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The lowdown on pet insurance premiums


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Low Down Pet Insurance

You probably understand how human health insurance works and how your premium is worked out but is it the same for pet insurance? Let’s find out!

Searching for the best insurance for your pet and your budget takes time. If you’re anything like me, you’re going to try to get the best bang for your buck. But having a cheaper insurance premium doesn’t always mean better (I tell you this from first-hand experience) and there’s a lot that goes into the cost of pet insurance. 

Your pet insurance premium is as unique as your pet. There is no one-size-fits-all approach when it comes to determining your pet insurance premium.

What is a pet insurance premium?

I know you probably know what an insurance premium is but I like to give as much background as I possibly can in these blogs. 

Your pet insurance premium is the amount that you’ll pay each month to ensure you’re covered for any medical issues your pet may encounter. What you’re covered for and how much you pay per month is dependent on many different factors.

One of the biggest things that affect your monthly premium is the type of plan you choose right in the beginning. This will give you an indication of how much you may pay but then there are the other factors that determine your exact monthly premium.

Take a look at what happened when I tried owning a pet WITHOUT pet insurance.

How does your pet insurance premium work?

There are a variety of factors that go into determining your pet insurance premium, but every insurer is different. It’s important to do your own research to see how various insurers create your pet insurance premium.

Remember, all pet insurance premiums are unique.

Some factors that go into determining a pet insurance premium (just some suggestions, these factors are dependent on the insurer you go with):

  • Your pet’s age ( Depending on their health status and any changes to their health over time)
  • Your fur kid’s medical history (do they have any pre-existing conditions?)
  • The breed of your pet (certain breeds are more susceptible to certain conditions)
  • Whether or not your pet is sterilized

There are various other factors that go into determining a monthly premium, your best bet is to chat to a pet insurer to get further clarification.

Can your insurance premium change over time?

The quick answer is yes. Just like medical insurance for humans, pet insurance premiums can change or even increase. There are many reasons for your insurance premium to change, but you’re never left in the dark. From my experience, any time any of my pet premiums changed, I was told ahead of time and the reasoning was explained so I was comfortable (that’s the greatest benefit when you’re with an insurer you can trust and rely on).

Is pet insurance really worth it?

Honestly, yes, one thousand times yes! There has never been a time when I regretted having pet insurance. But don’t take it from me and me alone.

Take  a look at some of the benefits of having pet insurance:

  • Enables you to save money when your pet is injured or ill - depending on your pet policy, you may be covered financially in the event of an accident or illness
  • Empowers you to never choose between your budget and your pet’s needs
  • Gives you the ability to focus more on your pet’s health than on your vet bills
  • Increases the treatment options available to your pet (this is obviously dependent on your unique policy but your pet may have access to incredible treatments options you may not be able to afford without pet insurance)
  • Pet insurance can also help cover the cost of boarding kennels/catteries if you are hospitalised

These are just SOME of the benefits of having pet insurance but each pet insurer could have its own benefits that make them stand out. Do some research and weigh up your options to find the best policy for you and your fur baby.

The bottom line

Pet insurance costs money. And if you’re as frugal as I am, the thought of spending more money every month can induce some heart palpitations.

But as much as spending more money can give me anxiety, I am immediately calmed by the thought that these monthly premiums are tiny in comparison to the medical expenses I could endure if my pet had an emergency. You never know what could happen to your fur pet and I don’t know about you, but I’d rather be covered ahead of time than stress about the bills (and the health of my fur baby) at a later stage.

Pet insurance is a little blanket of security for both you and your pet, and the best thing is that there are definitely great pet insurers out there that have thought about your pet’s health AND your budget.


Until next time,

The Pet Insurance team

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