Alyssa Lane
Changing vets can affect your pet insurance, particularly if your pet has a pre-existing condition. While it is possible to change pet insurance providers at any time, it is important to note that any medical condition covered by your current plan may not be covered by a new provider, as it would be considered a pre-existing condition. This means that you would not be reimbursed for related treatment costs. Additionally, there is typically a mandatory waiting period with a new provider during which you cannot make claims, leaving you responsible for veterinary expenses during that time. It is crucial to carefully consider the costs and savings associated with switching providers, especially if your pet has pre-existing health issues.
| Characteristics | Values |
|---|---|
| Can you change your pet's insurance? | Yes, you can change your pet's insurance provider at any time. |
| Should you change your pet's insurance? | It depends on your circumstances. You may want to change your pet's insurance if you find a better deal or if your pet's health needs have changed. However, there are risks associated with changing, such as losing coverage for pre-existing conditions and having to pay more out-of-pocket expenses. |
| How to change your pet's insurance | Contact your current provider before your policy term ends and let them know you want to change your coverage before renewing your plan. Be aware of the mandatory waiting period during which you will have to cover veterinary expenses out-of-pocket. |
| Risks of changing your pet's insurance | You may lose coverage for pre-existing conditions, resulting in higher out-of-pocket expenses. There may also be a mandatory waiting period before your new insurance takes effect, during which you will have to cover all veterinary expenses yourself. |
| How to save money on pet insurance | Compare policies from different providers and consider the level of coverage you need. A cheaper plan may result in higher out-of-pocket expenses, so it's important to evaluate the potential costs and savings before switching. |
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What You'll Learn
Pre-existing conditions
Some insurers may cover certain pre-existing conditions, or cover them after a waiting period. For example, AKC Pet Insurance offers coverage for pre-existing conditions after 365 days of continuous coverage. Other insurers may require a pet to be symptom-free for a period before covering a pre-existing condition.
Insurers may also cover "curable" pre-existing conditions, such as ear infections and kennel cough, but typically won't cover "incurable" pre-existing conditions like cancer and hip dysplasia. It's important to note that symptoms can be considered a pre-existing condition even if a pet hasn't been officially diagnosed with a condition.
Pet insurance providers may define and handle pre-existing conditions differently, so it's essential to read the policy carefully. For example, ASPCA Pet Health Insurance states that a condition will no longer be considered pre-existing if it's curable, cured, and free of symptoms and treatments for 180 days, except for knee and ligament conditions.
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Cost vs savings
When considering the costs and savings of changing vets, it is important to evaluate your pet's specific circumstances, including their breed, age, and location, and any pre-existing health conditions. Here are some key points to consider:
Cost of Changing Vets:
- Pre-existing conditions: If your pet has been diagnosed with or received treatment for a health condition, it may be considered a pre-existing condition by a new insurer. Most pet insurance providers exclude pre-existing conditions from coverage at the time of enrolment, which means you may lose reimbursement for related veterinary costs.
- Waiting period: When you switch to a new insurer, there is typically a mandatory waiting period before you can make claims on the new policy. During this time, any veterinary expenses incurred will not be covered, and you will be responsible for the full cost.
- Gaps in coverage: Changing insurance providers may result in gaps in coverage, especially if there is a delay in enrolling in a new policy or if the new policy has specific exclusions. This could leave you vulnerable to unexpected veterinary costs during the transition.
- Loss of coverage for chronic conditions: If your pet has a chronic condition, such as allergies, diabetes, or hip dysplasia, that requires ongoing treatment, changing insurance providers may result in a loss of coverage for these conditions. You will need to carefully consider the impact of losing this coverage and the potential increase in out-of-pocket expenses.
Savings of Changing Vets:
- Lower prices: One of the main advantages of changing pet insurance providers is the potential to find lower prices or more competitive rates. Shopping around and comparing deals can help reduce your overall costs without compromising the level of coverage.
- Better coverage: By switching insurance providers, you may be able to find a policy that offers more comprehensive coverage for your pet's needs. This could include higher reimbursement rates, lower deductibles, or expanded benefits that better suit your pet's health requirements.
- Avoiding exponential price increases: If you notice that your current insurance provider is increasing prices significantly at each renewal, changing providers can help you avoid these exponential price hikes and find a more stable option.
- Maintaining peace of mind: Changing to a more suitable insurance provider can give you peace of mind, knowing that you are adequately covered in case of unexpected veterinary emergencies. This can be especially important for older pets or those with pre-existing conditions, as the cost of their care tends to be higher.
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Accident-only plans
If your pet has any pre-existing conditions, it's important to note that these may not be covered by a new insurance provider. A new provider will only cover illnesses or injuries that arise after the new policy is in effect. If your pet has a chronic condition that requires ongoing care, you may find a cheaper policy, but you will have to pay for any treatments related to pre-existing conditions out of pocket.
If you are switching providers, it's a good idea to overlap your policies to ensure there is no gap in coverage. This means letting the new policy take effect before cancelling the old one. You should also be aware that some plans drop coverage for pets that have reached a certain age, so be sure to check the fine print.
If you are considering upgrading from an accident-only plan to a more comprehensive plan that covers illnesses, it's important to do so before your pet develops any health conditions. You may also want to consider wellness coverage, which can cover routine preventive care and vaccinations.
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Mandatory waiting periods
A waiting period is the time between the date you enrol in a pet insurance policy and when the provider begins to cover the costs. Waiting periods are standard for most major providers and exist to prevent fraud and protect insurance companies from customers who buy a policy just to cover one procedure and then cancel their policy. They also help to keep policy prices fair for all customers.
Waiting periods vary depending on the type of coverage and the laws in your specific state. For example, some policies have a 0-day waiting period for accidents, while others have a 14-day waiting period for illnesses. Orthopedic conditions may also have a specific waiting period that varies by state.
If your pet develops a health issue during the waiting period, it will not be covered, and those new issues may be considered pre-existing conditions. This is why it is recommended to enrol in a pet insurance policy while your pet is still young and healthy, so you won't have to worry about waiting periods or pre-existing condition exclusions.
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Excess fees
The excess fee you choose will impact the price of your policy. Typically, a higher excess fee will result in lower monthly payments, as you are contributing more to the cost of any claims made. On the other hand, a lower excess fee will increase your monthly payments.
It is worth noting that excess fees may change over time, especially as your pet gets older, as the risk of illness or injury increases with age. Most insurance providers will notify you in advance of any changes to your excess fees. Additionally, you may have the option to increase or decrease your excess fee at certain times, such as when renewing your policy.
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Frequently asked questions
Yes, you can change your pet insurer at any time. However, there are some things to consider before doing so, as it may not always be advantageous. Changing pet insurance is similar to starting a new policy, and your pet's previous conditions may be considered pre-existing and excluded from the new policy.
The main advantages of changing pet insurance are that you can get lower prices and/or better cover for your pet. This is especially beneficial if your insurance price is increasing exponentially at renewal or if there are more limits than you’d like on what your pet is covered for.
The main disadvantage of starting a new policy is that your pet's previous conditions will likely be considered pre-existing and excluded from the new policy. There is also a mandatory waiting period for the new policy to come into effect, during which you will have to cover veterinary expenses out-of-pocket.
