What’s everyone’s experience with premium hikes in pet insurance? Has anyone noticed their premiums not increasing after the first year or so? I see some positive reviews for certain companies, but then I also find posts about significant premium spikes. Can anyone suggest insurers that have kept their premiums relatively stable?
I checked the recent rate filings for Lemonade, and they’ve shown a 19.9% increase. They mentioned that some breeds are being reassessed, and the costs in different ZIP codes are changing too.
That’s quite a jump. It seems like insurance rates are on the rise everywhere these days.
Yeah I’ve noticed that too. Pet insurance has really taken a hit. With veterinary costs increasing over 60% in the past decade, plus inflation and supply chain challenges, I don’t think we can expect to see any companies avoiding big premium hikes.
That makes sense. Until things stabilize, it sounds like we might be in for more increases.
I experienced a huge hike with Pets Best.