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As a pet owner, you may have noticed the rising cost of pet ownership over the past few years. Everything from food to vet visits to grooming services has gone up along with general inflation. It’s frustrating when pet insurance premiums go up, too.
You’re not alone in wondering why this happens. Inflation is part of the story, but there are other factors at work. We’ve summarized the most common reasons for pet insurance premium increases and a few options you might consider if you’re looking to manage costs.
1. Your pet’s age, species and breed
Your pet insurance premium depends a lot on your specific pet. Dog owners will generally pay more than cat owners. Younger pets typically cost less to insure than older pets, since older pets could be more likely to run into health issues as they age.
Your pet’s breed may also impact your premium. This could be because of their genetic makeup, body build or size. And while not always the case, you might find that premiums will be higher depending on whether your pet is mixed breed or purebred1.
2. Where you live
If you live in a region where vet care costs are higher, your premium may adjust to reflect this. Where you live might also play a role in conditions your pet may encounter, such as the frequency of allergies, the cost for procedures like cruciate ligament surgery or access to advanced vet technologies or devices.
3. The rising cost of vet care
This is a big factor behind premium increases over the past few years. Between August 2024 and August 2025, the cost of veterinary care rose by 6.9%, more than twice as much as the overall rate of inflation.2 Since 2020, there’s been a 40% cumulative increase in vet care costs.3 The industry may still be feeling the effects of the pandemic, when pet ownership skyrocketed while a labor shortage set in. Vets are also impacted by rising costs for labor, supplies, rent and equipment—which are eventually passed on in the form of higher prices for pet parents. The good news is that having pet insurance could help protect you from the rising cost of care.
4. Advancements in vet care
Over the past few decades, we’ve seen huge improvements in the treatment options that are available to pets, from diagnostic tools to cancer treatments to genetic testing. On the plus side, these advancements can lead to better health and a longer life for your pet. On the other hand, they may come with higher costs. Your pet insurance premium may go up to account for these new trends in veterinary technology.
5. Industry-wide trends
Pet insurance premiums are also impacted by broader health trends that affect all insurance companies. For example, certain conditions may become more common in pets, like obesity-related illnesses. Since insurers are more likely to receive claims, premiums might rise to account for this risk.
We get it—premiums can be confusing. But having pet insurance is important, since it helps cover accidents, injuries or illness that might come out of nowhere and leave you with a big bill.
Here are a few things to consider if you need to adjust your premium.
This is the amount of money you pay before MetLife Pet starts to pay claims under your policy. For example, if you have a $200 deductible and submit your first pet insurance claim for a $300 vet bill, your share would be $200 to meet your deductible and MetLife Pet would pay its share of the remaining $100, depending on your reimbursement rate. The deductible resets once every policy period, usually on the anniversary of your effective date.
Having a higher deductible results in a lower premium, but then you would be responsible for a bigger share of costs. With MetLife Pet Insurance, you can set your deductible at any amount up to $2,500.
Your reimbursement rate is like coinsurance. It determines how much MetLife pays and how much you pay for each submitted claim. For example, if your reimbursement rate is 90% and you submit a claim for $100, MetLife Pet pays $90 and you pay $10 after your deductible is met.
If you go with a lower reimbursement rate, your premium will likely be lower. But your share of the claim will be higher. With MetLife Pet Insurance, you can choose a reimbursement rate of 50, 70, 80 or 90 percent.
This is the maximum amount that MetLife would pay toward your claims per policy year. We offer coverage limits such as $2,000, $5,000 and $10,000.
Your premium would typically be lower if you choose a lower coverage limit, but you would be responsible for paying costs that exceed the limit each year. If your pet is young and healthy, a lower coverage limit may make sense for you.
We offer a variety of discounts that may help you save money on premiums. For example, U.S. veterans7 or employees of certain companies may be eligible for a discount. Give us a call to find out if we can apply any discounts to your policy.
It’s true that having pet insurance provides you with an important financial backstop in case of emergencies. And it helps protect your furry family member’s health, the same way medical insurance protects you and your human family members.
You can also take advantage of many other ways MetLife Pet Insurance delivers value for you and your pal. Here are just a few examples of what your plan covers:
Our Pet Advocates are pet parents just like you—and we want you to love your pet insurance as much as we do. If you have questions about your premiums or your policy, let’s talk. Give us a call at 8xx-xxx-xxxx. We’re here Monday-Friday from 8 am to 9 pm and Saturday-Sunday from 10am to 7pm ET.
