What factors impact the price of pet insurance?

When our furry friends fall ill, naturally we want to give them the best care possible. Pet insurance is an important investment that will assist with the associated costs of keeping your pets in good health.

Now more than ever, it is a great idea to compare pet insurance offers, to ensure you are receiving the best deal possible. Being aware of what will affect the price of your pet insurance plans is key to avoid any surprising costs. Below, we will cover five of some of the main factors that will impact the price of your pet insurance.

1. Breed of your pet

Pedigree pets are often more prone to developing inherited genetic conditions due to their close breeding. Certain breeds are also known to contract particular health conditions more than others. In the case of dogs, hip dysplasia can commonly occur in larger breeds of dogs. Insurance companies will take breed-specific factors such as the above into account when calculating your pet insurance premiums.

2. Your location

The area you live in also has a particular sway on the cost of your pet insurance. Usually, this is down to two primary factors:

• Environmental risk to your pet, particularly injury, illness, and theft - think high-traffic areas such as busy towns and cities.
• The average cost of vets in the area, in regions where the cost of living is high such as London, pet insurance premiums may be higher for this reason.

3. The age of your pet

As your pet ages, it may develop chronic conditions, think arthritis or diabetes. These conditions could require ongoing close attention from a vet. The risk associated with an aging pet will often come with increased pet insurance premiums to pre-empt any health conditions that may occur. Older pets can also be harder to insure for this reason.

4. Gender of your pet

If your pet is male, there is a higher chance of them getting into a fight with another animal or getting into accidents caused by their livelier nature. This potential risk can increase pet insurance premiums.

5. Level of insurance cover

There are multiple types of pet insurance policies available, a general rule of thumb is the higher the coverage, the more expensive the premium.

• For example, taking out an accident-only policy is a quick way to ensure cheap pet insurance premiums. However, as this policy only covers vet costs for accidents you may find yourself needing to pay more if your pet ever falls ill. This would be because vet fees for illness would not be covered in an accident-only policy.
• Alternatively, a lifetime pet insurance policy provides extensive cover year after year for the life span of your pet for accidents, illness, and beyond. This level of coverage tends to come with higher costs but can be the best option if a pet is likely to develop a chronic illness or condition. The premiums for this type of cover are adjusted yearly at the point of renewal against vet costs, as well as the age of your pet.

Ways to reduce pet insurance costs:

While the above factors cannot be controlled, there are some tips you can follow to make sure you are receiving the best pet insurance deal possible:

• As we have covered above, taking out an accident-only policy will always come at a reduced cost.
• Another way to knock down the price of your premium is to increase the contribution amount you will pay towards any bills; this will reduce the insurance company’s contribution and therefore decrease your premium.
• If you are looking to insure more than one pet, providers can often provide discounts on multi pet insurance plans.
• By comparing pet insurance deals with us here at Find My Cover! Our partnered pet insurance brokers are some of the best in the industry, handpicked by us. Many of our partners also offer great introductory offers for you to explore.

Start comparing the best pet insurance deals for you by clicking here!