For pet owners, an insurance policy for their chosen companion can bring peace of mind in cases of medical emergencies. But the cost of those policies has risen in recent years and now some major carriers have asked state regulators to approve rate hikes of 33%, 44% or even 56%.
Rate increases in those amounts would far outpace the costs of veterinary services, which increased by about 10% from August 2021 to August 2022.
U.S. Rep. Josh Gottheimer (D-5th) has joined pet owners and others in calling on the state to reject the proposed rate increases.
