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First it was auto policies. Now a pet insurance company wants to hike rates by more than 50%.

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Premiums for plans to cover care for cats and dogs keep going up.

for a 56% rate increase for its pet coverage policies on June 13, the notification said.

Plans that cover preventative care such as vaccines and other routine care, typically called “wellness plans,” have seen the highest rate increases in recent years, data shows. Annual premiums for cat wellness plans were $613.67 in 2022, up 35.9% since 2018. Wellness plans for dogs rose 39.7% during that time, up to $1,134.29 in 2022.The group said nearly five million pets nationwide are covered by policies, a 22% increase over the year before.

 

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