Factors That Impact Cost Of Your Pet Insurance Policy In Boston
Similar to other types of insurance, a pet insurance policy’s cost depends on several factors. For Boston pet owners, the main elements that affect monthly premiums include the following:
- Animal Type
- Insurance Type
Let’s look at how each factor plays a role in determining coverage cost.
While there tends to be more rate disparity between different cities throughout Massachusetts, pet owners living in different Boston zip codes may notice a slightly higher monthly premium. Most insurance companies will utilize previous data on claims filed in a region to determine if a zone is more likely to produce a pet insurance claim.
Age is one of the biggest factors pet insurance providers utilize to set monthly rates. The younger an animal is, the less likely they are to develop illnesses or need to visit the vet. With a lower-risk profile, these young pets often receive more affordable rates. Then, as a pet ages and starts to experience more health issues, its coverage will likely increase at each renewal.
Different animals are more costly to insure. For example, the monthly premium for dog insurance tends to be 2-3x more expensive than cat insurance. The main reason for the significant cost increase is risk potential. Since dogs are outside more and interact with other animals more frequently, there is a greater chance for an accident or illness to occur.
Even though most breeds are considered healthy, some are prone to different conditions and illnesses. For example, dogs like cocker spaniels are more likely to develop diabetes within their lifetimes than other breeds. If you have a dog or cat breed with a higher chance of developing a disease, you could see an increase in your monthly premium.
The last factor that impacts overall pet insurance cost is the type of coverage you select. Different policies will have specific deductibles and coverages. The more protection you include in a plan or, the lower the deductible, the higher your annual cost will be for the pet health insurance policy.