For clarity’s sake, let’s look at what happens when you realise you can’t afford to pay your pet insurance premium.
We all have our financial ups and downs. It seems that the ‘down’ part has been quite a frequent visitor recently. The majority of the country has been cutting costs, buckling down and sticking to a stricter budget.
So yes, we do understand that with all the expenses in your life it can become overwhelming to have a pet insurance premium to worry about each month. That’s why our time is dedicated to making sure our pet insurance plans stay budget-friendly and affordable to everyday South Africans.
That being said, there still may be a time when you can’t afford your pet insurance premium. Insurance is about preparation: preparing for the big costs that come along with accidents and illnesses. It’s equally important to prepare for when you’re struggling to make a payment.
Communication is key, so let’s run through your options when month-end becomes tighter than usual.
What’s step number 1?
Step number one is letting us know.
We promise we don’t bite.
We want to help you find the best possible solution and it’s better for all parties to have a clear understanding of what’s going on ASAP. You can get in contact with anybody from our team. If you’d prefer to message us and communicate instantly, you can send us a message on our WhatsApp Chat.
Related: Our Guide to the Oneplan Pet Wellness Tracker
What happens if I can’t pay my pet insurance premium?
If we don’t receive your pet insurance premium payment by the agreed-upon date, your cover is paused. Bear in mind that we say paused, not cancelled. We’ll chat more about this when we look at Grace Periods.
Usually, the payment will come off your account like a debit order every month. Or, you’ll pay us directly (and in full) on a set date every month.
If you don’t pay, Oneplan uses a debit order collections system, NAEDO. NAEDO stands for non-authenticated early debit order and allows us to collect money from our clients when sufficient funds are available. As per your contract with us, we have the right to collect any failed or rejected premiums through NAEDO. This protects us from people who are refusing to pay even if they have the amount owed in their possession.
We might also double debit your bank account with your outstanding premium and the following month’s premium.
What is a Grace Period?
A Grace Period is our way of giving you some breathing room to pay your policy.
If you can’t pay your premium on time, we give you until the 15th of the month to pay. At this time, your policy is suspended but it isn’t cancelled. This saves you from having to start a new policy and begin again with waiting periods and administration fees.
There is also the option of a payment holiday, which you can apply for by writing to our team via email and which is entirely up to our discretion.
During a Grace Period, you cannot make any claims. If you do, they will be rejected.
Why you shouldn’t think about cancelling your policy
If times are tight, it makes sense to start throwing a few expenses overboard. You start doing budget-friendly meal prep or you change your cell phone provider. There are plenty of industrious ways to save money and tossing out your insurance policy isn’t one of them.
Why? Because insurance saves you money. Yes, your pet insurance premium is a monthly expense. But at least it’s a monthly expense you know instead of a whopping bill you didn’t account for.
Healthcare for your pets is expensive, that’s no secret. However, have you really taken into account how much you could be paying for unexpected events without pet insurance? Buster swallowing a golf ball could cost you upwards of R15 000. Treatment for cancer in animals can cost as much as R78 000. And of course, even the small costs add up, too. Visits to the vet, X-rays, blood tests, vaccinations and dental care.
At the very least, consider downgrading your policy until your finances come together. You can change your policy type through the Oneplan App, provided that you give us one month’s calendar notice. This way you still get to protect your pet and be a part of the Oneplan family.
Read more about the costs of pet healthcare: 9 most common pet insurance claims (and what you could be paying without cover)
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 they need it most.
Yours in quality pet insurance you can afford,
Oneplan
