When your pet is sick the last thing you want to have to worry about is if using your insurance will hurt you in the end- what’s the point of filing Trupanion claims if you’ll be punished by higher rates. Certainly, the experience of a sick pet is stressful enough. In addition, not knowing how much your pet’s treatment is or what your pet’s diagnosis is can feel overwhelming. Today we’ll explain why we don’t punish unlucky pets, the reason for a potential rate change, and the importance of high-quality coverage for your pet’s lifetime.
Trupanion claims: everything you ever wanted to know about your rates
Why don’t we raise your rates based on claims?
We’re here to help protect your pet from the unexpected. So why would we punish you if you have to use the coverage? Naturally, we want you to use medical insurance when you need to. At our core, we don’t punish unlucky pets. Rather, it’s Trupanion’s mission to help all the pets we all love receive the best veterinary care.
“We’re here to help members budget for unexpected veterinary care. You don’t know when you bring home a new pet if they will be sick. Naturally, you’re not choosing if your pet is going to be unlucky or lucky in its health- there is no way to know,” states Jessica Gibbs, Trupanion’s VP of Actuary Services and Analytics.
The difference in medical insurance for pets
Not all insurance is the same. For example, take car insurance – when you submit claims or get in an accident, your rates will probably go up. However, this is not the case with Trupanion*. Further, whether you file 100 claims or no claims, your pet’s rate is not affected. We do not punish unlucky pets for being sick. Rather, “all pets are treated equally and factored into a shared risk pool. This is not a utilization-based product,” cites Gibbs.
Your pet’s rate can change
This doesn’t mean your pet’s monthly cost will never change. Their rate is based off of a number of factors, including these pricing categories:
Age at enrollment
Veterinary care specific to your region
While your monthly cost can change, your pet will forever be priced as their age at enrollment. For example, if you enroll your Labrador retriever when they’re two years old, they will always be priced as a two-year-old Labrador retriever even when they age into their senior years. In addition, all of these factors make up your pet’s individualized monthly cost. No rate is the same, as each pricing category, (breed, gender, and age) are specific to your pet.
When you could see a potential price change
Here are the reasons why you could see a rate change:
Regional specialty veterinary care
Naturally, the advancement of veterinary medical care over the years with acupuncture, MRI machines, and CT scans certainly has changed within the industry. For instance, five years ago there might have been only one or two clinics in your region with specialty care. Today, there is a chance there are numerous veterinary clinics in your area that not only offer high-quality care but specialized care as well.
Shared risk: our pricing model
In addition, to specific regional veterinary care, the risk pool is shared among all pets. Essentially, this means we look at all pricing categories individually, which results in a total pricing factor together.
For instance, all the Labrador retrieversthat are two years of age, in a certain region of North Carolina, with access to specialty care, might be priced differently from a ten-year-old domestic shorthair catin New York City. Further, all specific pricing factors, such as breed, gender, age at enrollment, and specific region are all a part of the pricing component.
We want to keep giving you high-quality coverage for your pets. Naturally, we don’t want to limit your coverage. For example, the Trupanion policy has no limits on claims payouts and even has the ability to pay your vet directly in minutes (or seconds!) at checkout. We’re able to continue giving pet owners this level of service because we’re committed to high-quality medical insurance for pets.
is a digital content writer and editor for Trupanion. She spends her workday writing for the Trupanion blog. She loves writing about pets, being inspired by pets, and luckily gets to hang out with her rescue dogs all day long. In her free time, she enjoys exploring and traveling with her family. Her work has been featured on the DOGTV blog, KitNipBox blog, Get Your Pet blog, Fansided, among many others.