Nationwide Pet Insurance Cuts Coverage Impacting 100,000 Pets
Nationwide, the largest pet insurer in the U.S., is reducing coverage for approximately 100,000 pets.
This controversial decision is a result of escalating expenses for veterinary care and other economic factors, impacting the company’s bottom line.
Many pet owners are displeased with Nationwide’s actions, and policyholders have voiced their concerns on social media. Some are worried about the future of their pets’ health as a result of the change.
The company stated the following in a press release: “As pet lovers ourselves, we understand the emotions connected to the protection of our family pets. Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and plan availability in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business.”
The company, which currently covers 1.2 million pets, started notifying policyholders earlier this year, and will continue through summer of 2025.
The cost-cutting announcement occurs as insurance costs are generally climbing. For instance, the cost of car insurance has increased by 22.6% over the past year alone.
Robin Tobias of Aventura, Florida, received a letter from Nationwide in April saying that coverage for her dog would not be renewed. She voiced concerns about the issue. “Pet owners are contemplating euthanizing sick pets because they are uninsured, and all they can say is they need to make more money, so too bad,” she said.
Another pet owner, Christi Keith of Davisburg, Michigan, has three dogs losing coverage. She said, “The whole point of insurance is not to be put in that position.”
Other insurance companies are now trying to profit from the situation. MetLife has begun contacting Nationwide customers to offer assistance to pets with pre-existing conditions.
Nationwide insists it is acting to ensure there are resources to cover pets in the future.
