Key Takeaways
- Pet insurance premiums may increase at renewal based on several factors, including your pet's age, breed, location, and changes in the cost of veterinary care.
- Premiums may also change during your policy term if you move, add or remove pets from your policy, or make changes to your coverage.
- Insurance providers are required to meet minimum state-approved rates when determining premiums.
- Pets Best notifies customers in advance if their renewal premium is changing, typically 35 to 80 days before renewal, depending on the state.
- If your premium no longer fits your budget, you may be able to adjust your coverage or switch to an Accident-Only plan to help lower your monthly cost.
Pet insurance can help protect you from unexpected veterinary expenses, but like many types of insurance, your premium may change over time. If you've ever wondered, "Why did my pet insurance go up?" or "Do pet insurance premiums go up every year?" you're not alone.
Several factors can influence the cost of your pet insurance, from your pet's age and breed to rising veterinary costs and even where you live. Understanding how premiums are determined can help you make informed decisions about your coverage and budget.
What Factors Impact the Price of Pet Insurance Premiums?
Pet insurance premiums are based on a variety of factors that help insurers estimate the likelihood and cost of future claims. Some of these factors remain the same throughout your pet's life, while others can change over time.
Your Pet's Age
As pets get older, they're more likely to develop illnesses or require more frequent veterinary care. Advances in veterinary medicine are helping pets live longer than ever, but aging pets may also require more diagnostic testing, medications, specialty care, or treatment. Because age affects the likelihood and cost of future veterinary care, premiums may rise over time.
Your Pet's Breed
Certain breeds are genetically predisposed to specific health conditions that can require ongoing or costly treatment. For example, some large-breed dogs are more likely to develop orthopedic conditions, while certain cat breeds may have a higher risk of inherited heart or kidney diseases. These breed-related health risks are one factor that may influence premium pricing.1
Where You Live
Veterinary costs vary significantly across the country. If you move to an area where veterinary care is more expensive, your premium may change to reflect local treatment costs. Changing your address during your policy term may also result in a premium adjustment based on rates in your new location.
Inflation and Rising Veterinary Costs
The cost of veterinary care has increased in recent years due to inflation, advances in medical technology, higher labor costs, and greater access to specialty and emergency care. Many U.S. states currently face a shortage of veterinarians, another factor that can affect insurance pricing.2
As the overall cost of treating pets increases, insurers periodically adjust premiums to help ensure they can continue covering eligible claims.
Your Insurer’s Overall Claims Experience
Whether or not you’ve made a claim, your premium might increase based on claims made by other pet parents who have an insurance plan with the same provider as you. And because pets are living longer in general, more claims are being made to support pets’ health as they grow older and face more complex health issues. Your insurance provider might raise premiums to ensure that they can help pay for more claims.
Changes to Your Policy
Premiums can also change if you make changes during your policy term, such as:
- Adding or removing a pet to your policy
- Changing your address
- Adjusting your coverage options
Any policy changes may affect your monthly premium.
Do Pet Insurance Premiums Go Up Every Year?
Pet insurance policies are typically reviewed annually at renewal, and it's common for premiums to change from year to year. While increases are common, they aren't caused by a single factor.
Premiums are evaluated using a combination of factors, including your pet's age, breed, location, broader claims trends, and changes in veterinary costs. Pet insurance companies must also comply with state insurance regulations, including minimum approved base rates that apply within each state. Before raising rates, insurance companies must submit any proposed changes to the state insurance department for their approval, along with data that supports the reason behind the increase.3
While premiums may increase over time, keeping continuous coverage means your pet can remain covered for future eligible accidents and illnesses.
Can I Lower My Pet Insurance Premium?
If your premium has increased and you're looking for ways to reduce your monthly payment, you may have options.
Here’s a step-by-step guide on what you can do if your premium doesn’t fit your budget.
