SAN DIEGO — Nationwide Insurance has announced it will cancel 100,000 pet insurance policies. The company cited “inflation in the cost of veterinary care and other factors” as the reason for the move.
Nationwide is one of the leading providers of pet insurance in the United States. The company stated that these “difficult actions are necessary to ensure a financially sustainable future.” Affected policyholders will now face the prospect of paying out-of-pocket for their pets’ medical needs or seeking coverage from another insurance provider.
Insurance expert Hailey Neff commented on the situation, noting the potential challenges for pet owners. “That can be really frustrating for many people who had those nationwide policies that they got their puppy in five ten years ago, they are like going to be looking at paying more for a new insurance provider,” Neff explained.
The transition to a new insurance plan can involve waiting periods, sometimes lasting several weeks or months, before coverage takes effect. Neff suggested that pet owners, particularly those with older dogs, consider policies offered by the ASPCA. She said, “The ASPCA has no age restrictions or coverage restrictions for older pets, it also ranks in the top five for affordability.” Neff added that despite the unfortunate circumstances, affected pet owners may find a more suitable plan through some research. “It might not be the end of the world for a lot of these people getting dropped by Nationwide, they might be able to find a plan that is more affordable, have better customer service. I would just look at this as an opportunity to find a provider who is going to fit your needs,” she concluded.
