Posted on 06/19/2024 2:42:43 AM PDT by Libloather
Hundreds of thousands of pet owners have been left without coverage after Nationwide abruptly canceled pet insurance policies earlier this month.
The company suddenly announced it was dropping policies for around 100,000 pets - blaming the soaring cost of veterinary care and recent underwriting changes.
In a statement on June 14, it said the policies would be dropped when they expire, which is typically between now and next summer.
Nationwide said the non-renewals are not associated with the pets' age, breed or prior claims history.
But an affected pet owner has dogs aged 10 and eight who have recently had treatment - and now she is worried she won't be able to find a new insurer for Ros and Harper.
It comes amid widespread chaos across the insurance industry as a whole - as rising costs are pushing insurers to increase property and auto premiums and even flee some states entirely.
'As pet lovers ourselves, we understand the emotions connected to the protection of our family pets,' Nationwide Insurance said in a statement.
'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.'
The company says that it insures more than a million pets, making it the largest pet insurer in the country.
Alongside covering common domestic animals like cats and dogs, the insurer also offers policies for exotic pets such as amphibians and birds.
Across all its services, which include homeowner and vehicle coverage, the company recorded net operating income of $1.3 billion last year.
But despite the fact that Nationwide claimed prior claims history was not a factor...
(Excerpt) Read more at dailymail.co.uk ...
Insurance company “axes” cats and dogs.
That’s a nasty way to cut costs.
Fauci’s beagles didn’t have pet insurance. Where was PETA when you need them?
Never saw the need for pet insurance. Just another waste of money. My last two dogs never saw a veterinarian except when they were retrieved from the shelter and got neutered and when they put down for old age. One was 17 years old, the other 12. Both spent most of their time outdoors and in every night. Hell of a loss but no rabies shots, no heartworm BS and all the other unnecessary crap. Both were a mixed and good sized, very loyal, great with kids, protective and they had a good life even though they never saw the inside of a restaurant, grocery store or home Depot or Lowe’s.
Vets won’t check pets unless you ca. Pay in advance. So, that’s where pet insurance comes in handy.
It seems like a stupid way to lose money.
However, insurance has always been a racket.
I do believe this helps prove that insurance drives up health care costs.
“I do believe this helps prove that insurance drives up health care costs.”
Yes. Just look what it did to dental costs.
Cats and dogs are wonderful creatures. Their lives are short. Let them go. Nothing more pathetic than a dog in a wheel cart.
Where are vets doing that?
Many vets do,due to many owners not paying their bills.
I’ve never encountered such in the Northeast.
“Where are vets doing that?”
Doctors are doing it. Took m’boy to the Doc for a broken thumb the other day. Doc specified two or three visits necessary. Wanted the eight hundred bucks up front.
Pet insurance is a scam. It starts out feasible and the premiums go up every year to the point where it’s hard to pay. Then when you need it you find they won’t cover the cost. Take the money you would pay on premiums and put it into a savings account
Also harder to insure them as they get older, so the pet owners losing coverage here might have a hard time getting them covered elsewhere.
And it is an annual contract. Your pet dies the first month and you are still stuck paying for 11 months of contract.
That’s another story, of course.
Large Animal Care clinics have purchased so many small vets, and completely killed any price competition.
I have pet insurance for 2 cats $128 a month and I’m thinking about cancelling it and putting away $100 month to cover any vet trips and I save $28 , win win
Yup—that is called self-insurance.
That is the way to go for pets.
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