More than 97,000 California pet parents will see their Trupanion pet insurance premiums skyrocket as early as this summer following the state Department of Insurance’s (CDI) recent approval of a 33% rate hike that takes effect July 19.
American Pet Insurance Company (APIC), which underwrites Trupanion policies in California, cited losses of nearly 12% between Oct. 1, 2024, and Sept. 30, 2024, as driving the need for a significant rate increase.
The rate increase will affect Trupanion policies that renew on or after July 19, according to APIC filing documents. The hike will affect 97,153 policies, with most facing premium increases that range between 25% and 45%.
Under the approved increase, Trupanion’s base rate for pet insurance policies will rise from $154 annually to $205. Pet owners’ actual premiums typically vary from a policy’s base rate due to factors like a pet’s age, gender, breed, location, and health history — all of which affect the cost to insure them.
Trupanion’s California underwriter, APIC, also recently secured CDI approval to increase rates for Pets Best policies in the state. APIC no longer sells new Pets Best policies in California and projected a high rate of cancellations in the state over the next several years.
The Trupanion rate increase will affect current customers when their policies renew and will apply to any new policies APIC underwrites in California.
The average annual cost of pet insurance in California is $564 for dogs, which is higher than the national average of $516, according to data from Insurify and its pet insurance partner Fletch. For cats, California’s average is level with the national average of $276 per year.
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