The company wont renew 100,000 pet insurance policies, blaming inflation
of ConsumerAffairs
Nationwide Pet, a division of Nationwide Insurance and the largest U.S. pet insurance company, will not renew approximately 100,000 current pet policies. The company suggests inflation is the reason, saying the difficult actions are necessary to ensure a financially sustainable future for our pet insurance line of business.
The company said the measures that it is taking comply with state laws and the current contracts and have nothing to do with a pets age, breed or claims history.
The insurance industry as a whole is struggling as claims rise and the cost of repairing or replacing homes and vehicles has soared. According to J.D. Power, insurers are still losing money, despite passing along huge price increases to their customers.
Nationwide Pet said it will begin the process of trimming its policies between now and 2025. The company said it would notify policyholders in plenty of time for them to shop for another policy.
We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term. Our rates will continue to be fair and appropriately priced for the plan, pet, and breed, the company said in a statement.
We are making these tough decisions now so that we can continue to be here for even more pets in the future.
Potential alternatives
Nationwide Pet policyholders might want to start now evaluating other companies that can provide this service. ConsumerAffairs researchers have analyzed 22 pet insurance companies and selected the five best, based on verified consumer reviews and other factors:
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Lemonade Pet Insurance
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Healthy Paws Pet Insurance and Foundation
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Embrace Pet Insurance
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ASPCA Pet Health Insurance
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Spot Pet Insurance
You can read more about these companies and read consumer reviews here.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-06-17 16:36:23
