Cancelling pet insurance

😊 The good news: You're free to cancel your pet insurance policy whenever you want. The process and cost involved depend on when you cancel, but it's fairly straightforward either way.

😥 The bad news: You'll be out of pocket for any illness or injuries that befall your pet once it's no longer insured, and the costs can quickly add up.

Ready to cancel? Here's what you need to know:

• If you're within the cooling-off period: Most policies have a cooling-off period of 30 days. If you cancel during this time and haven't made any claims, you will receive a full refund.
• If you're outside the cooling-off period: You may not be entitled to any refund. However, depending on whether or not you've made a claim and when you pay your premiums, you may be entitled to a refund of the premium amount that covers the remaining period of insurance.There may also be a cancellation fee.

How to cancel your pet insurance policy

You'll need to submit your cancellation request in writing. This means that you'll need to post a signed cancellation request to your insurer, or you might be able to email or fax in your request. Most insurers won't allow you to cancel over the phone.

Fed up with your current insurer? Might be time to switch

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Name	Product	Accidental Injury	Illness	Paralysis Tick Benefit	Maximum yearly benefit	Reimbursement rate	Reimbursement Rate	Maximum Yearly Benefit
Woolworths Comprehensive Cover				$1,500	$24,000	80%	80%	$24,000	Woolies top policy comes with a $24,000 annual limit — higher than the majority of providers — plus cover for accidents, illnesses and routine care. Includes a price beat promise for similar policies and GapOnly cover.	Get quote View details	Compare	loading Fetching your data...
Medibank Ultimate Pet Care				$1,200	$15,000	80%	80%	$15,000	First 2 months of cover are free. Plus, Medibank health members save 10% every year. Use promo code 2FREEMONTHS. Ends April 13, 2021. T&Cs apply. Get a quick quote.	Get quote View details	Compare	loading Fetching your data...
Budget Direct Dog Insurance				$1,500	$12,000	80%	80%	$12,000	Apply online and get 15% off your first year’s premium. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Knose Dog Cover				$25,000	$25,000	70%, 80% or 90%	70%, 80% or 90%	$25,000	⭐Finder Exclusive: Get 10% off of the first year's premium. Lower prices for lower risk pets. T&C's apply.	Get quote View details	Compare	loading Fetching your data...
PIA Major Medical Cover				$1,200	$15,145	80%	80%	$15,145	Get 2 months free when you sign up.	Get quote View details	Compare	loading Fetching your data...
Vets Choice Elite Cover				$2,500	$15,000	100%	100%	$15,000	Get a 5% discount when you insure more than one pet.	Get quote View details	Compare	loading Fetching your data...
Kogan Pet Luxury Cover				$2,000	$15,000	80% or 65%	80% or 65%	$15,000	Sign up and get $50 Kogan.com Credit. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Petsy Dog Accidental Injury and Illness Cover (Vet Select)				$1,500	$25,000	100%	100%	$25,000	Enjoy 2 months free and personalised pet tag with promo code: PETSYPET. Petsy members enjoy free personalised gifts, exclusive pet discounts and perks for humans.	Get quote View details	Compare	loading Fetching your data...
RSPCA Ultimate Plus Accident and Illness Cover				Up to $20,000 annual limit	$20,000	80%	80%	$20,000	Get 1 month free for the first year of new policies. T&C's apply.	Get quote View details	Compare	loading Fetching your data...
Coles Premium Cover				$2,500	$12,000	100%	100%	$12,000	Earn 10x Flybuys points per $1 spent on pet food at Coles Supermarkets. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Guide Dogs Premium Care				$2,000	$20,000	85%	85%	$20,000	Get 1 month free pet insurance when you sign up for cover with Guide Dogs. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
PetSecure Accident and Illness Cover				$500	$12,000	75% or 85%	75% or 85%	$12,000	Your pet is covered for life.	Get quote View details	Compare	loading Fetching your data...
Bow Wow Meow Ultimate Care Plan				$3,000	$20,000	80%	80%	$20,000	Join and get 2 months free pet insurance for puppies. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Real Premium Accident & Illness Cover				$1,200	$12,000	80%	80%	$12,000	Get 10% of premiums back in the first 12 months.	Get quote View details	Compare	loading Fetching your data...
Guardian Platinum Accident & Illness Cover				$1,200	$12,000	80%	80%	$12,000	No joining fee to pay.	Get quote View details	Compare	loading Fetching your data...
Prime Sovereign Accident & Illness Cover				$1,200	$14,000	85%	85%	$14,000	With guaranteed renewal you can protect your pet for life.	Get quote View details	Compare	loading Fetching your data...
Australian Seniors Top Accident & Illness Cover				$1,200	$12,000	80%	80%	$12,000	If you're over 50 get 10% off.	Get quote View details	Compare	loading Fetching your data...

