You’ve probably asked yourself, “Why has my pet insurance doubled?” if your premiums have skyrocketed since you renewed it a few years ago. While there are many reasons for this, the primary culprit is actuarial data analysis. Age, location, breed, and veterinary expenses are other reasons for pet insurance premium increases. Ask the company why and whether there’s a lower-cost alternative.
Age-based premiums. This increases dramatically as pets grow older. For example, a male mixed-breed puppy may start out at $35 a month, but by the time he reaches age eight, his premium has doubled to $83 a month. That’s a $1,800 annual premium. In 13 years, a $35 monthly premium can cost you $11,172 in total. Keep in mind that the age-based premium increases don’t take into account future veterinary costs.
In addition to age, breed, and geographical location affect premium costs. Dogs and cats with genetic conditions tend to have higher insurance premiums than those without. Some pure breeds, such as the French Bulldog, are especially prone to health issues. Pet insurance quotes are vitally important when choosing the right plan for your dog. If you can’t afford a comprehensive policy, you may want to opt for an accident and illness cover instead. This type of cover will pay for the cost of any vet visits or emergency treatments, and is generally less expensive than comprehensive insurance.
Another reason why pet insurance premiums doubled is the cost of a diagnostic exam. Many pet insurers exclude these from coverage. This means that your pet may have already passed their waiting period if you purchased it a few years ago. Once your pet grows older, however, the cost of the examination will start to climb. That’s because the insurers have been increasing the price of pet insurance for years.