ManyPets' pricing and plans update: What California pet parents need to know

August 14, 2024 - 3 min read
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Greetings, Golden State pet parents! We have some important updates for you. 

We want to be transparent about the fact that all California policyholders may now be subject to updated rates, and some will be subject to updated rates and updated coverage. 

This article will walk you through why you may be seeing a price increase, and why your renewal may arrive with changes to coverage.

Why are prices going up in California?

In 2022, we made our first splash in California, bringing tailored insurance options to pet parents across the state. But as we embarked on our mission to provide nose-to-tail pet insurance coverage, we ultimately discovered that a price increase would be necessary to align us with California’s pet insurance market. 

Here’s what we mean: Premiums needed to account for the sharp rise in pet veterinary costs in California. In the long run, we knew this would be the only sustainable way to maintain top-tier coverage and pay out claims efficiently. 

We realize this might come as a surprise. But pricing adjustments are a common challenge across the California insurance industry, and not just in pet insurance. Many insurers from auto, home, renters, and more face similar situations as they balance competitive pricing with the ability to cover claims in the Golden State.  

What's driving my new price?

Your renewal rates might feel substantial compared to what you paid before. But it’s important to understand that these price increases work to bring us in line with the broader pet insurance market. In fact, post-price increases, ManyPets remains one of the most competitively priced plans in California–particularly for coverage with no annual limits.

The nature of these price increases is partly due to California's regulatory process, where rate adjustments take substantial time to get approved, leading to larger changes rather than gradual ones. Rising veterinary costs and inflation are contributing to price increases as well. In fact, inflation is driving price increases across all types of insurance in the state.

The bottom line: Despite these increases, ManyPets still offers one of the best values for pet insurance in California. We’re confident in this, and encourage you to comparison shop other pet insurance companies to confirm this for yourself. 

Why is my coverage changing, and what are my coverage options?

As part of our recent adjustments, we’ve also updated the deductible and reimbursement levels available to our California customers. As your policy renews, you may have a new deductible, a new reimbursement level, or both.

As a reminder:

  • Your deductible is the amount of money you'll pay out of pocket before your insurance policy starts to reimburse you.

  • Your reimbursement level is the amount your policy will reimburse for each approved claim after your deductible is met. For example, if your policy has an 80% reimbursement level, the amount you’re personally responsible for (after you’ve met your deductible) is 20% per approved claim.

Here’s a breakdown of how your deductible will change, depending on your current selections:

Current deductible of $0 Current deductible of $100 Current deductible of $250 deductibleCurrent deductible of $500 or more
...your deductible increases to $500...your deductible increases to $500...your deductible increases to $500No change

And here’s a breakdown of how your reimbursement level will change, depending on your current selections:

Current level of 80% or lowerCurrent level of 90% Current level of 100%
No change...your reimbursement level decreases to 80%...your reimbursement level decreases to 80%

Here’s the upside: Pet insurance premiums always rise each year with pet age, but many customers who adjust to these new options will see lower monthly costs than they otherwise would have.

And FYI, ManyPets also offers deductibles of $750 and $1,000 in California, as well as reimbursement levels of 70%. So if you’d prefer any of these options over the default, just call our customer support team at 1-888-978-5291.

Will these price and coverage changes happen again?

Our recent adjustments were necessary to get us aligned with the current market and promote long-term sustainability – but we've taken significant steps to get our pricing right this time.   

Again, It’s normal for premiums to increase somewhat each year as pets age and inflation continues to increase. But such sizable upticks shouldn’t be commonplace. And while we can’t predict future rates with absolute certainty due to regulatory and market dynamics,

we’re doing everything possible to maintain sustainable pricing moving forward.

Keeping your best interests at heart

ManyPets remains dedicated to delivering best-in-class pet insurance. Our rate adjustments are designed to support quality service and support.

If you have any questions or concerns about the changes, don’t hesitate to reach out to our customer service team at 1-888-978-5291 or at manyhelp@manypets.com.