Introduction
Banfield Pet Insurance is pet health insurance offered by Banfield Pet Hospital to help dog and cat owners cover the costs of veterinary care. If you decide you no longer want or need Banfield Pet Insurance for your pet, you can cancel your policy by following a few simple steps.
This guide will walk you through the process of canceling your Banfield Pet Insurance policy and cover important information you should know, including:
How to determine if Banfield Pet Insurance is the right choice
When you can cancel your Banfield Pet Insurance policy
The cancellation process and timeline
Any fees or penalties associated with cancellation
How canceling affects your pet’s coverage
Alternatives to canceling your policy
By the end of this guide, you’ll understand how to cancel your Banfield Pet Insurance coverage if you decide it’s the right choice for you and your pet.
When to Consider Cancelling Banfield Pet Insurance
Before canceling your Banfield Pet Insurance policy, consider what factors may be influencing your decision. Determine if cancelling is the right choice or if there are ways to adjust your policy instead.
Here are some common reasons pet owners consider cancelling their Banfield Pet Insurance policy:
Cost: Monthly premiums may have increased at renewal or become unaffordable. Consider adjusting your plan’s coverage instead of fully canceling.
Lack of use: You haven’t made many claims on your policy. However, it’s wise to keep insurance in case of unexpected vet bills.
Switching insurers: You may want to shop around and change to a different pet insurance company. Make sure to get a new policy before canceling Banfield.
Pet’s age or health: As pets age or develop pre-existing conditions, premiums often rise. However, canceling when your pet needs coverage most may not be advisable.
No longer have a pet: If your insured pet passed away or you no longer own any pets, keeping coverage is unnecessary.
If you’ve determined cancelling your Banfield Pet Insurance is the right choice, here’s how to do it properly.
When You Can Cancel Your Banfield Pet Insurance Policy
It’s important to understand when you are allowed to cancel your Banfield Pet Insurance policy. Here are the cancellation guidelines:
You can cancel any time: Banfield policies are flexible and allow cancellation at any point during your 12 month policy term.
Cancellation may take 1 month: After you submit a cancellation request, it takes about 30 days for your policy to officially terminate. Your pet remains covered during this time.
You won’t receive a refund: Since you paid for 12 months of coverage upfront, canceling early results in no premium refunds.
Set a cancellation date: You must select a exact cancellation date for the policy to end. Coverage will remain active until that chosen date.
Knowing the cancellation process timeline allows you to choose the ideal termination date for your situation.
How to Cancel Your Banfield Pet Insurance Policy
Cancelling your Banfield Pet Insurance policy only requires a few simple steps. Here is the cancellation process:
Call Banfield’s customer service line at 1-866-277-7387 to notify them you wish to cancel your policy. Calling starts the cancellation process.
Provide your account information: You will need to verify your name, pet’s name, account number or other identifiers. This confirms you are the policy owner.
Select a cancellation date: Pick the exact day you want your pet insurance coverage to end. Confirm the cancellation date with the representative.
Receive a cancellation confirmation: Banfield will immediately email or mail you confirmation of your policy’s cancellation date.
Allow 30 days for processing: After requesting cancellation, your policy will remain active for 1 more month before officially terminating.
Get any reimbursements owed: File any outstanding claims during the 30 day processing period to get reimbursed for eligible vet expenses before cancellation is complete.
Following these steps correctly ensures your Banfield Insurance policy will be cancelled smoothly and efficiently.
Fees and Penalties for Canceling Banfield Pet Insurance
When cancelling your Banfield Pet Insurance policy, are there any fees or penalties you should be aware of? Here’s what you need to know:
No cancellation fees: Banfield does not charge any fees for policy cancellation, regardless of when you cancel.
No premium refunds: Since you paid your policy premium upfront for 12 months of coverage, cancelling early does not entitle you to any type of prorated refund.
Outstanding premiums due: If you have any unpaid monthly premiums at time of cancellation, you’ll be required to pay those balances. Failure to pay could result in penalties or collection actions.
Reinstatement fees: If you cancel your policy then want to reinstate it later, Banfield may charge a reinstatement fee around $25-$50.
As long as you don’t owe any monthly premium payments, you can cancel your Banfield Pet Insurance anytime without paying fees or penalties. Just know that unused premiums are not refunded.
How Canceling Banfield Pet Insurance Affects Your Pet’s Coverage
It’s crucial to understand how canceling your policy impacts your pet’s insurance coverage. Here’s what happens when your Banfield Pet Insurance policy is terminated:
Coverage ends on cancellation date: Your pet will remain covered until midnight on the exact cancellation date you chose. After that date, all coverage will end.
Pre-existing conditions may be excluded if policy lapses – If you cancel your policy then reinstate it later, Banfield may exclude coverage for pre-existing conditions developed since the lapse in coverage. This can severely limit coverage options if your pet becomes ill or injured.
Future vet bills will not be reimbursed: Once the cancellation date passes, Banfield will no longer reimburse any vet expenses incurred after that point. Make sure to submit any pending claims before your policy terminates.
Wellness add-ons terminate: If you purchased wellness coverage addons like dental cleaning reimbursement, those benefits will also end when your main insurance policy is cancelled.
To keep your pet protected, avoid canceling unless absolutely necessary or until you secure coverage through a new carrier. Terminating your policy removes vital support for your pet’s health.
Alternatives to Cancelling Your Banfield Pet Insurance
Before canceling your pet’s insurance with Banfield, consider alternatives that may allow you to keep beneficial coverage while addressing any issues prompting you to cancel:
Adjust coverage: If premium costs are unaffordable, scale back coverage instead of fully canceling your policy. You can increase deductibles, reduce reimbursement rates or lower annual coverage limits to save on costs while maintaining basic protection.
Change payment schedule: If paying for 12 months upfront is difficult, request to make monthly premium payments instead to improve cash flow.
Negotiate renewal: When your policy renews, call Banfield to negotiate rates or policy adjustments to control rising premiums.
Pay outstanding balance: If a lapse in payment led you to consider cancellation, get current on your account to avoid a termination.
Transfer pet: If you no longer own your insured pet but want to maintain coverage, transfer the policy to the new owner rather than canceling.
Before canceling your policy, be sure to reach out to Banfield’s customer service team to discuss your concerns and determine if an alternative solution exists short of full cancellation. This ensures your pet remains properly protected.
The Bottom Line
Canceling your Banfield Pet Insurance policy is a simple process but terminates your pet’s precious coverage. Before making a cancellation decision, ensure this is the right choice for your situation. Carefully consider alternatives that could help you keep your pet insured. If moving forward with cancellation, follow the proper steps to do so correctly and efficiently. While Pet Insurance cancellation is flexible and fee-free, losing your pet’s health protection should not be taken lightly.