Will My Pet Insurance Go Up If I Make A Claim?

Will My Pet Insurance Go Up If I Make A Claim- Curious about the impact of making a claim on your pet insurance? we’ve got the answers for you. Understanding the potential implications can help you make informed decisions.

When it’s time to renew your pet insurance policy, you may notice a rise in your premiums there are several factors that can contribute to an elevated renewal quote. Your pet’s age, your claims history, and the expenses of advanced veterinary treatments are among the key considerations.

We’ll explore the possible causes of premium hikes. We’ll address queries like ‘Why does my pet insurance keep increasing?’ and ‘Is it possible to obtain pet insurance post-diagnosis?’ Furthermore, we’ll provide valuable tips on how to maintain affordable pet insurance costs.

SEE ALSO: 10 Most Common Pet Insurance Claims

Will My Pet Insurance Go Up If I Make A Claim?

So, what’s the deal? Making a claim could indeed lead to an increase in your pet insurance premiums. However, it’s not always a guarantee. Factors such as your insurance provider, policy terms, and your pet’s medical history come into play.

Don’t worry, though! Making a claim doesn’t automatically mean you’ll be hit with higher premiums. Insurance companies assess various factors when determining price adjustments.

It’s important to remember that pet insurance is designed to provide financial protection for unexpected veterinary expenses. So, if your furry friend needs medical attention, don’t hesitate to file a claim. Your insurance coverage is there to support you.

If you’re concerned about potential premium increases, it’s a good idea to review your policy carefully. Look for any clauses or terms that outline how claims can impact your costs. Understanding your coverage and its limitations can help you navigate the process more confidently.

To summarize, the answer to the question “Will my pet insurance go up if I make a claim?” is that it’s possible, but not guaranteed. By staying informed, reading the fine print, and consulting with your insurance provider, you can make informed decisions that protect both your pet’s health and your financial well-being.

SEE ALSO: What Is the Best Age to Get Pet Insurance?

Five Reasons Why Your Pet Insurance Premium Increases Every Year

Will my pet insurance go up if I make a claim? Let’s explore five reasons why your pet insurance premium increases every year.

Reason One: Claims History

If your furry friend has needed veterinary care and you’ve made costly medical claims throughout the year, it’s likely that your insurance premium will increase. This is because there’s a higher risk that your pet will require medical treatment in the upcoming months due to their claims history.

In fact, the price hike for a pet with previous claims will probably be higher than for a pet that has never lodged a claim, even if other factors remain the same. For instance, a four-year-old Havanese dog that has had cataract surgery will experience a higher premium increase compared to a four-year-old Havanese dog that hasn’t required expensive surgery.

However, even if you’ve never lodged a claim for your pet, you can still expect a minor price hike due to other factors that we will discuss below.

SEE ALSO: Why Is Pet Insurance So Expensive? Is It Worth It?

Reason Two: Age of Your Pet

When determining the premium each year, pet insurance companies take into account the age of your furry companion. This is one of the main factors that influence the premium. As your cat or dog gets older, their health is more likely to deteriorate due to age-related illnesses. They may need more frequent visits to the vet, and their medical problems often come with a higher fee. Keep in mind that our fluffy pals age faster than us, so their veterinary costs generally increase at a faster pace than our medical costs.

Reason Three: Breed of Your Pet

Each pet has genetic predispositions to different conditions based on their breed. For example, Havanese dogs are prone to heart disease and canine hip dysplasia, while Ragdoll cats are more susceptible to urinary tract infections and polycystic kidney disease. No breed is exempt from genetic predispositions to illness. However, some breeds, like French Bulldogs, have a higher risk of developing health problems that come with a hefty price tag.

As a result, their premium increase will likely be steeper compared to breeds with fewer issues. Insurance providers need to consider the additional expenses associated with caring for certain breeds, even if your pet is perfectly healthy. It’s also worth noting that premium increases can reflect new scientific information about a breed’s predisposition to disease.

Reason Four: Medical Advancements

The veterinary care field has witnessed impressive advancements, including genetic testing and immunotherapy. These effective medical treatments and services are in high demand. Consequently, treatments have become more expensive over the years, leading to rising premiums.

Insurance providers like Potiki must cover higher medical costs to provide the safety net of pet insurance. If you’re concerned about the extent to which pet insurance increases each year based on location, it’s important to note that premium hikes can be higher in certain areas where treatment costs are higher. Vet prices vary across Australia, as there is no standard pricing model.

Reason Five: General Inflation Rates

The pet sector is not isolated from the wider society, and inflation affects it as well. Unfortunately, Australia is currently experiencing some of the highest inflation rates in more than three decades. Insurance providers must consider this when determining their annual premium hikes, or else they would operate at a loss and cease to exist.

Just like how hospital costs for humans are affected by inflation, pet care expenses are also impacted. In addition to veterinary costs, inflation is causing price surges for pet food, treats, and other essential items. A survey revealed that 73 percent of dog owners are worried about rising costs. It’s clear that inflation plays a significant role.

So, if you’re wondering whether your pet insurance will go up if you make a claim, these factors contribute to premium increases each year. While claims history, the age of your pet, the breed, medical advancements, and general inflation rates all play a part, it’s essential to remember that insurance providers consider various factors when determining premiums.

SEE ALSO: Does Every Vet Take Pet Insurance?

How Much Does Pet Insurance Increase Each Year?

Based on recent data provided by the Association of Pet Insurance (API), the average pet insurance premium stands at a staggering $1,000. This figure takes into account various factors such as pet age, breed, claims history, and coverage options.

SEE ALSO: Can I Still Get Pet Insurance If My Dog Has Cancer?


How to get money from pet insurance?

Pay the veterinarian bill right after the visit.

Complete a pet insurance claim form.

Submit the claim and supporting documentation to the insurer via an app, online portal, email, fax, or mail.

What does pet insurance per condition mean?

What is per-condition insurance cover? With ‘per-condition’ insurance claims (also known as a maximum-benefit policy), the insurance company will pay a certain amount per condition and there will be a maximum limit. The value of this pre-set limit may vary between policies.

Leave a Comment