What You Need to Know About Nationwide Cancelling Coverage for 100,000 Animals
On June 14, the insurance company, Nationwide, announced that thousands of their customers’ furry friends would no longer be covered.
In a statement, the company explained that “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.”
According to the statement, “These measures, being taken at a state level, comply with the law and our contracts, and are not associated with the pet's age, breed or prior claims history.”
“This will involve the non-renewal of approximately 100,000 policies between this spring and the summer of 2025. Impacted policyholders will be notified in writing well in advance according to state law,” continued the statement. “We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term. Our rates will continue to be fair and appropriately priced for the plan, pet, and breed. “
Nationwide Pet also promised to “remain focused on expanding [their] reach to protect more pet families while partnering to make pet care more affordable and accessible.”
If your pet was previously covered by Nationwide Pet, you have every right to be concerned. Thankfully, there are other pet insurance companies to consider.
If you feel overwhelmed picking out another pet insurance company, Forbes just released their recommendations for June 2024. According to the website, pet parents should look into Pets Best, Embrace and Paw Protect.
In addition, you may want to consider if it is in your best interest to continue having pet insurance. While speaking to ABC7 in September 2023, Brian Vines at Consumer Reports stated that pet insurance may not be the best option for those who want to “turn on investment.”
Photo by Mattia Poli on Unsplash
“People fairly well break even,” said Vines. “But if you like that peace of mind, knowing that you’ve put money away or there’s someone behind you in case something catastrophic or just bad does happen to your pet, it may be a worthwhile investment for your peace of mind.”