Pet insurance companies frequently make changes to their existing policies or even decide to offer new policies. They usually do so because they change underwriters, in response to surveys of existing policyholders, or simply in an effort to keep up with their competition. There is also an emerging trend allowing pet owners to customize their policies by choosing from a range of deductibles and coinsurance options.
Your pet insurance premium can also change when a company changes underwriters. Premiums will go up as the costs of providing veterinary care rises. Companies may also adjust their premiums periodically based on their accumulated actuarial data. And, of course, some companies raise your premium as your pet ages.
Every year about a month or so before your pet insurance policy renewal date, you’ll receive a notice from the insurance company informing you of any policy changes and also whether your premium will change.
You’ve probably gotten a card or letter in the mail from your insurance agent recommending a checkup (review) of all your insurance to see if your situation has changed in any way that would indicate a change in your coverages is necessary. I think that the renewal date of your pet insurance policy is an excellent time to conduct your own annual pet insurance policy checkup.
Doing such a checkup will virtually force you to become more familiar with your pet insurance policy which is a good thing, and also alert you to any needed changes in your coverage. To facilitate this review, I recommend keeping a file folder that contains all your veterinary invoices, claim forms, benefit/reimbursement statements, and of course, your insurance policy.
I have prepared a Pet Insurance Policy Checkup Worksheet that will help you evaluate your coverage. The image to the right is just one of the pages of the worksheet.
For those of you who use the worksheet, I invite you to leave a comment after this post and share your experience so that other pet owners who read the blog can also learn how to get and maintain the best possible coverage their pets.