Pet Insurance Companies Seek Double-Digit Rate Increases in New Jersey, Up to 56 Percent

October 1, 2023

More pet insurance providers are seeking double-digit premium increases in New Jersey. Pet insurer Trupanion has asked the state N.J. Department of Banking and Insurance (DOBI) to increase rates by 33 percent, Healthy Paws Pets by 44 percent, and Metropolitan General Insurance Company (MetGen) is asking for a 56 percent rate hike according to NJ.COM.

It’s commonly reported in the news media that the cost of veterinary care has gone up nationally about 10 PERCENT in the past year (historically, prices increase 3 to 5% — a highly cited STUDY predicted pet health spending to increase approximately 3% per year thru 2029) according to federal government data. However some practices have not raised prices at all, and others raised prices 20, 30 or 40 percent year over year.

RELATED:

Gottheimer Calls on State to Reject Pet Insurance Companies Unreasonable Rate Hikes Affecting Jersey Families (9.18.23)
https://gottheimer.house.gov/posts/release-gottheimer-calls-on-state-to-reject-pet-insurance-companies-unreasonable-rate-hikes-affecting-jersey-families

  • Premiums up 30% to 56% in one year. U.S. Congressman Josh Gottheimer asks Department of Treasury to investigate pet insurance fees nationally.

Leading Pet Insurance Provider May Increase Premiums 18% By Year-End (4.10.23)
https://www.pets.care/news/2023/04/pet-insurer-trupanion-expects-premiums-to-increase-18-percent-by-year-end/

Jump in pet insurance prices tests appetite for coverage (3.7.23)

  • An increase in premiums likely corresponds to increases in veterinary costs and frequency of treatment in the marketplace according to the executive director of NAPHIA — trade association for the pet insurance industry.

Common Complaints of Veterinary Consolidators: Prioritizes Profits over Patient Care
https://www.pets.care/common-employee-complaints-of-veterinary-consolidators/

  • 6 price increases within 1 year and employee pay hasn’t changed. They don’t care about their employees, clients or patients. They are just investors. Corporate employees only visit practice when something is affecting them financially.