The country's biggest provider of pet insurance cites rising cost of veterinary care in pulling product in some states.
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.
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.
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