While pet insurance premiums are unlikely to increase after a pet owner files a claim, they can rise at renewal. In most cases, pet insurance providers will let policyholders know of the new price before it takes effect. The reason for the increase may have several factors, but the most common is your pet’s age, since older pets are more prone to illness or injury. Your pet’s breed and the cost of veterinary care in your area also play a role in premium increases.
In most cases, pet insurance policies are one-year, automatically-renewing contracts. This saves pet owners from the hassle of shopping around for new policies each year. However, it means that premiums may increase over time, despite your efforts to avoid them. As a pet owner, you should be prepared for unexpected costs in the event of a major emergency. Moreover, the price of insurance increases with age, so you should buy it when you can afford it.
In addition to the rising premium, you should consider the age of your pet when selecting the insurance plan. If your pet is young, the premium will probably be the lowest. The average life expectancy of an older pet is 12 years, which will increase premiums dramatically. If you do not expect your pet to have significant medical expenses, you may not need to buy insurance at all. If you have a pet who is under one year of age, a plan will cost you less than $1 a day.