How Trupanion premiums are calculated:
When you get a pet insurance quote for your pet, the premium you see is based on six factors: the breed of your pet, the age of your pet (at time of enrollment), your pet's gender, spay/neuter status*, the selected deductible (optional), and where you live. We take these six factors into account relative to the average cost of a pet to determine your premium.
What will not cause your premiums to change:
Pet aging: Aging is a natural process that all pets go through, which is why we do not believe in raising premiums just because your pet had a birthday. When you enroll, your premium will be based on your pet's age at enrollment for the rest of its life.
Filing claims: We do not penalize unlucky pets, so your premiums will not increase due to the number of claims that you file.
What will cause your premiums to change:
Veterinary inflation: Occasionally, veterinary costs (fees per service) increase with inflation. Your premiums may be adjusted to reflect the inflation of veterinary costs.
Increase in scope of treatments available for veterinary care: As veterinary technology and procedures advance, more treatment options become available to pet owners. As a result, the number of services provided per pet tends to increase over time. Premiums will reflect these increases in fees and new technology/additional services of veterinary care.
Although you may see premium increases due to these two factors, your premium is still priced at the age you enrolled your pet at. For example, if you enroll your pet at 2 years old, your premium will always be based on a 2-year-old pet for the life of your policy. If you saw a premium increase 3 years later when your pet is 5 years old, you would still pay less than you would if you enrolled your pet at their current age.
Premiums can be controlled in various ways such as imposing per claim limits, yearly limits, and lifetime limits. At Trupanion, we believe that the pet owner should be the one to determine what is best for their pet with no payout limits on their pet health insurance.