Ages, breeds and prior claims history of the pets will not be factored into which policyholders get dropped, Nationwide said.
The insurance agency said the rising cost of veterinary care has forced it to withdraw its Nationwide Pet services in some states. Approximately 100,000 policies will not be renewed between now and the summer of 2025.
“We are proud that we consistently pay for covered claims each and every day, amounting to billions of dollars over the past four decades,” the insurance 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.” Most Americans own some kind of pet and consider them to be a part of their family, according to data from the Pew Research Center. But the cost of caring for these furry family members is becoming a financial burden.
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