A leader in the field, Trupanion, told a New Jersey pet owner his premiums would not go up more than 20% a year. But now Trupanion says they may go up 33.6%.
When Jeff Foose welcomed Lucy, a Boston terrier, into his family in 2014, protecting her health was a big concern. His veterinarian recommended pet health insurance from a company called Trupanion, and Foose bought in. He appreciated that the company’s policy promised it would never raise his premiums by more than 20% a year.
Costs of goods and services are up everywhere and pet care is no exception. Government data shows the costs of veterinary servicesTrupanion’s recent increases well exceed that rate, regulatory and customer documents show. Victoria Boyd, for example, shares her Las Vegas home with two cockapoos, one Shih Tzu and a Labrador retriever, and said the cost of covering their veterinary care with Trupanion is becoming a financial burden — approaching $400 a month.
Companies offering pet insurance are overseen by state regulators, and some of the rate increases recently requested by Trupanion are far higher than the overall inflation rate. In June, the company asked the Florida insurance regulator for a 48.9% price increase on top of a 14% hike that the regulator approved in February. Earlier this year in California, Trupanion asked for a 28% rate increase; the regulator approved only a 12% rise.
Asked what accounted for the price differences, Laura Bainbridge, Trupanion’s head of corporate communications, said, “Products are not comparable across pet insurance. Trupanion is going to generally offer the fewest exclusions — covering conditions that a pet may be predisposed to.” . Unlike other review sites, Wilkerson is an independent assessor who says she receives no commissions or other pay for her research. She said more regulation, especially on pricing, is needed to protect buyers of pet insurance.
Until recently, industry regulations have been sparse. Last year, the National Association of Insurance Commissioners, a group of state overseers,to “promote the public welfare by creating a comprehensive legal framework” covering sales of the product. Now, some states are implementing new rules.
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