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What should I consider when cancelling my policy?

Keep the following points in mind if you are thinking of cancelling pet insurance:

• Cancellation fees. If you cancel your policy for any reason other than the death of your pet, you may be charged a cancellation fee. Make sure you’re aware of how much this fee is before pulling the plug on cover.
• Lifetime cover eligibility. Many insurers will only offer cover to pets that are under nine years of age when you first take out cover. Your pet will then be covered for life once you have a policy in place, but if you choose to cancel cover you may not be able to re-insure your pet at a later date.
• Multi-pet discounts. Most insurers offer a multi-pet discount when you insure more than one pet. Cancelling cover for one pet could increase the cost of cover for your other pet.
• Cancellation in writing. It’s important to remember that pet insurance policies are usually only able to be cancelled in writing. If you don’t submit a cancellation request via your insurer’s accepted communication channels, you will need to keep paying premiums.
• You could lose money. Depending on circumstances you may not be eligible for a refund, and you may need to keep paying premiums for the remaining period of insurance. You may be better off cancelling cover near the end of the insurance period rather than while you still have several months of cover that are already paid for.

Watch this before you cancel your policy

Why do people cancel their pet insurance?

There are several reasons why you might want to cancel your pet insurance policy, such as:

• You can no longer afford cover. If your financial circumstances take a turn for the worse and you need to cut back on expenses, you may decide you can’t afford to continue paying pet insurance.
• You want to switch to a different insurer. You might find a better level of cover elsewhere and choose to cancel your current policy and switch to a new insurer.
• You no longer want cover. You may decide the benefits your pet insurance offers are not worth the cost of premiums and that you don’t want to continue paying for cover.
• Your pet dies. If your dog or cat has passed away, there is obviously no reason to continue paying pet insurance premiums for that animal.

Can I cancel my pet’s policy at any time?

Yes, there are no restrictions on when you can cancel your pet insurance policy; you are free to do so at any time. However, whether or not you are eligible for a refund will depend on your individual circumstances.

If you cancel during your policy’s cooling-off period and you have not made any claims, you will be entitled to a full refund.

If you cancel after the cooling-off period, your eligibility for a refund depends on your premium payment schedule and whether or not you have made a claim. If you have paid your annual premium in full and have not made any claims, the portion of the premium that covers the remaining period of insurance will be returned to you. On the other hand, if you have chosen to pay your premium fortnightly or monthly, you may need to continue paying premiums for the remaining period of insurance.

If you cancel your policy having already made a claim, you will typically have to continue paying premiums for the remaining period of insurance, regardless of when you pay them.

What can I do instead of cancelling?

Instead of cancelling pet insurance, you may want to consider the following options:

• Choose a lower level of cover. This will ensure that you still have a certain level of protection in place to help you cover unexpected vet bills, but your premiums will be more affordable.
• Switch insurers. If you’re not happy with the level or cost of cover provided by your current insurer, switching to a new provider may be the perfect solution. However, this may mean that you’re not eligible for any premium refund from your current insurer. Compare a range of policies to find the right cover for your dog or cat.
• Choose a higher excess. If you’re willing to pay a higher excess, you may be able to access cheaper premiums.

Choosing one of the above alternatives could help you maintain the cover your dog or cat needs, but make sure to consider all options carefully before deciding on the best way to cover your pet.

Looking for other options? Compare pet insurance policies