end of the policy term to avoid financial issues.²

To avoid risks, it’s important to research and compare insurance plans carefully. Understand the coverage and how it affects your pet’s health. Certain insurance providers may offer coverage for curable pre-existing conditions, such as after 12 months of being symptom-free.²

Platforms like Pawlicy Advisor² can help find cheaper insurance options for your pet. They offer personalized recommendations to save you money.

Evaluating Costs vs. Savings

When thinking about switching pet insurance, it’s key to weigh the cost savings against future expenses. Pet insurance costs have gone up, with vet services increasing by 8.4% from August 2022 to August 2023⁵. Some providers have seen premium hikes of over 20% in 2023⁵. Online quotes show big differences in premiums, from $53 a month for a 2-year-old dog to $135 a month for a 10-year-old dog in Los Angeles⁵.

It’s vital to compare the value of different pet insurance plans. A plan covering accidents, injuries, and wellness can cost up to six times more than an accident-only plan⁵. Yet, the savings can be huge. In 2023, over 5.6 million U.S. dogs and cats had insurance, a 17% jump from the year before⁶. The average annual cost for accident and illness coverage is about $676 for dogs and $383 for cats⁶.

But, remember that premiums often go up as pets get older and face more health issues⁶. For a medium-sized, mixed-breed dog, the monthly premium can jump from $31.50 at 2 years to $156.59 at 12 years⁶. For a domestic shorthair cat, it can rise from $20.14 at 2 years to $107.09 at 14 years⁶. It’s important to look at both the short-term and long-term costs when picking a pet insurance plan.

By carefully comparing the costs and savings of different pet insurance plans, owners can choose wisely. This choice should fit their budget and their pet’s health needs⁶⁷.

Additional Considerations for changing pet insurance

When looking to switch pet insurance, cost and savings are just the start. You might want a plan that covers senior pets better⁸. Or, if you’ve moved, a provider licensed in your new state is key. Being unhappy with your current insurer’s service and claims process is another reason to change⁹.

It’s important to think about all these factors to find the right pet insurance. Look at coverage limits, deductibles, and what’s not covered. This ensures the policy fits your pet’s health needs and your budget¹⁰.

Also, consider your pet’s age, breed, and lifestyle when choosing a plan¹⁰. Check for any gaps in your current policy. Talking to new providers can help you switch smoothly to a better plan for your pet.

Switching pet insurance needs careful thought. By considering all the factors, you can choose wisely. This way, your pet gets the best care and it fits your budget⁸¹⁰⁹.

Timing Your Switch to Avoid Lapses

Switching pet insurance providers needs careful timing to keep your pet covered. Make sure your old plan stays active until the new one kicks in. This way, your pet won’t face unexpected vet bills or issues with pre-existing conditions¹¹.

Maintaining Continuous Coverage

Keeping your pet insured without breaks is vital. When you switch, pay attention to waiting periods. This ensures your pet’s coverage doesn’t stop¹².

Some companies might ask you to cancel your current plan for a new one. It’s important to plan this switch well to keep your pet covered without breaks¹².

Staying covered during the switch gives you peace of mind. You’ll know your pet is always protected. And you won’t worry about vet bills or pre-existing conditions¹².

“Timing is everything when it comes to switching pet insurance providers. Ensuring continuous coverage is the key to a smooth transition and avoiding gaps that could lead to higher costs or denied claims.”

Comparing Plans from Top Providers

When thinking about switching your pet’s insurance, it’s key to compare plans from top companies. Look at coverage limits, deductibles, and how much they pay back. Also, check for extra services. This helps find the best fit for your pet’s health and your budget.

Embrace® Pet Insurance paid out 92% of claims in 2021¹³. ASPCA® Pet Health Insurance has a Complete Coverage℠ plan for accidents, illnesses, and more¹³. Pets Best is fast, paying claims in five days or less¹³.

Figo Pet Insurance offers 100% reimbursement after the deductible¹³. Fetch by The Dodo is the biggest pet insurance provider globally¹³. Hartville Pet Insurance, started in 1997, supports animal charities and outreach¹³.

By comparing these top pet insurance providers, you can choose the best for your pet. Look at features, coverage, and how much they pay back.

Reasons to Change Pet Insurance Companies

As a pet owner, there are good reasons to think about switching pet insurance. You might find lower monthly costs or better coverage. Looking at other plans can help you find the best way to protect your pet¹⁴.

Lower Premiums

One big reason to switch is to save money on premiums. In 2022, more people signed up for pet insurance, up 22.1%¹⁴. By comparing different plans, you might find one that’s cheaper but doesn’t cut corners on your pet’s care.

Better Coverage Options

Switching can also mean getting better coverage. While most pets are insured for dogs, some are covered for cats too¹⁴. You can find plans that offer extra benefits, like help for chronic conditions or even routine check-ups.

Pet owners in the U.S. spend about $35.9 billion a year on vet care and products¹⁴. Having the right insurance can help avoid big bills and give you peace of mind. It’s key to pick a plan that matches your pet’s needs, whether they’re young or older.

