What Affects Pet Insurance Premiums

Are you interested in how your pet policy premiums are determined? Here we break down some of the aspects that can affect your pet insurance cost and just maybe a way or two of getting some cheaper premiums!

The type of insurance you choose

There are several different cover options when it comes to pet insurance and this will help dictate the premium that you pay. The higher level of cover you choose, the higher your premium will be. Conversely, if you opt for less comprehensive coverage and limited benefits then this could result in lower premiums. The cheapest of these covers is accident only pet insurance which excludes covering vet bills for any illnesses.

When you are looking at options to help cover your pet be mindful of the excess (in pet insurance terms this is referred to as ‘co-insurance excess’). This works is exactly the same as with your car / home insurance, basically should you need to claim the co-insurance excess is the part of the claim that you would need to pay (this can be either be a set amount or sometimes a percentage of the claim). This amount varies not only by different pet insurance brokers but also the different levels of cover they offer and on some quotes you can change this figure and pay a bigger / smaller initial premium just like with your car insurance.

The type and breed of your pet

Both the type and breed of your pet will play a huge role in calculating any pet insurance policy prices. The main reason for this is some animals / breeds are more likely to experience certain health problems or conditions or those that are likely to cost more to diagnose and treat.

For example, Bengal cats tend to suffer from kidney disease and heart problems. Pomeranian dogs are prone to eye conditions like progressive retinal atrophy (PRA) due to their small size. Pugs can develop breathing difficulties as they get older due to their short noses and flat faces. But to compare Labradors, golden retrievers and dachshunds, all really popular family pets tend not have such major health issues.

Pre-existing medical conditions

If your pet has any pre-existing medical conditions you are likely to pay more. Some insurers will only cover pre-existing conditions up to a certain age so if for example you have an older pet with arthritis and get insurance when they're 7 years old, it's possible that these conditions would be covered in full by the policy. But if you start that insurance a year later and the dog is now 8 years old it may not be covered, this is just an example and we recommend you check with any pet insurers should you pet have pre-existing conditions if starting a new policy.

It's worth noting that there are also cover types available that will exclude either new medical conditions or pre-existing medical conditions depending on the terms, a means of saving money if you don’t want to cover the conditions.

Previous claims

If so, your premiums are likely to increase. This is because insurance companies will be more cautious about paying out in the future, which means they'll need to charge more in order to cover themselves. Some medical conditions can require management and care after the initial diagnosis which would also be thought into any price increases.

Pet age

The age of your pet is a major factor in determining how much insurance will cost. The older your animal is unfortunately the more likely it is that they will get sick or have pre-existing conditions. This makes them more likely to require surgery which the insurance underwriter will need to pay.

Where you live

Yes, where you live is another factor that can affect the price of your pet insurance.

If you live in London then it's likely that your monthly premium will be higher than if you lived somewhere a little less expensive like Birmingham or Manchester. This is because veterinary costs may be slightly less in different areas.

Whether or not your pet has been neutered or spayed?

When you are getting a new pet insurance quote it’s likely you will be asked whether your pet has been neutered or not. This can affect not just the premium charged but in some cases also the cover provided. By having your dog neu

By not having your pet spaying the insurer could also exclude cover for certain aspects of the insurance or maybe even medical conditions.

Getting your pet neutered brings several benefits which include reducing the risk of infections and some diseases, plus a potential reduction in aggression, both great benefits in the eyes of many pet insurers.

A pet insurance policy typically doesn’t cover having your pet neutered itself.

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