Published: Jun. 24, 2024, 7:49 a.m.Canva for NJ.comCiting “inflationary pressures,” Nationwide is ending its pet insurance business in some states.
“As pet lovers ourselves, we understand the emotions connected to the protection of our family pets. 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,”About 100,000 existing policies won’t be renewed between now into the summer of 2025.
Nationwide has not released which states will be impacted but said cancellations will not be based on a pet’s age breed or prior claims.roughly a quarter of cat and dog owners have pet insurance to cover medical expenses. More than 2 in 5 pet owners with pet insurance said they have it because their animals often need care covered by their policies. Fifty-seven percent said they have pet insurance because it provides “peace of mind” in caring for their animals.
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