Nationwide Insurance is set to cancel approximately 100,000 pet insurance policies due to rising costs of veterinary care. The company claims that inflation and other factors have led to underwriting changes and the withdrawal of some products in certain states, necessitating the cancellation of policies.
The cancellations will not be based on a pet’s age, breed, or prior claims history, and policyholders will be notified in writing ahead of the cancellations, which will take place between spring 2024 and summer 2025.
The decision has sparked concerns among pet owners, with many feeling frustrated and disappointed by the move. “I was willing to pay a large amount to get this coverage because I love my dogs,” said Christie Keith, a freelance writer in Michigan. “They’re my family. They’re not like a car, or even a house, or a thing that can be replaced or rebuilt. They’re important to me.”
Nationwide, the largest pet insurance provider in the United States, claims to empathize with the disappointment of its customers and will stand by the protections they have paid for through the end of their current term.
The move comes as insurance rates across the country continue to rise, with home insurance rates increasing by an average of over 11% last year and full coverage auto insurance increasing by 26% in 2024. The economy is consistently ranked as a top concern among voters ahead of the 2024 presidential election.
