Your pet may not be covered anymore as America's biggest insurance company axes cats and dogs from plans

Daily Mail ^ | 6/18/24 | Tilly Armstrong

[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...

[metmom]

Exactly.

Chemo for animals and hip replacements?????

Seems a bit extreme for an animal.

The lengths I’ve seen people go to keep their animals alive is kind of astounding. I know someone who was hand feeding her 17 year old cat to keep it alive when it stopped eating. She just couldn’t let it go.

[metmom]

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

Interestingly, people never consider that option. If it's invested well, it will give a good return.

Then if you don't need it, when the pet is gone, it's yours.

[metmom]

$128/mo for 12 months = $1536 per year.

[metmom]

For how many years????

[metmom]

Does it have a deductible, too? Or limits of any kind?

[Albion Wilde]

A veterinarian whom I met socially once explained to me that while MDs learn anatomy, a veterinarian must learn cat anatomy, dog anatomy, pet bird anatomy; and if they are farmer's vets, horse anatomy, cow anatomy, sheep anatomy, goat anatomy—down the line with breeds, diseases, treatments, etc. etc.

The thing that often separates vets from docs is often that they go into the field for love and sincere interest; while many docs go into it for money. Of course, that is not universally true.

[McGavin999]

Or you just leave it in your pet vet account for the next one.

[metmom]

True.

Then you have a head start.

[cquiggy]

Canceled after paying in all those premiums on a beloved pet. Now the pets are older and harder to insure.
It sounds like Nationwide is Not on your side.
Looks like a huge Class Action Suit is coming !

[WASCWatch]

What does anyone expect when pet insurance is in play. Of course pet care prices are going to increase.

[oldtech]

In the last few years as a retiree, I have noticed there is more & more that I can’t do myself. Of all the things I must pay for, insurance is one of the worst. To me it seems that main cause is Biden’s inflation. That guy has raised prices terribly in all areas. If you are in a fixed income as many are, you are in a terrible spot. Each instance, the cost of everything is more just because everybody else thinks they must charge more to compensate. The individual on fixed income has no direction to go. Before, I could compensate somewhat by being able to do many things myself instead of paying someone else.