Home Pets Factors That Impact the Cost of Pet Insurance

Factors That Impact the Cost of Pet Insurance

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If you have a pet, you know that vet bills can be quite expensive when they experience an accident or become unwell. For this reason, you may consider getting pet insurance to cover the expenses. However, it’s challenging to decide which policy fits your pet’s needs best, with so many options available on the market.

Do you need pet insurance?

The law doesn’t require pet owners to get insurance, as it does with car insurance, but if you want to eliminate the risk of being unable to alleviate your pet’s suffering in case of health issues, you should definitely consider it.

Pet insurance covers the costs associated with vet treatment in case your pet suffers an unexpected health issue like a chronic illness or accident. This article uncovers the main factors that could impact the cost of a pet insurance policy and how you can reduce the premium cost.


There’s no secret that some pets are more costly than others. The ASPCA revealed that dog parents spend around $3.221 on average to care for their furry companion, while cat parents pay around $1.904. Exotic pet parents could put in even more because their babies require special care. Therefore, pet insurance providers charge premiums for different pets differently.

The pet’s breed can also influence the costs because purebred pets are more likely to develop genetic diseases. Also, some breeds have specific issues that don’t affect the others, and their premiums are pricier.

Pet’s age

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When you buy insurance, the younger your pet is, the less you’ll pay because young pets have fewer issues than adults. It’s recommended to read reviews on pet insurers, like these Bivvy reviews, before getting insurance for your pet to find out if the provider has a maximum age limit for selling policies and if your pet’s pre-existing conditions exclude them from coverage. It’s best to buy pet insurance as soon as possible to get the best price and ensure they have no health conditions that could prevent them from getting insurance.

Type of insurance plan

You can choose from a wide range of insurance plans. Some cover only accidents while others also provide for health issues. The premiums costs differ according to the services they offer. Browse the market because some pet insurance providers also offer wellness coverage for an additional fee. This option is great because it covers a range of healthcare costs like dental cleaning and annual check-ups. Don’t you want to get rid of the stress of not knowing how much you’ll pay the next time you have to take your pet for their periodic check-ups?

Your location

You shouldn’t be surprised that your location can affect the cost of pet insurance. If you plan to relocate, make sure to inform the provider because the premium cost may change. The cost of veterinary care differs from one area to another, and therefore it impacts the cost of the pet insurance policy. Pet insurance premiums tend to be more expensive in some areas than others. The more expensive pet healthcare is in your area, the pricier the pet insurance plan will be.

Potential discounts

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Some pet insurance providers offer discounts if you ensure more than one pet, a service dog, or purchase the premium through your employer. Depending on the available discount programs, you may even get a special price if your pet is neutered or spayed. If you want to find out if there are any discounts for pet insurance policies in your area, check the providers’ websites and compare their services.

Excess and co-payment

Excess on your pet insurance premium can impact its price. Suppose you select a higher policy excess; the provider might offer a reduction in price for the policy because you’re contributing more towards the cost of treatment in case you make a claim. Some pet insurance providers even offer the option to contribute to the claim cost by making co-payments. Co-payments are percentage contributions (regularly lower than 20%) towards the remaining fee of the vet cost. Usually, pet insurers allow the buyers to select the percentage they want to contribute and the higher the percentage the pet parent picks, the lower the cost of the policy.

However, before picking a high excess or co-payment percentage, keep in mind that that is what you pay towards the cost of the vet fee when you claim compensation.

Research the pet insurance conditions before purchasing it because some pet insurance providers make the co-payment compulsory for pets when they reach a certain age.

Previous claim history

If your pet was sick and you claimed on the pet insurance to cover the treatment expenses, its chances of impacting the premium costs are high because the insurance provider expects you to make another claim. This often happens when you renew the insurance premium with the same provider. It’s best to compare the cost of several policies before purchasing one or renewing your old one. Also, keep in mind that if you claim insurance for a condition included in the insurance policy and want to renew the premium with a new provider, they may not include it in their plan.

However, some pet insurance providers state that they don’t penalize pet owners if they make a claim, so their claims history doesn’t impact the premium’s cost.

Factors that don’t impact the insurance policy cost

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Some factors don’t influence how much you pay for pet insurance:

– Whether you adopted the pet from an animal shelter, found them on the side of the road, or got them from a breeder

– Health issues they had in the past

How trained your pet is

– If your pet spends time outdoors

Most factors that impact your pet insurance cost are outside your control, so you cannot do anything to save on the premium. How much you pay for the policy varies according to the mentioned factors, but you can take some actions to reduce its costs.

– Spay/neuter your pet

– Compare the quotes from multiple providers

– Take advantage of discounts