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Can Your Pet Insurance Be Canceled?

Understanding Pet Insurance Cancellation

Pet insurance can be canceled for various reasons, either within or outside your control. Cancellation means your insurance coverage ends before the policy term is over, while nonrenewal means the company opts not to renew your policy when the term ends. If your insurer decides to cancel or not renew your pet insurance, they are typically required to notify you well in advance and explain their decision.

Reasons for Cancellation

There are several reasons your pet insurance may be canceled or not renewed. For example, Nationwide’s decision to not renew coverage for approximately 100,000 policyholders in June 2024 was based on factors like the rising cost of veterinary care, which was necessary to keep the company financially stable.

Why Was My Pet Insurance Canceled?

Common Reasons for Cancellation

1. Nonpayment of Premiums: If you fail to pay your premiums, your insurance may be canceled. You can sometimes get your policy reinstated by bringing your account current and requesting reinstatement within a certain time after being notified of the cancellation.
2. Inaccurate Information: Providing false or incorrect information on your application or claim can lead to cancellation. Even accidental errors can cause issues.
3. Non-Compliance with Policy Terms: It’s crucial to review the details of your pet insurance policy. For example, you might need to have your pet examined by a vet within 30 days of purchasing coverage or document that your pet has annual physical and dental exams.
4. Company Stops Selling Policies: Insurers sometimes stop selling certain types of policies or issuing policies in certain states due to high risks. For instance, several major insurance carriers have stopped selling new homeowners insurance policies in California due to increased risks like wildfires.

What to Do if Your Pet Insurance Policy Is Canceled

Steps to Take

1. Review the Cancellation Notice: Understand why your pet insurance was canceled and note the date your coverage will end.
2. Contact Your Insurance Company: Whether you believe the cancellation was in error or you failed to pay your premiums, it doesn’t hurt to talk to your insurance company. They may suggest other coverage options or ways to get your policy reinstated.
3. Consider Your Pet’s Veterinary Care Needs: Based on your pet’s medical history, evaluate what coverage they’re most likely to need.
4. Compare Pet Insurance Plans: Visit pet insurance websites to see what they offer. Look for a sample policy on the insurer’s website and review to see exactly what’s covered and excluded. Eliminate providers who don’t meet your needs and get quotes from the rest.
5. Look for Ways to Save: You can save on pet insurance by increasing your deductible, lowering your reimbursement rate, or looking for discounts through membership organizations or your job.
6. Choose a Policy and Enroll: Once you’ve found a pet insurance policy that works for you, enrollment is easy. Just provide some information about your pet and yourself, then pay your premium.

Alternative Ways to Pay for Veterinary Care

• Start a Pet Care Savings Account: Putting your veterinary emergency fund in a high-yield savings account can help the money grow faster.
• Get a Personal Loan: Personal loans usually offer lower interest rates than credit cards and have fixed monthly payments.
• Crowdfund for Care: Use platforms like GoFundMe or pet-specific crowdfunding platforms to solicit donations for your pet’s treatment.
• Check Out Local Veterinary Schools: They sometimes provide low-cost veterinary care.
• Seek Help from Charitable Organizations: Nonprofits like The Pet Fund, RedRover, and Frankie’s Friends fund veterinary care for pets whose owners can’t afford it.

The Bottom Line

Having your pet insurance canceled is an unpleasant surprise, but a little research may uncover a new policy that’s even better. Once the new coverage is in place, adjust your pet care budget to accommodate your new premiums.

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