33% Rate Hike on the Way for AXIS Pet Insurance Policyholders in New York

Increase will boost base rate for premiums by more than $70 annually for cats and $150 for dogs.

Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content
  • 10+ years in insurance and personal finance content

  • 30+ years in media, PR, and content creation

Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.

Featured in

media logomedia logomedia logo
Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferDeputy Managing Editor, News and Marketing Content
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

Featured in

media logomedia logomedia logomedia logo
John Leach
Reviewed byJohn Leach
Photo of an Insurify author
John LeachSenior Insurance Copy Editor
  • Licensed property and casualty insurance agent

  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

Featured in

media logo

Published | Reading time: 2 minutes

Advertiser Disclosure

At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.

We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.

Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.

Share

Table of contents

Table of contentsexpand/collapse

New York pet owners who buy their pet insurance through AXIS Insurance will face steep increases when their policies come up for renewal. The state’s Department of Financial Services (DFS), which oversees insurance companies in the Empire State, recently approved AXIS’ request for a 33% rate increase.

The increase will apply to all new policies as well as the 14,659 existing policies, according to filing documents AXIS submitted to the state.

AXIS said the increase and other changes it requested are necessary to “offer long-term rate stability with very comprehensive and competitive coverage. …” The company also cited a 60% loss ratio for its pet insurance business.

AXIS first began selling pet insurance in 2021.

Impact on premiums

The company’s base rate to insure cats will rise from $241 per year to $313 under the approved changes. The annual base rate for dogs will jump from $502 to $653. The base rate is a starting price point for insurance companies, which then adjust a policyholder’s premium based on individual rating factors.

The majority of current AXIS policyholders will see increases in the range of 33%, with varying impacts on premiums.

In its rate increase request to the DFS, the company noted that the largest dollar increase from the rate hike will be more than $2,700 per year. The single affected policy insures a 15-year-old domestic shorthair cat living in New York City. The annual premium will rise from $9,227 to $11,996 per year.

What’s next: New York may re-examine how it regulates pet insurance

Like many states, New York regulates pet insurance under inland marine coverage — a type of property and casualty product. State law considers pets to be property.

In 2024, the state Legislature unanimously passed a bill that would have revised how the state regulates pet insurance. It would have established uniform definitions for pet insurance terms and multiple disclosure requirements.

But Gov. Kathy Hochul vetoed the bill in November of last year. In a veto memo, she called the bill “duplicative” and said it would “cause confusion” over what parts of the state’s insurance laws would apply to pet insurance.

The bill’s co-sponsor, Assemblywoman Pamela J. Hunter, told Insurify she plans to re-introduce the bill in 2025. “Pet insurance is available, but getting this bill enacted will improve quality and consistency.”

Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content

Evelyn Pimplaskar is Insurify’s director of content. With 30-plus years in content creation – including 10 years specializing in personal finance – Evelyn’s done everything from covering volatile local elections as a beat reporter to building fintech content libraries from the ground up.

Before joining Insurify, she was editor-in-chief at Credible, where she launched and developed the lending marketplace’s media partnership’s content initiative and managed the restructuring of the editorial team to enhance content production efficiency. Formerly, as tax editor for Credit Karma, Evelyn built a library of more than 300 educational articles on federal and state taxes, achieving triple-digit year-over-year growth in e-files from organic search.

Her early career included work as a content marketer, vice president and managing officer of a boutique public relations agency, chief copy editor for 14 weekly Forbes publications, reporting for large and mid-sized daily newspapers, and freelancing for the Associated Press.

Evelyn is passionate about creating personal finance content that distills complex topics into relatable, easy-to-understand stories. She believes great content helps empower readers with the information they need to make important personal finance decisions.

Chris Schafer
Edited byChris SchaferDeputy Managing Editor, News and Marketing Content
Chris Schafer
Chris SchaferDeputy Managing Editor, News and Marketing Content
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

Featured in

media logomedia logomedia logomedia logo
John Leach
Reviewed byJohn LeachSenior Insurance Copy Editor
Photo of an Insurify author
John LeachSenior Insurance Copy Editor
  • Licensed property and casualty insurance agent

  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

Featured in

media logo