Nationwide Drops 100,000 Pets From Insurance

Nationwide, the nations’s biggest provider of pet insurance, is cancelling the policies of about 100,000 pets across the country.

The cancellations start now and will continue through next summer as part of the company's efforts to "maintain long-term viability and profitability.” 

“The owners of those pets will not receive renewals for their policies when they reach the end of their current terms between this spring and the summer of next year,” according to Fox Business News. “They may have to turn elsewhere to get coverage for their pets. Embrace Pet Insurance, for example, told Fox Business it was ‘ready to assist’ Nationwide customers and others in finding pet insurance.”



The decisions are not based on pet age, breed or prior claims, and the owners of those impacted will be notified in writing ahead of time.

“Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business,” Nationwide said in an announcement last week.

Nationwide's announcement comes as many Americans struggle to get various forms of insurance, including for homes and vehicles, according to CBS News.

“Price increases are a double whammy for pet owners whose household finances have been weakened by persistently high inflation and for those who fear for rising instances of ‘economic euthanasia,’ when animals are humanely put to death for financial reasons,” according to CNN Business.  

Pet insurance has grown in popularity, with 24% of pet owners purchasing coverage, according to NerdWallet.

“Pet insurance policies vary, but typically offer coverage for injuries, illnesses and general well-being,” according to CBS News. 

The average cost is $676 a year for dogs and $383 for cats for the most common type of policy, NerdWallet found.

Christie Keith has been paying $600 a month in pet insurance premiums to insure her dogs for years and bumped that up to more than $700 recently to add coverage for her 4-year-old Silken Windhound, Pip, according to USA Today. 

"I was willing to pay this very large amount to get this coverage because I love my dogs. They're my family. They are not like a car, or even a house, or a thing that can be replaced or rebuilt, they are important to me," Keith told USA Today. "No one else is going to take on old dogs with preexisting conditions and even if they do they will exclude all of the preexisting conditions. … I don't know what I'm going to do."

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