What Factors Affect The Price Of Pet Insurance?

What Factors Affect The Price Of Pet Insurance

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We all want our pets to be safe. But it’s normal for pets, like humans to get sick or sometimes even injured during play.

In these cases, we rush down to the vet, all the while hoping that nothing is going to happen to our furry friend. But let’s face it, a small part of us also prays that the bill won’t be astronomically high.

Everyone knows that a trip to the vet means that you should get ready to dig deep into your pockets. But what if there was another way? One that would take the burden of expensive bills off your shoulders?

Yes, we’re talking about pet insurance!

The market is flooded with various companies offering pet insurances. All of them naturally vary in their coverage and terms so you have a ton of options. Interestingly enough, one company can have a few different offers of the same policy.

So, what are the reasons for this fluctuation? Why don’t all pet insurances have the same price? Let’s see what factors affect the price of pet insurance!

What Factors Affect the Price of Pet Insurance?

In the same way that we want to keep ourselves safe at all times, we naturally want to do the same for our pets too. But purchasing a pet insurance policy might not be as cheap as you initially thought. And there are situations where the same policy won’t be the same price.

The reason behind this is the small discrepancies in every case. This means that there are a few factors that influence the price of pet insurance. It doesn’t come as anything strange or new considering that life insurance policies work on the same principle.


Factors Affecting the Price of Pet Insurance

Factor Explanation
Type of pet Dogs are generally more expensive to insure than cats due to their susceptibility to certain health conditions and injuries.
Breed Some breeds of dogs and cats are more prone to specific health conditions, leading to higher insurance costs.
Age Older pets are more likely to develop health problems, resulting in increased insurance premiums.
Medical history Pre-existing medical conditions in your pet can raise the cost of insurance.
Coverage level Comprehensive coverage options are associated with higher premiums compared to accident-only coverage.
Deductible The deductible amount affects premiums; higher deductibles lead to lower premiums and vice versa.
Reimbursement rate The percentage of medical expenses covered by insurance impacts premiums; higher rates result in higher premiums.
Location Pet insurance premiums can vary by region due to differences in the cost of veterinary care.


The most relevant factors that have a direct impact on the price of a pet insurance policy are: 

  • Type of pet;
  • The age of the pet;
  • The current health of the pet;
  • Area of living;
  • Amount of the deductible.

Type of Pet

A Saint Bernard and a bunny are not the same, right? So, it’s obvious that the price for insuring a dog is going to be different from that of insuring a bunny. Moreover, the breed of the pet plays a key role as well. 

Some cat or dog breeds are bigger than others and some are more prone to having health problems than others. When creating pet insurance this is the first thing the company would look at before they give you an offer. So don’t be surprised if your kitty’s insurance is cheaper than the one of your dog’s – even though they have the same basic policy!

The Age of the Pet Affect The Price of Pet Insurance

The older pets are the lower the chances for them to get insurance. This is understandable, considering that they may develop more health problems that sometimes require ongoing treatments. Thus the bill increases.

But some companies look past this and still offer pet insurance. However, the prices for them will definitely be much higher than those for a small puppy or kitty. So, before purchasing pet insurance, be sure to do thorough research and calculate the amount of your premium.

The Current Health of the Pet

This factor is closely tied with the previous one. If your pet is older then you can naturally expect a bigger bill. And this, as we said, would mean a higher premium on the insurance. 

Another thing you should keep in mind is the pre-existing conditions clause in a pet insurance policy. Most pet insurance companies don’t cover the costs that come from your pet’s treatments if they deem them a pre-existing condition. Others will allow this but the premium will also rise.

Area of Living

The city you live in can highly influence the price of pet insurance. This is because bigger cities tend to have higher prices altogether. And this naturally means that the price of the veterinarian services in these places is higher. 

Subsequently, the pet insurance premium will rise. This is because pet insurance companies keep track of the prices of the vets in their area. Simply put, the more expensive your vet trips are, the higher the premium of your pet insurance.

Amount of the Deductible

The deductible is the amount you are willing to pay for your pet’s vet visit before you get reimbursed. This money comes right out of your pocket and the only way to get them back is to go through the whole process of reimbursement with your pet insurance company. 

There are companies that have a set deductible, but then there are others that let you customize it. Needless to say, the bigger the sum you’re willing to pay as a deductible, the lower your premium. This is because a bigger deductible means that you’re ready to pay more out-of-pocket money.


Tips for Saving Money on Pet Insurance

Tip Explanation
Get pet insurance when your pet is young. Premiums are typically lower for younger pets.
Choose a higher deductible. This will lower your monthly premium, but it will mean you have to pay more out of pocket if your pet needs veterinary care.
Select a lower reimbursement rate. This will also lower your monthly premium.
Consider accident-only coverage if you’re on a tight budget. Accident-only coverage is typically less expensive than accident and illness coverage.
Look for discounts. Many pet insurance companies offer discounts for things like multiple pet policies, military service, and bundling pet insurance with other insurance products.


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