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Does Using Pet Insurance Make Its Rate Go Up?
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
August 24, 2022
Like With All Insurance - It Depends
I’m pretty sure this answer will be dependent on the rating factors filed by the insurance company and what your state insurance department allows.
Anecdotally? Our family has personal experience with Pet Plan’s (now FetchPet.com) policy pricing and the submission of claims.
Our blockheaded and beloved American Bulldog has a fetish for socks and dish towels. After two abdominal surgeries and many thousands of dollars paid in claims, our policy premium has remained the same as when we started.
Before any of you chastise us for what might be our responsibility for the first or second incident… I’ll just say that yes, we had socks and towels under strict lockdown. What happened can only be explained by Row’s quickness and mad hunting skills!
Needless to say, we’re fans of FetchPet and will keep the policy in force as long as they will have us!
TIP: Buy the policy when you first get your pup and your premium will be lower!
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
