How Pet Insurance Premiums are Calculated
Posted on September 4, 2015 under Pet Health & Safety
By Therese Pope, a freelance writer based in California.
As pet parents, unexpected emergencies can happen with pets and vet bills add up quickly. With pet health insurance, you not only save money on vet costs each year but your pets get the highest quality medical care. With many insurance plans on the market, all at varying costs, it can be confusing to know why there’s a difference in price. Before buying a pet insurance policy for your dog or cat, it’s important to understand how premiums are determined.
I) Premiums are based on the pet’s information
Pets Best insures puppies and kittens as young as 7 weeks old and offers coverage for pets up to any age. Most pet insurance companies offer coverage starting around 7 weeks but as the pet ages, they may stop offering coverage all together. This is because young pets have lower premiums. Then as the dog or cat gets older, their premium will increase since like humans, pets tend to have more health problems as they age.
Some breeds are more prone to developing certain health issues. As a result, premiums are higher for breeds with many known health problems, while they’re lower for breeds with fewer known health problems.
Premiums are also determined by where you live. This is because pet insurance providers insure pets across the United States, and if you live in a large city, veterinary services cost more whereas in small towns they cost less.
II) Premiums are based on the plan’s coverage
The types of pet insurance plans vary for each company so read the policy details so you understand what’s covered and what’s not covered. The amount of coverage in the plan will affect the premium. So plans with less coverage are more budget friendly, while plans with comprehensive coverage will have higher premiums. With all plans, regardless of the pet insurance provider, note that pre-existing conditions won’t be covered.
1. Accident & Illness plans
This is the most common (and most popular) type of pet insurance coverage available from companies. While individual companies will vary in what is covered, Pets Best covers accidents, emergency care, surgery, hospitalization, cancer, allergies, diabetes, foreign body ingestion, and much more. Hereditary and congenital conditions also have coverage such as hip and elbow dysplasia, luxating patella, and cruciate ligament injuries. Since these plans include the widest array of coverage, they will also have higher premiums.
2. Accident plans
These plans were developed to cover injuries related to unexpected accidents and emergencies such as swallowed objects, broken bones and bite wounds. This plan does not cover illnesses or hereditary and congenital conditions, therefore these plans have more budget friendly premiums.
3. Wellness/Routine Care plans
A wellness and routine care plan covers annual wellness visits, vaccinations, dental cleanings, and more. These plans are additional coverage for your pet and can be added on to any plan. Technically wellness and routine care plans are not considered pet insurance and only a few companies offer them. However, Pets Best feels these plans are important to offer as routine and preventative care catch disease and other issues early.
III) Multiple pets save you money
If you have more than one pet, look into multiple pet discounts to save money on your premium.
By choosing the best health insurance plan for your pets, your fur family is guaranteed quality health coverage if they become unexpectedly ill or injured.
Pets Are Family and Deserve the Vet Best Care
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