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Pet Insurance policies are underwritten by Independence American Insurance Company.

Why Do Pet Insurance Companies Raise Rates?

Why do pet insurance companies raise rates? Dive in with Figo's own marketing coordinator, Kirsti, as she explores the reasons.

Why Do Pet Insurance Companies Raise Rates?

Many people understand how human health insurance companies determine rates, but pet insurance rating remains a mystery to most. It is easy to assume that a pet’s age is the determining factor in your premium. However, you’d be surprised at how many details specific to your pet go into determining your pet’s rates. 

What factors affect your rate?

Just as every pet is unique, often, their premium is too. These are the details about your pet that insurance companies use to calculate your rate:

Pet’s age

Your pet’s age does go into determining your rate. Contrary to popular belief, it doesn’t necessarily only go up as your pet ages. Older pets do cost a little more to insure due to more health issues as they age – just like us! However, after your pet’s first and second birthday, you might see your rate go down! Why? Young puppies are more likely to ingest foreign objects, anything from your child’s Legos to rocks in your yard. They are also prone to silly accidents as they learn to navigate the world around them. The first year or two of your pet’s life is also when congenital and hereditary issues start surfacing.


While you would think that sibling pets would have the exact same rate, it may turn out that one pet’s premium is lower than the other. This is because certain genders of specific breeds are more likely to get some diseases. For example, prostate issues only affect male dogs and occasionally male cats. It is very rare for a cat to develop prostate issues- but not unheard of.


This is a huge deciding factor in your pet’s premium. There are breeds of dogs and cats that are more likely to develop certain health problems. Therefore, you may notice that rates are lower for breeds with fewer known health issues as opposed to breeds like Bulldogs, who have a long list of conditions they are susceptible to.


The cost of veterinarian care is different depending on where you are in the country, so your geographic area does come into consideration when factoring your rate. For example, factors like natural disasters and wildfires can raise your rates due to added risk to pets in the area.

If you live somewhere populated with coyotes or rattlesnakes, you may notice that your premium is higher than states without these creatures. You’d be surprised by the number of rattlesnake bite claims Figo sees every year! In fact, dogs are 20 times more likely to be bitten by venomous snakes than people. We know pet parents do their best to keep pets safe, but you’ll be happy to have insurance if these dangers cross your path!

Some good news: Figo will never raise your rates due to claims. That means you can submit as many claims as you want without worrying about the penalty. We want you to do what’s right for your pet without any added stress.

Don’t forget about coverage!

The coverage you choose is a big deciding factor in your rate. Here at Figo, our plans are 100% customizable to your specific needs. Don’t want wellness coverage? No problem! Are you confident that you have the resources to cover a certain percentage of your vet bill? Great, go with a lower reimbursement percentage. There are many ways to save money on your monthly premium with our buildable coverage. See for yourself and get a quote today!

Kirsti Randazzo is a Marketing Coordinator at Figo, along with being a licensed insurance professional. In her spare time, she enjoys hiking with her dog, reading, writing, and traveling.

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No one is permitted to sell, solicit or negotiate an insurance policy without a producer license in the state in which the plan is sold, and all prospects should be directed to Figo Pet Insurance. The information contained in this website is for illustrative purposes only and coverage under any pet insurance policy is expressly subject to the conditions, restrictions, limitations, exclusions (including pre-existing conditions), and terms of the policy documentation issued by the insurer. Availability of this program is subject to each state’s approval and coverage may vary by state. Coverage underwritten by Independence American Insurance Company (IAIC), a Delaware Insurance Company, 11333 North Scottsdale Road Suite 160 Scottsdale, AZ 85254. Live Vet and the Figo Pet Cloud are separate non-insurance services unaffiliated with IAIC. Figo Pet Insurance's California license number is 0K02763. Figo Pet Insurance LLC is duly authorized to transact insurance in Puerto Rico (NPN: 16841904) in property, casualty, disability, health services, and life.

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