Pet Insurance Rates Are Changing – Here’s Why
- Chloe Hart
- Jun 26
- 4 min read
By Chloe Hart | News Alerts Column | The Pet Standard
If you’re a pet owner in the UK, you may have noticed a rather unwelcome surprise recently your pet insurance premium is higher than last year. You’re not imagining things.
Pet insurance rates have been rising steadily, and with many policies now reaching £300 to £500 annually for cats and £400 to £700 for dogs,
it’s easy to feel like you're paying more for the same coverage. But why exactly are these rates climbing? Let’s break it down and explore the factors behind the surge, along with some tips for keeping your premiums in check.
Why Are Pet Insurance Rates on the Rise?
You might be asking, "What happened? Why are we seeing premiums go up?" The truth is, the rising cost of pet insurance is driven by several key factors:
Rising Veterinary CostsIt’s no secret that vet bills have been climbing. Advanced treatments like CT scans, MRI scans, and specialist surgeries are becoming more common, which means that veterinary care is more expensive than ever before.
According to the Association of British Insurers (ABI), vet fees have increased by around £10–£20 per consultation in the past year alone. For more serious treatments, costs can spiral into the hundreds or even thousands.
Take, for example, a hip replacement surgery for a large breed dog, which can cost up to £3,000 in some cases. If an insurer has to cover these expensive procedures, it’s only natural for premiums to rise accordingly.
Increased Claims With better treatments come higher expectations. As technology in veterinary care advances, more pet owners are opting for expensive treatments for their animals, leading to an increase in insurance claims.
A common example is chronic conditions, such as arthritis in older dogs, which can require ongoing care and medication. The more claims that are processed, the more insurers must adjust their pricing to cover the increased risk. The cost of treating a dog’s chronic health condition such as diabetes could easily exceed £1,000 annually.
Increased Pet Ownership & Longer Life Expectancy More people are adopting pets than ever before, and as pets live longer, they’re more likely to develop age related conditions that require treatment.
According to recent studies, the number of elderly pets is on the rise, with pets living into their teens or even early twenties. As a result, long term care for older pets along with the costs associated with them has become a significant factor in insurance price hikes.
How Does This Affect Pet Owners?
As a pet owner, it’s understandable to feel concerned when you see your premium creeping up. The typical cost for basic dog insurance is around £300–£500 a year, while cat insurance tends to be cheaper, usually ranging from £150–£250 annually.
But depending on your pet’s breed, age, and health history, those numbers could easily go higher.
For instance, if your dog is older (say, 8 or 9 years old) or has a pre existing condition like a heart murmur or joint issues, your premium might rise significantly sometimes even doubling in price.
Young, healthy pets, on the other hand, will have relatively affordable premiums, especially if you opt for a basic level of coverage.
But even with younger pets, the industry wide increases mean that pet insurance premiums are averaging a 6-10% rise annually. That could translate into an extra £30 to £50 or more added to your bill.
How Can You Manage These Rising Costs?
It’s not all bad news. While your pet insurance premium may be higher than last year, there are steps you can take to manage the rising costs without sacrificing care.
Shop Around for Better Deals Before renewing, always shop around. Comparison websites like Comparethemarket and MoneySuperMarket can help you find lower premiums or better coverage for the same price.
Insurers often offer discounts for new customers, so even if you’re happy with your current provider, it’s worth getting quotes from others. This simple exercise could save you £50 to £100 per year.
Increase Your Excess If you’re willing to pay more upfront when your pet needs treatment, consider increasing your excess (the amount you pay before the insurance kicks in).
Raising your excess by £50–£100 could lower your monthly premium significantl potentially by up to £100 annually.
Adjust Your Coverage If you don’t need comprehensive coverage or you’re happy with basic protection, consider downgrading your policy to something more affordable.
Opt for a time limited policy instead of a lifetime one, or choose a maximum benefit policy. This could lower your premiums, especially if your pet is healthy and doesn’t require extensive long term treatment.
Keep Your Pet Healthy As always, prevention is better than cure. Keeping your pet in good shape through regular check ups, exercise, and a balanced diet can help prevent expensive medical conditions. Healthy pets are less likely to need extensive treatments, and in turn, this could help keep your premiums lower in the long run.
Final Thoughts
Yes, pet insurance premiums are rising, and the increases are unlikely to slow down in the near future. But understanding the reasons behind the price hikes can help you make informed decisions about your policy. Whether it’s rising vet fees, more claims, or longer pet lifespans, these factors are all contributing to the rising costs of coverage.
By shopping around, adjusting your coverage, and keeping your pet healthy, you can minimise the impact of these premium increases. After all, while a higher premium may sting, it’s still a much better deal than footing a large vet bill without insurance. So, while your pet’s insurance costs might be going up, the care they receive will be worth every penny.
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