Brace yourselves, pet lovers.
Dozens of auto insurance companies petitioned New Jersey earlier this month to approve double-digit increases. Now, the next group of pet owners may be ready for greater insurance coverage.
At least one pet insurance company has asked to approve a significant increase, according to notices sent to policyholders.
The Metropolitan General Insurance Company, commonly known as Metjen, NJ asked Department of Banking and Insurance On June 13, there is a 56% hike in pet cover policies, the notification said.
“According to the submission, the average policy will see a change of 32%,” he said. “The effect of the offer on your price may vary depending on your policy and your individual circumstances.”
MetGen did not immediately respond to requests for comment.
Information on other companies requesting to increase the territory was not available from the Department of Banking and Insurance.
Like everything else, inflation has caught up with pet care.
The annual cost of a policy covering accidents and illness on dogs was $640.04 in 2022, up from an average of $599.03 last year; Pet Health Insurance Association of North America. The average for the same policy for cats was $387.01, up from $341.35 in 2021, he said.
Plans that cover preventive care such as vaccinations and other routine care, particularly those known as “health plans,” have seen the fastest growth in recent years, data show. The annual premium for cat safety plans was $613.67 in 2022, a 35.9% increase from 2018. Dog safety plans rose 39.7% during that time, to $1,134.29 in 2022.
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The group has nearly five million pets covered under policies nationwide, a 22 percent increase over last year.
In the year In 2022, New Jersey had the fifth largest number of policies purchased by pet lovers, he said, with 4.6% of pets covered by insurance.
The state was home to the largest single cat claim that year, for a Sphynx, whose care cost $40,057, the group said.
The request for MetGen’s walkout comes as drivers await the state’s response to dozens of auto insurance companies asking for double-digit premium increases. GEICO was the latest, asking for a 26% raise earlier this month, joining more than two dozen companies that have asked for hikes this year.
To lower pet insurance premiums, MetGen suggests people consider increasing deductibles, reducing policy limits or changing coverage.
“The asking price increase on this record is necessary to keep up with rising pet costs and to help us continue to provide the high-quality coverage and peace of mind that our pet parents love,” the company told policyholders in its announcement.
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Katie Kaush can be found at [email protected]. Follow her on Twitter @Katie Kaush
Karin Price Mueller can be found at [email protected]. Follow her on Twitter @KPMueller.