Pet insurance provides a valuable safety net for unexpected veterinary costs, but many owners are surprised when their premiums increase significantly as their pet gets older. Understanding the factors that drive these price changes can help you better plan for the long-term cost of coverage.
Why Do Pet Insurance Premiums Increase?
While several factors can influence the cost of pet insurance, a pet’s age is one of the primary drivers of premium hikes. This is because:
- Age-Related Health Risks: As pets grow older, they become more susceptible to chronic illnesses such as arthritis, diabetes, and heart disease. This increased likelihood of health issues leads to a higher probability of insurance claims.
- Rising Veterinary Costs: The overall cost of veterinary care, including advanced treatments and diagnostics, is continually rising. This trend contributes to higher premiums for pets of all ages.
- Breed Predispositions: Certain breeds are genetically prone to specific health conditions. For example, French bulldogs and golden retrievers often have higher premiums than mixed-breed dogs due to their known health risks.
- Geographic Location: The cost of veterinary care can vary significantly by region, so where you live can have a major impact on your insurance rates.
Premium Increases by Age for Dogs
For dogs, pet insurance premiums tend to increase steadily over time, with the most dramatic jumps occurring in their senior years. While rates are lowest for puppies, a medium-sized mixed-breed dog’s premium can more than double between the ages of two and ten.
- Puppyhood (Under 1 year): Premiums are at their lowest, with an average monthly cost of around $42.
- Adulthood (1-7 years): Rates remain relatively stable during this period, with only gradual annual increases. However, a 6-year-old dog might still see a 43% premium increase upon renewal.
- Senior Years (8+ years): This is when owners often see the most significant price hikes. It is not uncommon for a 9-year-old dog to face a 43% increase, and one report showed a 12-year-old Yorkie’s premium jumping by 177%.
Premium Increases by Age for Cats
While cats are generally less expensive to insure than dogs, their premiums follow a similar pattern of increasing with age.
- Kittenhood (Under 1 year): The average monthly cost for a kitten is approximately $25.
- Adulthood (1-7 years): Premiums for adult cats average around $28 per month and rise gradually.
- Senior Years (8+ years): Like dogs, senior cats experience substantial premium increases. An 8-year-old cat’s premium, for example, could rise by as much as 104%.
It is important for pet owners to anticipate these age-related premium increases when budgeting for pet insurance. Although some providers state that rate changes are based on overall veterinary costs in a specific zip code, consumer reports consistently suggest that a pet’s age remains a significant factor in premium hikes.