Understanding Your Pet Insurance Renewal and Premium Changes (longer answer)

Insuring your pet has been a privilege and a responsibility we don’t take lightly.  

When it’s time for your policy to be renewed, you might have some questions. Let’s get into understanding why and how your pet insurance premiums might change over time, along with the factors that can affect your premiums at renewal: 

Your Pet's Age: Just like humans, as pets age, their healthcare needs can become more complex and frequent. We adjust the premium to account for these anticipated changes in medical expenses. 

Rising Veterinary Costs: The cost of veterinary care and treatments increase due to several factors, including general economy wide inflation and increased prices for medical supplies and equipment. As the cost to provide health services for pets increases, insurance premiums may also need to be adjusted to cover these rising expenses. 

Advancements in Veterinary Care: New medical treatments and technologies are continually being developed, which can lead to your pet enjoying a higher quality of care. These can include innovative surgeries, new medications, or state-of-the-art imaging technologies. While these advancements can be life-saving, they often come at a higher cost, which can influence the price of insurance coverage. 

Industry Trends: The pet insurance industry is always evolving. Changes in the overall market and regulatory compliance costs can affect how premiums are set. 

Inflation: Just like in other areas of the economy, inflation impacts veterinary services and pet care costs, which can be reflected in your premium as the costs for vet care and services rise. 

Location and Breed Trends: Where you live and the breed of your pet can also impact your insurance costs. Insurance premiums may be adjusted based on the collective health data of pets similar to yours in your area to more accurately reflect the risk and cost of providing care. 

At Petsy Pet Insurance, we calculate premiums at renewal individually to reflect these factors, to ensure that your coverage can continue to meet your pet’s needs.  

The fact that you made claims under your policy won’t necessarily cause your premium to increase at the next renewal for your policy.