Pets are a big part of our families. We live a thousand moments with them and cannot imagine our lives without them. But there may come certain occasions when we may have to part ways with them and hand them over to a new family. It could be due to moving to a new country, financial conditions, etc. Irrespective of the reason, it can be a painful experience for both you and your furry family member.
Can Pet Insurance Be Transferred to a New Owner?
To first answer the question at hand, yes. Pet insurance can be transferred to a new owner. What you’re probably looking for in such cases are; a responsible, loving, and caring new family, easy transfer of ownership (including the pet insurance policy), and a big hug. We’ll provide tips for the first 2 and leave the 3rd one up to you and your pet.
What Topics Should You Discuss with the New Pet Owner?
There are a few things you may want to give the new owner a heads-up on to help ensure a smooth transition for both your pet and their new family.
Vet Information– You may want the new owner to visit the same vet if they live in the same town as you. If your pet has a history with a certain veterinarian, it can be great to keep them together as they know the pet’s health better than anyone else. If the new owners do not live in the area, and will be choosing a new vet for the pet, here are a few tips on how to pick the right vet.
Medical Conditions – You should disclose all past and current medical conditions of the pet to the new owner so that they can maintain proper care, and be financially and mentally prepared.
Habits – Every pet has their own habits. Some sleep only in their bed, some eat only from their designated bowl, and some never eat from their bowl but from our plates. The new pet owner should know all the pet’s habits so they can adapt and make provisions accordingly.
You should also share all the small or big nuances about your pet with the new guys to help ensure they’re prepared for the commitment of caring for the pet.
How to Draft an Ownership Transfer Agreement?
Having a legally binding transfer agreement is highly recommended. Several organizations have created free sample templates that you can use. A quick internet search is all you'll need to find one. Here are a few points to remember before filling out the document though –
Read the template thoroughly before filling out the information; it may have legal clauses as per some specific states. For example, if you are living in Arizona and the template talks about California, you would want to switch to a template that works for your state.
Include detailed pet information. Make sure that the document has all the information about the pet including the breed, color, and even the name if you want. You can also include medical details and vaccination history in the document. Include the license number and microchip registration details as well.
Can Pet Insurance be Transferred to a New Owner?
Most pet insurance providers allow you to transfer a policy to a new owner but be sure to check with your provider directly. Processes may look different depending on the insurance company.
At Spot, we believe in helping ease the life of the pet owner by offering plans with great benefits and smooth processes. If the ownership of your pet changes while they’re covered with a Spot plan, we allow the transfer of a policy to the new pet owner without any interruption of coverage.
How to Transfer My Pet Insurance to a New Owner?
Certain plan providers may require you to end your current insurance plan and purchase a new policy. With Spot plans, you’ll need to submit proof of new ownership. This can include the transfer agreement as mentioned above, or a notarized court document. The billing information of the new owner will also need to be updated to include the new owner’s preferred payment method before the policy transfer can be processed.
Should you have multiple pets under a single account, the entirety of pet policies must be transferred to the new owner. Transferring only one pet policy is not feasible when multiple pets are involved. Consequently, all existing policies must be canceled, and each pet is required to enroll in a new plan, subject to pre-existing conditions and waiting periods.
To start the transfer of ownership policy change, please reach out to our customer service team.
Can I Change Coverage After the Insurance Transfer?
Once the transfer agreement is signed and the policy is transferred, you will no longer have the authority to change any terms and conditions in the policy.
Why Transfer Pet Insurance to a New Owner?
We do not suggest just letting the insurance policy lapse and letting the new owner take care of it on their own. Here are a few reasons why:
Exposure - If the insurance lapses, then the pet faces a gap in coverage. If any new ailments develop in this gap or during any waiting periods, they won’t be covered as they would be considered pre-existing conditions. In addition, vet bills for unexpected accidents or illnesses can be expensive, and the lack of financial resources could put your pet and wallet at risk.
Cost of Insurance – Insurance premiums are based on a variety of factors, age included. If the new owner is enrolling the pet in a new insurance policy, the premium could be higher for their new plan.
Assurance – One of the only things that pet parents in this situation crave is the assurance that their pet will be well cared for and safe in new hands. Transferring the existing insurance to a new owner preserves the original plan and helps you feel assured that your pet is covered in case of unexpected accidents or illnesses.
How Spot Pet Insurance Can Help
Spot Pet Insurance allows pet parents to customize their coverage to create a plan that fits their pet's needs and their budget. Pet parents can choose their deductible, annual limit, and reimbursement rate from a range of options to create their plan. Spot offers accident-only and accident and illness coverage which can help cover the cost of surgery and hospitalization, prescription medication, exams, and other veterinary services and conditions. Spot also offers a preventive care add-on that can help cover the cost of routine veterinary services like annual wellness exams, dental cleanings, and vaccinations, for an additional fee. Get a quote today!
Conclusion
We know that the thought of giving your pet to someone else is sad enough. The last thing you want to worry about is the insurance coverage for your pet. Transferring the existing insurance plan to the new owner could help provide the mental peace you need as you have the assurance that your pet will not face a coverage gap and can get the care they need.
The resident animal enthusiast at Spot. I have a lifetime of pet parent experience. If it has fur, feathers, or scales, I’ve probably shared my home with it. I aim to be a reliable source, blending experience with a dedication to the well-being of pets.
