What happens if I don't pay my pet insurance premium?
We get it - times aren’t exactly easy given the current state of the world, what with living amidst a global pandemic and national lockdown. So, what happens when you can’t afford to pay for your pet insurance premium?
We certainly are living in very strange times, and very hard times for a number of us. We understand that during the coronavirus pandemic, many salaries have taken a hit and as a result, households are trying to cut costs as much as possible.
If you have purchased a pet insurance policy, then you have made a responsible decision as a pet owner. Pet insurance is an affordable way to prepare yourself financially for both expected costs (with wellness cover benefits and cover for vet visits) and unexpected (and often costly) vet bills.
What happens when you don’t pay your pet insurance premium
If you cannot afford to pay your monthly premium, the first thing you need to do is get in touch with someone from our team. You can also pop us a message using the in-app chat function on the Oneplan App.
All premiums must be paid in full in order to ensure your pet’s health is covered. It is your responsibility to ensure that we receive your full premium amount on a date chosen by you. We have the right to collect any failed or rejected premiums through NAEDO (Non-authenticated early debit order). This is a debit order collection system that allows us to track our client's bank accounts so that the debit can take place when sufficient funds are available.
We might also double debit your bank account with your outstanding premium and the following month’s premium.
There’s a Grace Period
If you do not pay your premium, there is a Grace Period until the 15th day of the month, giving you some extra time to pay your premium.
If you do not pay your premium during the Grace Period, then we might terminate your policy. At our discretion, we might also grant you a payment holiday, you can apply for this in writing by emailing our time.
Keep in mind that during your Grace Period, your policy is suspended and you cannot claim for any events until you have paid your premium in full. But don’t worry! This does not mean your policy has been cancelled, it just means we have ‘put it on hold’ while we give you some time to find the funds for your premium.
Upgrading or downgrading your pet insurance policy
We get that life changes, so you can change your insurance plan when it does…You are allowed to change your plan type if you give us one calendar month’s notice. The following applies when you want to change your plan type:
- The maximum age of your pet cannot exceed eight (8) years (nine (9) years old age next birthday)
- New waiting periods will apply for additional cover and an increase in cover from the effective date of the new changes
- You may only change your policy every six months
- You may be requested to complete a new application and your policy may be re-underwritten in order to assess the risk profile of your pet.
Should you cancel your pet insurance?
As we are all scrambling to cut costs in any way that we can, this is not the time to cancel your insurance policies.
Don’t forget the reason why you purchased insurance in the first place - to save you from surprise costs.
Sure, a trip to the vet might only set you back a mere R350 (which doesn’t include any medications or additional tests), but what happens when Buster escapes your yard and gets into a fight with another dog and is badly hurt? Or Whiskers starts acting strange and you find a big lump on her belly which needs to be removed.
The costs of saving a pet’s life closely rival those of human healthcare. Advances in veterinary care have certainly helped our pets to lead longer and healthier lives, but these innovations come at a hefty price tag.
Surgery, medication and other vet bills can start at R10 000 and skyrocket to R40 000 or more in an attempt to save your pet’s life. Do you have that kind of money lying around?
If you want to cut back on costs, get in touch with our team and let’s see how we can save you money and still ensure your pet receives the best possible care when he or she needs it most.
Yours in quality pet insurance you can afford,