If veterinary costs are up 10%, why are pet insurance companies asking for much bigger price hikes?

to DOBI acting commissioner Justin Zimmerman, Gottheimer said the sticker shock of the proposed increases will force many families to drop their policies and put the health and welfare of pets at risk.

Gottheimer argued that as more people have purchased pet insurance, broadening the risk pool of covered animals, premiums should come down, not go up. The average annual cost of a pet insurance policy that covers both accidents and illness for dogs was $640.04 in 2022, up from an average of $599.03 the year before, according to theThe average premium for the same kind of policy for cats was $387.01, up from $341.35 in 2021, it said.

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