- Make adjustments your plan. You can lower costs by increasing your annual deductible (the amount you pay before your coverage kicks in). You can also select a lower annual coverage limit (the amount your pet insurance provider can pay overall across the year). Lowering your reimbursement percentage can help lower the cost too.4
- Remove optional add-ons. Plan add-ons such as wellness coverage, which helps pay for routine care, can be removed to lower your pet insurance premium.
- Switch to a different type of plan with your insurance provider, if available. For example, you may choose to switch to an Accident-Only plan if it better fits your needs and budget.
An important note on canceling: Keep in mind that if you cancel your pet insurance and then re-enroll, either with your original provider or a new insurance company, your pet’s current or previous health conditions may be considered pre-existing, and ineligible for coverage with the new policy.
It's important to understand that reducing coverage may reduce the amount you're reimbursed when your pet needs veterinary care. Before making changes, consider your pet's age, health history, and the types of care they may need in the future.
When you keep your insurance plan with Pets Best, you'll also continue to have access to the included 24/7 Pet Helpline, which connects you with veterinary experts when you have questions about your pet's health, at no additional cost.
How Will I Know if My Premium Is Going Up?
If your renewal premium is changing, Pets Best will let you know before your policy renews. Customers receive notification by email and/or mail approximately 35 to 80 days before renewal, depending on the state where they live.
Your renewal notice will explain your updated premium and provide information about your coverage options, giving you time to review your policy before your renewal date. If you need to change the terms of your coverage, you can do this in your My Pets page in your Customer Account, or speak to one of our friendly Customer Care representatives to learn more about your options.
Keep Your Pet Covered for the Unexpected
Premium adjustments are a normal part of pet insurance and help account for factors like your pet's age, changes in veterinary costs, and where you live. While premiums may increase over time, pet insurance can continue to provide valuable financial protection against unexpected accidents and illnesses.
If you're shopping for pet insurance or looking for coverage that fits your budget, why not get a quote today? Our customizable plans are designed to help protect your pet throughout every stage of life.
Frequently Asked Questions
How much do pet insurance premiums typically increase at renewal?
There isn't a standard percentage that applies to every policy. Renewal premiums vary based on factors such as your pet's age, breed, where you live, overall veterinary costs, and state insurance requirements. Because every pet and policy is different, renewal increases can vary from year to year.
What happens if I stop renewing my pet insurance?
If you choose not to renew your policy, your coverage will end on your renewal date. If you decide to purchase a new policy later, any conditions your pet had prior to the start of your new policy will be considered pre-existing and would not be eligible for coverage. Maintaining continuous coverage can help ensure your pet remains protected for any currently covered and future eligible accidents and illnesses.
Can I pause my pet insurance coverage?
Pet insurance coverage generally can’t be paused and restarted. If you cancel your policy and purchase coverage again later, it will be considered a new policy. This may include new waiting periods, and conditions that developed before the new policy begins may be considered pre-existing and ineligible for coverage.
Can I lower my pet insurance premium without canceling my policy?
You may have options to lower your premium by adjusting your coverage. Depending on your plan and the options available, you may be able to choose a higher deductible, lower reimbursement percentage, or lower annual coverage limit. You may also be able to switch to an Accident-Only plan.
Will my pet insurance premium go up if I file a claim?
At Pets Best, your premium isn’t increased because you submit a claim. However, your premium may change at renewal based on other factors, such as your pet’s age, breed, location, changes in veterinary costs, and other factors used to determine rates.
Sources
- “Looking for Pet Insurance? Some Dog Breeds Will Cost More to Cover.”(07/2024), New York Times https://www.nytimes.com/2024/06/07/your-money/pet-insurance-dogs.html
- “Veterinary Services Shortage Situations Map“, National Institute of Food and Agriculture (NIFA), https://www.nifa.usda.gov/vmlrp-map
- “How State Regulation Affects Insurance Rates” (04/2026) Moneygeek, https://www.moneygeek.com/insurance/factors-that-influence-insurance-rates/state-regulation/
- “How Much Does Pet Insurance Cost?“ (07/2026), Nerdwallet, https://www.nerdwallet.com/insurance/pet/learn/cost-of-pet-insurance