Why does my pet insurance rate go up?

There are several reasons why your pet insurance rate may go up over time. Here are some common factors that can contribute to an increase in pet insurance premiums: 

  1. Age of Your Pet: As your pet gets older, the likelihood of developing age-related health issues increases. Older pets tend to have higher veterinary care costs, which can result in higher premiums to account for the increased risk.
  2. Inflation and Rising Veterinary Costs: Like any other form of insurance, pet insurance premiums can be influenced by inflation and rising veterinary costs. As the cost of veterinary care increases over time, insurance companies may adjust their premiums to reflect these higher expenses.
  3. Policy Adjustments: If your pet insurance policy offers adjustable features, such as increasing coverage limits or adding optional riders, opting for these enhancements can result in higher premiums. Additional coverage or increased policy limits typically come with higher costs.
  4. Claims History: If you have filed multiple claims for your pet, especially for costly medical treatments or ongoing conditions, the insurance company may consider your pet to be a higher risk, leading to higher premiums at renewal. Frequent claims can indicate a higher likelihood of future claims and increased costs for the insurer.
  5. Breed or Species: Certain breeds or species of pets may be more prone to specific health conditions or have a higher risk of accidents or hereditary issues. Insurance companies may adjust premiums accordingly based on the breed or species of your pet.
  6. Location: The geographic location where you reside can impact your pet insurance rates. Veterinary costs, regional variations in healthcare expenses, and other factors specific to your location can influence the premiums you pay.
  7. Insurance Provider's Pricing Strategy: Each pet insurance company sets its own pricing strategy based on factors such as their underwriting guidelines, claims experience, administrative costs, and profitability goals. Changes in the company's pricing strategy or overall market conditions can lead to rate adjustments for policyholders.

It's important to review your pet insurance policy documents and any renewal notices provided by your insurance provider to understand the specific reasons for any rate increases. If you have concerns about premium increases, you can reach out to your insurance company to inquire about the factors contributing to the change and explore options to manage costs, such as adjusting coverage limits or exploring other available policy options.

Disclaimer: The questions and answers above are for educational purposes only. They are meant to provide the public with a general conceptual understanding of insurance and do not constitute advice or analysis. Some answers might be incomplete, outdated, and even not always accurate depending on the particular rules applicable to your state. Importantly, these questions and answers are generic and do not relate to any particular insurance product, including products available on the Waffle platform. If you have any questions about any of your own insurance products, always check the policy first and direct your questions to your insurance agent or the insurance company underwriting your policy.