I have had Trupanion for almost a year and I just received notice that my premiums are increasing from $42.70/mo. to $94.97/mo. That's an increase of 122%!! Their justification for the premium hike is an "increase in medical costs."
This argument is completely unfounded for the following reasons:
1). My dog sees 2 different local vets and neither one of them have increased their rates.
2). The U.S. Bureau of Labor Statistics ("BLS") annually publishes the Consumer Price Index (CPI) summarizing the average costs to U.S. consumers for certain categories of expenses. According to the most recent report, the cost of veterinary care only increased 4.6% from 2010 to 2011. In fact, according to the data on the BLS website, from 2003 to the present, the average cost of vet services has never increased annually more than 6.3%.
So how does Trupanion justify an increase in my premium of 122% when the national average for increased vet care is only 4.6%? In my opinion, they don't. Other customers have posted similar complaints on this website about premium increases. Here is one of Trupanion's responses:
"if you compare our most recent rates with our competitors' rates, you will see that we are in the same ballpark for pricing." (See http://www.petinsurancereview.com/reviewComment.asp?ID2=1300&ID1=15639)
This statement, true or not, is completely irrelevant. When I signed up for my policy, I was promised the "rates will occasionally be adjusted to reflect