Why your pet insurance price might have increased

The UK is a nation of animal lovers, who are willing to do everything they can to keep their pets happy, healthy and safe. Pet insurance helps to ensure they can give the care their furry friends need when they need it.

Unfortunately, as the cost of living continues to rise, so does the price of the average pet insurance policy. While it can be incredibly frustrating to see your premium increase every year, there are many unavoidable factors behind it.

Ageing pets

The most simple reason why pet insurance bills go up annually is because pets are another year older. Like all of us, the older we get, the more prone we are to ailments that require attention. That increased risk is factored into policy price.

Inflation

Inflation impacts everything from property and equipment to energy bills and wages. These things put together can drive up the cost of providing insurance, which is then reflected in premiums.

Vet costs

Staff and medication shortages, mounting equipment costs and soaring demand have seen pet medical bills skyrocket in recent years. So much so that vet fees are rising faster than inflation in the UK. As a result, insurers must pay more to cover customer claims for vet treatment.

Medical advancements

In the same way that medical science has transformed human healthcare, medical advancements are uncovering new treatments for animals too. As a result, many pets are being medicated for longer, increasing insurance costs over their lifetime.

Record claims

Lots of factors, including those above, have contributed to record-breaking payouts. In 2023, claims totalled £3.2 million a day – that's around £1.2 billion over the year. Unfortunately, as claims rise, premiums usually have to follow.

Rising costs explained

From the cost of living to mounting medical fees, many factors can push up the price of pet insurance. Insurers always need enough money to cover potential payouts, so when the cost of claims increases, insurance prices do too.

Without these increases, we may be unable to support our customers when it's most needed.

Concerned about upcoming payments?

We understand that the increased cost of living is putting pressure on many people across the UK. If you are worried about the price of your policy or meeting any upcoming Co-op Pet Insurance payments, please contact us  as soon as possible.

We have specialists on hand who can discuss your circumstances and agree on a way forward, including the option to switch to paying monthly at no extra cost.