Factors That Impact Cost Of Your Pet Insurance Policy In Michigan
Many elements go into determining the monthly cost of a pet insurance plan. Depending on which provider you decide to use, the weight of each factor could vary slightly. Some pet insurance companies feel that the animal’s age is more important than its breed.
Overall, there are five main categories that pet insurance companies use, which include:
- Animal Type
- Insurance Type
Many insurance carriers take location into account when setting monthly premiums. While some cities may have similarities in pet insurance cost, certain regions in Michigan tend to have higher average rates for pet insurance. For example, someone who owns a Labrador Retriever in Marquette typically pays $6 less than a Labrador Retriever owner in Grand Rapids.
The disparity of cost between regions is usually due to statistical data. If a particular city has a higher rate of pet insurance claims, the providers will typically charge a little more for coverage.
Another factor that often affects the amount you pay monthly for your furry friend’s insurance is the type of animal you own. Smaller animals that spend most of their time inside, like cats, will cost less than a dog exposed to daily hazards while out on walks. In Michigan, the difference in monthly cost between the two animals is about $15.
Your pet’s breed can often significantly impact the insurance pet insurance quotes you receive for coverage. For example, small dogs like Chihuahuas are relatively cheap to insure, with average rates around $16 in Michigan. However, a large breed dog notorious for health issues, like Boxers, can cost up to $53 a month for pet health insurance.
Age is also another important element that insurance providers consider when establishing a coverage policy. Sometimes, a carrier might even deny coverage if the pet is too old. Like our health insurance, pet health insurance costs increase as the animal ages and become more likely to contract an illness or disease.
As with all insurance plans, the deductible and coverage limit you select will impact the cost you pay to maintain the policy. Plans with a high deductible or low coverage limit will be less expensive than those with a smaller out-of-pocket expense or unlimited coverage.