If you are interested in pet insurance, it is going to be crucial for you to learn how premiums work. There are some factors and misconceptions related to pet insurance premiums that could use some deeper explanation. Some of the factors that influence your pet insurance premium include your pet’s age and breed, plan choices, and your location.
What is a Pet Insurance Premium?
A pet insurance premium is the monthly or annual payment that you make for pet insurance coverage. This payment helps ensure that your pet remains insured.
Do Pet Insurance Premiums Go Up with Age?
Yes, pet insurance premiums often increase as your pets get older. The reason that pet insurance premiums get more expensive as pets age is that older pets are more likely to need veterinary care. This higher risk is typically reflected in the cost of the premium. Some examples of possible age-related conditions include arthritis, diabetes, and heart disease.
Dog Age (in years) | Average Premium (in dollars)≈ |
2 | $44.66 |
5 | $43.40 |
7 | $51.37 |
Do Pet Insurance Premiums Go Up Every Year?
Whether or not your pet insurance premium increases every year depends on many factors. In some cases, a premium may increase to reflect many factors that reveal themselves over time. One of the largest culprits for increased pet insurance premiums is inflation.
Why Does Inflation Increase Pet Insurance Premiums?
Inflation may increase the price of an insurance premium because veterinary costs rise over time.
What Effect Does Breed Have on Pet Insurance Premiums?
Your dog’s breed may play a significant role in determining how much you pay for a pet insurance premium. For example, some breeds are more prone to hereditary and breed-specific conditions. This increases the likelihood of veterinary visits, thus making them a riskier pet to insure.
What are Some Examples of High Premium Breeds?
Some examples of high-premium dog breeds include Great Danes and breeds like Bulldogs since they are usually more prone to conditions like hip dysplasia and respiratory issues. ≈ We recommend that you research whether or not the breed that you want is prone to conditions like hip dysplasia or respiratory issues.
Are There Low-Premium Breeds?
Yes, some examples of breeds with lower premiums include mixed breeds or breeds that have a lower predisposition to hereditary conditions.
Dog Breed | Average Premium (in dollars)≈ |
Medium Mix | $45.29 |
Small Mix (11-25 pounds) | $43.79 |
Large Mix | $50.20 |
French Bulldog | $69.60 |
Small Mix (less than 10 pounds) | $38.81 |
How to Choose the Right Premium for Your Needs
Selecting the right pet insurance premium for your pet involves balancing your budget with a reasonable expectation for your pet’s potential health needs. If you are wondering what you can do to lower your insurance premium, you should consider a higher deductible. A higher deductible can lead to a lower premium because a higher deductible allows pet owners to cover more costs upfront.
≈Average premiums are based on current policyholders as of 2024 with accident-only or accident-and-illness plans and may vary due to plan options such as annual limit, co-insurance, and annual deductible, as well as your pet’s breed, age, and location. Quotes at purchase will reflect these factors and your specific selections. Premiums are based on and may increase or decrease due to the age of your pet, the species or breed of your pet, and your home address.
With 10 years of experience as a pet parent, I aim to empower pet owners with insights into pet insurance and maintaining their pet's well-being. I aspire to be a trusted source, combining knowledge with a commitment to the welfare of our beloved pets.
Creative manager by day, pet enthusiast all the time! After 19 years with my dog (hopefully he wins the award for oldest pet in the world), I enjoy spending my days brainstorming tail-wagging content, and sniffing out the latest trends in the pet world.