“The oldest dog on record, Bobi, lived to be 31 years old, highlighting the long-term commitment required for caring for pets.”¹⁴

Reviewing your current insurance and looking at other options can help. This way, you can make sure your pet gets the care they need without breaking the bank.

Switching with Pre-Existing Conditions

Changing your pet’s insurance can be tough, mainly if they have pre-existing conditions. Most plans don’t cover these conditions, which are health issues that started before the new policy began¹⁵. So, any care for these issues might not be covered by the new plan.

But, a condition might not be seen as pre-existing if it’s been cured and there are no symptoms for 180 days. Some exceptions include knee and ligament issues¹⁵. Also, preventive care is usually covered right away, without waiting, for services like vaccinations¹⁵.

Even with pre-existing conditions, pet insurance is worth considering¹⁵. Many insurers cover other health issues, even if your pet has had previous problems¹⁵. It’s key to look at each policy to see how they handle pre-existing conditions¹⁵¹⁶.

Some companies, like ASPCA, Embrace, and Nationwide, might cover certain pre-existing conditions¹⁶. Others, like MetLife, might cover conditions that were already covered by another policy¹⁶. When deciding to switch, think about the cost of care, what’s not covered, and other options like emergency funds or veterinary discounts¹⁶.

“It is important to review the policy carefully to understand how pre-existing conditions are defined and handled by different pet insurance providers.”

Conclusion

Switching pet insurance providers is possible, but it’s important to weigh the risks and benefits carefully¹⁷. Only 3% of pets in the US have insurance¹⁷. This shows there’s a big need for better protection for pets.

Understanding the impact on pre-existing conditions and waiting periods is key¹⁷. It helps pet owners make a choice that keeps their pets covered. This way, pets get the care they need without breaking the bank.

The pet insurance market is growing, with more people adopting pets¹⁸. It’s vital for pet owners to stay updated on new options¹⁸. By comparing different plans, they can find the best fit for their pet’s health and their budget¹⁷.

Studies show that pet insurance makes owners happier¹⁷. It’s not just about the pet’s health; it’s also about the owner’s peace of mind.

Choosing a new pet insurance provider should be a thoughtful decision¹⁷. It’s about keeping your pet’s care consistent and finding the right coverage. This ensures your pet is well-protected, no matter the provider.

Source Links

1. Can You Switch Pet Insurance? Here’s What You Need To Know – https://www.pawlicy.com/blog/switching-pet-insurance/
2. Can You Switch Dog Insurance? – https://www.pawlicy.com/blog/can-you-switch-dog-insurance/
3. Can You Change Pet Insurance Mid Policy? – https://www.bennie.com/blog/can-you-change-pet-insurance-mid-policy
4. Can A Pet’s Insurance Policy Be Transferred to A New Owner? – https://www.pumpkin.care/blog/transferring-pet-insurance-to-new-owner/
5. Should You Change Pet Insurance if Your Rate Increases? – Experian – https://www.experian.com/blogs/ask-experian/should-you-change-pet-insurance-if-rate-increases/
6. Is Pet Insurance Worth It? 2024 Guide – NerdWallet – https://www.nerdwallet.com/article/insurance/is-pet-insurance-worth-it
7. Pet Insurance vs. Savings–Managing the Costs of Vet Care | Hartville Pet Insurance – https://www.hartvillepetinsurance.com/resources/pet-insurance-vs-savings/
8. Can I Change My Pet’s Insurance Policy? | Spot® – https://spotpet.com/blog/why-pet-insurance/can-i-change-my-pets-insurance-policy
9. Can I change my pet insurance policy? – https://www.confused.com/pet-insurance/guides/cancel-pet-insurance
10. How to Change Your Pet Insurance Coverage at Renewal | Spot® – https://spotpet.com/blog/why-pet-insurance/how-to-change-my-coverage-at-renewal
11. Can You Have More Than One Dog Insurance Policy? – https://www.pawlicy.com/blog/can-you-have-more-than-one-dog-insurance-policy/
12. Can a Pet’s Insurance Policy be Transferred to a New Owner? | Spot® – https://spotpet.com/blog/why-pet-insurance/can-pet-insurance-be-transferred-to-a-new-owner
13. How to Compare Pet Insurance Plans & Find The Best Fit – https://www.pawlicy.com/blog/pet-insurance-comparison/
14. Renewal and Cancellation Policies in Pet Insurance – https://www.pumpkin.care/blog/renewal-and-cancellation-policies/
15. Pet Insurance and Pre-existing Conditions | ASPCA® Pet Health Insurance – https://www.aspcapetinsurance.com/research-and-compare/pet-insurance-basics/pet-insurance-and-pre-existing-conditions/
16. Does Pet Insurance Cover Pre-existing Conditions | Bankrate – https://www.bankrate.com/insurance/pet-insurance/does-pet-insurance-cover-pre-existing-conditions/
17. The Future of Pet Insurance and How Its Evolving | Spot® – https://spotpet.com/blog/why-pet-insurance/the-future-of-pet-insurance-and-how-its-evolving
18. The Impact of Pet Health Insurance on Dog Owners’ Spending for Veterinary Services – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7401533/