Current:Home > MyNationwide to drop about 100,000 pet insurance policies -ValueMetric
Nationwide to drop about 100,000 pet insurance policies
View
Date:2025-04-19 08:22:50
Nationwide will cancel coverage for about 100,000 animals across the country, with the nation's biggest provider of pet insurance citing the escalating cost of veterinary care in axing the product in some states.
The canceling of thousands of coverage plans starts now and will continue through next summer as part of the company's efforts to "maintain long-term viability and profitability," Nationwide said Friday 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," it stated.
The cancellations will not be based on a pet's age, breed or prior claims, and the owners of those impacted will be notified in writing ahead of time, according to the 90-year-old Columbus, Ohio-based company.
Pet insurance has grown in popularity, with 24% of pet owners purchasing coverage, a NerdWallet study found in February. Nationwide was found by NerdWallet to be the best insurance for exotic pets. But for broad coverage, the ASPCA placed at the top of the list.
Nationwide's announcement comes as many Americans struggle to get various forms of insurance, including for homes and vehicles. Car insurance climbed 20.3% for the 12 months ending in May, according to the latest government data.
Pet insurance policies vary, but typically offer coverage for injuries, illnesses and general well-being. The average cost is $676 a year for dogs and $383 for cats for the most common type of policy, NerdWallet found.
Kate GibsonKate Gibson is a reporter for CBS MoneyWatch in New York, where she covers business and consumer finance.
veryGood! (21643)
Related
- What to know about Tuesday’s US House primaries to replace Matt Gaetz and Mike Waltz
- Who Is Peregrine Pearson? Bend the Knee to These Details About Sophie Turner's Rumored New Man
- As Sam Bankman-Fried trial reaches closing arguments, jurors must assess a spectacle of hubris
- Denmark drops cases against former defense minister and ex-spy chief charged with leaking secrets
- 'Most Whopper
- 2 men arrested in an investigation into a famous tree that was felled near Hadrian’s Wall in England
- 'I was tired of God being dead': How one woman was drawn to witchcraft
- Rare all-female NASA spacewalk: Watch livestream from International Space Station
- Travis Hunter, the 2
- 18-year-old from Maine arrested after photo with gun threatening 'Lewiston Part 2': Reports
Ranking
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- Donald Trump Jr. is testifying at the Trump fraud trial in New York. Here's what to know.
- Police: Father, son fatally shot in Brooklyn apartment over noise dispute with neighbor
- Connecticut judge orders new mayoral primary after surveillance videos show possible ballot stuffing
- Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
- The US has strongly backed Israel’s war against Hamas. The allies don’t seem to know what comes next
- Approaching Storm Ciarán may bring highest winds in France and England for decades, forecasters warn
- Who Is Peregrine Pearson? Bend the Knee to These Details About Sophie Turner's Rumored New Man
Recommendation
What do we know about the mysterious drones reported flying over New Jersey?
Sophie Turner Kisses British Aristocrat Peregrine Pearson After Joe Jonas Break Up
Trying to solve the mystery of big bond yields
Gunman arrested after taking at least 1 hostage at post office in Japan
The White House is cracking down on overdraft fees
Ole Miss coach Lane Kiffin dunks on Texas A&M's Jimbo Fisher as only Kiffin can
Indiana high court finds state residents entitled to jury trial in government confiscation cases
Why Kim Kardashian Says North West Prefers Living With Dad Kanye West