Hi hike,
I'm looking at the Love Pet Blue Cross policy conditions, and I do see the fine print that says the company has the right to cancel the policy with 7 days' notice - but this is at renewal, the policy can't be canceled mid-year.
Anecdotally, I've sold an older, broker version of the Blue Cross plan (Pet Care, which has similar T&C), but my clients have claimed on them and gotten money back. There has been some loading (surcharge) assessed at renewal due to claims, but the policies have been renewed.
If anything, you should think of the pet insurance like car insurance, you can get paid back (for accidents/sickness)..but only to limited extent.
If you totaled more than 1 car, pretty sure you would be an uninsurable driver.
But before that, it's still a sound purchase. 1 big claim pays for multiple years of insurance premiums.
If you believe in insurance, that's the math..really, for any type of policy.
People put too much emotion into insurance, I wouldn't take the advice of a FB group, if any one of the members feel they've been wronged, it becomes an echo chamber of bad blood/criticism. You should seek a rational professional who reads contracts and provides support.