Insurance premiums can fluctuate, year on year, and there are a number of factors your premium could increase, on renewal.
Some of the factors affecting this include; whether you’ve made claims previously, if your pet is getting older and whether there have been any significant advances in veterinary treatment.
You can learn more about each of the more common reasons for insurance premium price changes, below, as well as how Petinsurance.ie customers can manage their overall cover costs.
Does my pet’s age factor into the increased premium I have been quoted?
Your pet’s age is a big contributing factor. As our pets grow older, they tend to need a little extra love and care, and just like us, they can experience health changes as they age.
Whether it’s a little stiffness in the joints or the occasional trip to the vet, older pets often need more frequent medical attention, medications, diagnostic tests or checkups.
The likelihood of your pet needing veterinary care, and therefore making a claim, increases as your pet gets older. This higher risk is factored into your pet insurance premium and quote.
Do advances in veterinary treatment affect my pet insurance price?
Veterinary care and treatments are constantly being advanced, which is great news for our pets! With new cutting-edge solutions, improved technologies and increasing access to specialists in all different kinds of veterinary fields, more conditions than ever before can be treated or managed.
Whilst this is of course great news for your pet’s health, it can also mean higher treatment costs. As diagnostic tools (like MRIs, CT scans and blood tests) become more advanced, as well as more expensive, the potential cost of claims increases too, which can influence your pet insurance premium.
Does inflation affect my pet insurance policy price?
Yes, inflation rates have not only pushed up the cost of living but have also, to some extent, affected pet insurance prices.
As the general cost of living prices that we are all familiar with, rise, so too do the costs for veterinary clinics, including wages, rent and the running of equipment. When it becomes more expensive for vets to provide treatment, the average amount insurers pay out per claim also increases. This impacts the overall cost of insurance.
Fluctuations in Ireland’s inflation rate in previous years, will have fed into the wider Irish economy, and thus will have had a slight knock-on effect on your overall pet insurance cost.
Can I manage the cost of my Petinsurance.ie pet insurance policy?
If you purchased or renewed your pet insurance policy with us, you can manage the cost of your pet insurance policy by changing your vet fee limit, excess amounts and add or remove optional extras. These changes can only be made at renewal or within your 14 day cooling off period.
If you are a Petinsurance.ie customer, please get in touch with our Customer Care team to discuss this, by phone on (01) 4854118. Our lines are open Monday to Friday 9am-5pm.
Want to find out more about pet insurance cover types and which cover type might be best for you and your pet? Find out more about the different pet insurance types available.