Key Takeaways
- Before switching providers, consider how pre-existing conditions and waiting periods could affect your pet's coverage.
- You may be able to lower your premium by adjusting your existing policy instead of changing providers.
- Remember that a new policy won't cover pre-existing conditions, including conditions that may be covered under your current policy. If you decide to switch, make sure your new policy is active before canceling your current one to avoid gaps in coverage.
If your pet insurance premium increased at renewal, you may be wondering whether it's time to switch providers. While switching pet insurance can sometimes help you find a plan at a lower cost, it's not always the best financial decision. Before making the move, it's important to understand both the potential savings and the possible drawbacks, including how switching could affect your coverage.
An increase doesn't necessarily mean you're paying too much; it may simply reflect the increasing cost of providing veterinary care. That's why it's worth comparing your options before deciding whether switching providers is the right move.
Should You Switch Pet Insurance?
There's no one-size-fits-all answer.
In some situations, switching pet insurance providers can help you find coverage that's a better fit. For others, staying with your current provider may offer greater long-term value.
You may consider switching if your pet is young and healthy and any of the following apply:
- Your premium has increased beyond your budget.
- You want broader accident and illness coverage.
- You're adding another pet and want different multi-pet options.
- You're unhappy with your current provider's customer service or claims experience.
- Your current provider doesn't offer optional wellness coverage.
- You're looking for different deductible, reimbursement, or annual limit options.
For pet parents interested in preventive care, Pets Best offers optional wellness plan add-ons for an additional cost that can help cover routine veterinary expenses such as wellness exams, vaccinations, and other preventive care for dogs and cats.
Potential Benefits of Switching Pet Insurance Providers
Switching providers can make sense if another company offers coverage that better matches your current needs.
Potential benefits include:
You May Find Lower Monthly Premiums
Comparing pet insurance plans may uncover more affordable options, especially if you're willing to adjust your deductible, reimbursement percentage, or annual coverage limit.
Different Coverage Options
Not every provider offers the same level of coverage. You may find a plan with higher reimbursement options, different annual limits, or optional wellness benefits that better fit your pet's needs.
The Potential Risks of Switching Pet Insurance Providers
Although switching can have advantages, there are also important risks to understand.
Pre-Existing Conditions May Not Be Covered
This is often the biggest consideration. Most pet insurance providers do not cover pre-existing conditions. If your pet has developed a medical condition while insured under your current policy, a new insurer may classify it as pre-existing and exclude it from coverage.
Even conditions that have been resolved may still be considered pre-existing according to the new provider's policy. If your pet has developed an incurable or chronic condition like cancer, allergies or diabetes, you will permanently lose coverage by switching providers.
New Waiting Periods
When you enroll with a new provider, you'll typically need to complete that company's waiting periods before coverage becomes active. New illnesses or accidents that arise during this time may not be eligible for reimbursement.
You Could Lose Continuous Coverage
Canceling your current policy before your new one becomes effective could leave your pet uninsured. If your pet becomes sick or injured during that gap, you'll likely be responsible for the full veterinary costs.
Some Conditions May Not be Covered after a Certain Age
Some providers may limit coverage for certain conditions once a pet reaches a specific age, making it especially important to review the details before switching an older pet.
How to Lower the Cost of Pet Insurance Without Switching
Before changing providers, consider whether you can make your existing policy more affordable. Many pet insurance companies allow you to customize your coverage. Depending on your provider, you may be able to:
- Increase your deductible
- Choose a lower reimbursement percentage
- Select a different annual coverage limit
Review or remove optional add-ons, such as wellness coverage, if they no longer fit your needs or budget. Keep in mind that lowering your premium generally means you'll be responsible for more of the costs if your pet needs veterinary care. Consider what you could comfortably afford in an unexpected vet bill before making changes to your coverage.
How to Switch Pet Insurance Providers Step by Step
1. Review your pet's health history
Before switching providers, understand your pet's medical history, including any previous illnesses, injuries, or ongoing conditions. Most new insurers will review your pet's veterinary records to determine whether any conditions are considered pre-existing and therefore excluded from coverage. Knowing this ahead of time can help you compare policies and avoid surprises.
2. Compare pet insurance plans
Once you've decided to explore your options, compare plans from several providers. Look beyond the monthly premium and consider factors such as deductibles, reimbursement rates, annual coverage limits, waiting periods, and what's included or excluded. As you compare quotes, you may even find that your current provider still offers the best value for your needs.
3. Enroll in your new policy before canceling your current one
After you've chosen a new provider, complete your enrollment and wait for your new policy to become active. To help avoid a gap in coverage, don't cancel your existing policy until your new coverage is in place. Be sure to review any waiting periods that apply before making the switch.
4. Cancel your previous policy
Once your new policy is active and you're ready to make the change, contact your previous insurer to cancel your coverage. If you cancel by phone, ask for written confirmation for your records. Before ending your old policy, make sure you've submitted any outstanding claims for treatment received while that policy was active.
The Bottom Line
Switching pet insurance providers can result in a lower premium, but lower premiums don't always translate into better value.
Before switching, carefully compare coverage, understand how pre-existing conditions and waiting periods could affect your pet, and consider whether adjusting your existing policy may accomplish your goals without sacrificing continuous coverage.
If you're shopping for affordable pet insurance, Pets Best offers customizable plans, optional wellness coverage, and flexible options designed to help pet parents protect their dogs and cats through their life stages.
Ready to explore your options? Get a pet insurance quote from Pets Best today.
Frequently Asked Questions
Do you have to stay with the same pet insurance provider?
No. You can switch pet insurance providers at any time. However, switching means starting a new policy, so it's important to compare coverage carefully. Any conditions your pet has already developed may be considered pre-existing and won't be covered by the new policy. You may also need to meet new waiting periods or enrollment requirements.
Why do pet insurance prices increase?
Pet insurance premiums may increase due to a number of factors, including rising veterinary costs, advances in veterinary medicine, your pet's age, and the overall cost of providing coverage. While premium increases can be frustrating, they often reflect changes in the cost of veterinary care and the cost of providing coverage. Pet insurance premiums can increase over time for several reasons, including rising veterinary costs, advances in veterinary medicine, your pet's age, and the overall cost of providing coverage. As veterinary care becomes more advanced—and often more expensive—the cost of pet insurance may also change to reflect those rising costs.
What happens to pending claims if I switch pet insurance providers?
If you switch pet insurance providers, any claims for treatment received while your previous policy was active should still be submitted to your former insurer. However, if your pet needs ongoing treatment after your new policy begins, the new provider may consider that condition pre-existing and may not cover related expenses. Before canceling your current policy, it's a good idea to submit any outstanding claims and make sure your new coverage is in place.
Will my deductible reset if I switch pet insurance?
Yes, deductibles do not transfer between insurance companies, so they will re-set if you switch. This means you will have to meet the new deductible again before being reimbursed, which is why it may be more cost effective to switch providers at the end of your current policy's annual term.