Premium Rates

by Pawlicy Advisor
Pet Insurance Terms
Premium Rates

What is a Premium?

A pet insurance premium (also known as your “rate”) is the amount of money you pay for your pet insurance policy. Most premiums are charged on a monthly basis, but some choose to pay their premium annually to save on transaction costs.

How Premiums Work

The cost of your premium depends on your plan’s deductible, reimbursement rate, and annual limit - as well as your pet’s breed, age, and location. If you begin missing payments or stop paying altogether, your provider can stop coverage to your pet and void your policy.

Key Takeaways

  • A premium is the amount of money you pay for your pet insurance policy.
  • Premiums are most commonly paid on a monthly basis, though you may be able to pay your premium yearly if you’d like to save an extra percent.
  • If you don’t pay your premium, your pet insurance provider can stop coverage and terminate your policy.

Related Terms

Quotes are temporary snapshots of what your expected monthly pet insurance premium will cost based on the information you provide.
Read More.
A referral happens when your veterinarian refers you to another veterinarian, usually a specialist, to have more in-depth tests run on your pet.
Read More.
Reimbursement Rate
Your reimbursement rate is the percentage of covered veterinary expenses that your pet insurance company will pay you for.
Read More.

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