Does pet insurance cost increase with age?

Our pets are part of the family. From the moment they stumble into our homes as clumsy puppies or kittens to their golden years as distinguished seniors, they fill our lives with joy, chaos, and a lot of fur. But just like us, as they get older, they tend to need a bit more TLC, and that can sometimes mean more trips to the vet. This leads many Aussie pet parents to wonder, does pet insurance cost increase with age?

It’s a fair question. You’re budgeting for their food, their toys that last all of five minutes, and the occasional fancy haircut. Knowing what to expect from your pet insurance premium is a big part of that financial planning.

The short answer is yes, generally speaking, pet insurance premiums do go up as your furry mate gets older. But don’t panic! Let’s break down why this happens, what it means for your wallet, and how you can keep protecting your pet without breaking the bank.

Jump to:

• Why does pet insurance go up with age?
• So, how much can you expect premiums to rise?
• Is there an age limit for pet insurance?
• Keeping cover affordable with CoverMy Pet

Why does pet insurance go up with age?

Think of it like this: your sprightly two-year-old Labrador who thinks fetching is an Olympic sport has different health needs than a wise, fourteen-year-old cat who has perfected the art of the 18-hour nap. As pets age, they are more likely to develop health conditions and are more susceptible to accidents.

Here’s a closer look at the factors at play:

Increased risk of illness

Ageing is a natural process, and with it comes a higher chance of developing chronic or age-related illnesses. Conditions like arthritis, diabetes, kidney disease, and cancer are far more common in senior pets than in their younger counterparts.

An older pet’s immune system also isn’t as robust as it once was, making them more vulnerable to infections. These increased health risks mean a higher likelihood of needing veterinary treatment, which is why insurers adjust premiums accordingly.

Slower recovery from accidents

While you might think accidents are a young pet’s game, older pets can be just as prone to mishaps. Their vision might not be as sharp, or their balance might be a bit wobbly, leading to tumbles and injuries.

When an older pet does have an accident, their recovery can often be slower and more complicated. This can lead to longer hospital stays and more intensive treatments, which unfortunately, also means higher vet bills.

Insurers have to factor in this increased risk when calculating premiums. It’s not about penalising you for having a senior pet; it’s a reflection of the statistical reality that older pets require more veterinary care.

So, how much can you expect premiums to rise?

This is the million-dollar question, isn’t it? The exact increase you’ll see on your renewal notice can vary quite a bit. It depends on several factors, including your pet’s breed, your location in Australia, and the specific level of cover you have.

Some breeds are genetically predisposed to certain conditions that appear later in life, which can influence premium changes. However, as a general rule, you can expect to see a gradual increase in your premium each year as your pet ages. The question of does pet insurance increase with age is less about if and more about how. The goal for a good insurer is to make these increases predictable and manageable for pet owners.

Is there an age limit for pet insurance?

This is another common concern for owners of senior pets. You might be wondering, is there an age limit for pet insurance? What if you haven’t insured your pet and they’re already in their golden years?

Many insurance providers have an age limit for new policies, often around eight or nine years old. This is because insuring a pet for the first time at an advanced age carries a high risk of pre-existing conditions that wouldn’t be covered.

But, if you insure your pet when they are young, most insurers will offer continuous cover for the rest of their life, as long as you keep renewing the policy. This is a huge advantage, as it ensures your best mate is protected when they need it most.
 

Keeping cover affordable with CoverMy Pet

At CoverMy Pet, we get it. You want to give your pet the best care possible, no matter their age, without feeling financial stress. We’ve designed our cover with this in mind.

We focus on what matters most: helping you cover vet fees for unexpected accidents and illnesses. By stripping away the extras you might not need, we can offer a straightforward, affordable solution to protect your pet.

Here’s how we help keep things manageable:

Vet-fee-only cover:

We are a vet-fee-only insurance company. This means we focus purely on the big, scary, and often expensive vet bills that come from emergencies. We don’t cover routine care like vaccinations or check-ups, which helps keep our premiums down. You can budget for the predictable costs, and we’ll be there to help with the unpredictable ones.

Cover for life:

Once your cat or dog is insured with us, we’re with them for the long haul. As long as you keep your policy active, we’ll be there to provide cover for their eligible vet fees, year after year.

Clarity and simplicity:

We believe pet insurance shouldn’t require a university degree to understand. Our policies are designed to be clear and simple, so you know exactly what you’re covered for.

So, while the answer to “does pet insurance cost increase with age?” is generally yes, it doesn’t have to be a source of worry. By understanding why it happens and choosing the right kind of cover, you can ensure your beloved companion has access to the best care throughout their long and happy life. After all, they deserve nothing less.