Nationwide Cancels Pet Insurance for 100,000 Animals

(The Hill) - Nationwide Insurance has announced that it will be canceling pet insurance coverage for approximately 100,000 animals nationwide due to rising veterinary costs. This sweeping change will be implemented between now and next summer as part of the company’s strategy to ensure long-term viability and profitability.

In a statement released on Friday, Nationwide expressed understanding and empathy towards the emotional bond pet owners have with their pets. "We are pet lovers ourselves and understand the emotions tied to ensuring our family pets are protected. However, inflation in veterinary care costs and other factors have led to recent changes in underwriting and the discontinuation of some products in various states—actions necessary to secure a financially sustainable future for our pet insurance business,” the statement read.

The company clarified that these cancellations would not be based on a pet’s age, breed, or prior claims. Pet owners affected by the cancellations will receive written notifications in advance. Nationwide also assured that existing policyholders would retain their current protections until the end of their policy term.

For many, like longtime Nationwide customer Christie Keith, the news is troubling. “I don't know what I’m going to do,” Keith told USA Today. She has been paying over $700 a month in premiums to ensure her dogs are covered. “I was willing to pay this very large amount because I love my dogs. They’re my family. They can’t be replaced or rebuilt like a car or house. No one else will take on old dogs with pre-existing conditions, and even if they do, they’ll exclude all of the pre-existing conditions,” Keith explained.

This move by Nationwide highlights the growing financial pressures within the pet insurance industry, reflecting broader trends in the rising costs of veterinary care largely in part due to corporations and private equity taking over independent practices.

We understand the importance of access to quality care and advocate for every pet parent to get pet insurance. In response to these growing trends, we are happy to be able to offer more flexible payment options at all BLVD Vet locations in the near future.

Sincerely,

The BLVD Team