Learn About Pet Insurance Plan Rates and Form Filings

Admitted insurance companies must abide by each state's rules and regulations. Thus they must file rates and forms and be approved by each state. Because of this, admitted insurance companies and pet insurance plan providers cannot arbitrarily increase premiums, so they must set specific parameters. Examples of those include pet's age or claims history. These rates and forms are public documents and can be obtained through a variety of places, including Perr & Knight. Since pet insurance is still not a line of business (as is auto insurance or home insurance), pet insurance is often filed under Personal Inland Marine insurance.

Below is an example of items that must be included in the Rates/Rules and Forms filing for a property and casualty company for the state of Vermont.

Rates/Rules and forms filings hold all information as to how a company will offer pet insurance. This includes pet insurance policies and how and when a premium would increase or how and when a pet insurance provider would reimburse policyholders. Below are a few examples of filings:

VPI Pet Insurance - Benefit Fee Schedule - How VPI reimburses policyholders

PetCare Pet Insurance - Claims Experience Surcharge Rating Plan - PetCare can increase premiums as policyholder files claims

ASPCA/Hartville Group - Rate Changes - ASPCA pet insurance increases premium rates by adding a surcharge for older, renewal pets