For new policies
We calculate your premium based on several factors. Some are pre-set and don’t vary, e.g. amounts we consider for some internal expenses. Others can affect the premium amount depending on whether we believe it increases or decreases the risk to us. For example, the type of cover and options you have selected.
We’ll also take into account risk factors associated with you and your pet such as your pet’s breed and age. For instance, as your pet gets older the risk of your pet requiring treatment will increase and so the premium increases.
There are also commercial factors that affect your premium, including costs associated with operating our business and our commercial arrangements.
Your premium calculation may also include discounts or promotional offers that we provide. If you qualify for two or more discounts, we apply a specific order to our calculation of your final premium.
Also, any discounts and/or your premium may be rounded up or down and some may only apply in the first year of coverage.
For renewals and changes to your policy
For renewals, we also factor in the claim history for your pet and the average cost of care for pets like yours, as well as the claims experience across all our insured pets. Because of all of these factors and the changes to your pet’s risk profile, your premium will increase from year to year. When calculating your premium on renewal, we also consider how much your premium was previously, including any discounts that may have been applied. This means that we may limit movements up or down.
These same factors and others are also used to calculate your premium if you amend your coverage.
For more information refer to your PDS.