Approximately 100,000 pet insurance policies are being canceled nationwide

Is pet insurance worth it?


Is pet insurance worth it?

07:55

Nationwide will cancel coverage for about 100,000 animals nationwide, with the nation's largest pet insurance provider citing the rising costs of veterinary care in phasing out the product in some states.

The cancellation of thousands of coverage plans is beginning now and will continue through next summer as part of the company's efforts to “maintain long-term viability and profitability,” Nationwide said in a statement Friday rack.

“Inflation in the cost of veterinary care and other factors have led to recent insurance policy changes and the withdrawal of some products in some states – difficult actions necessary to ensure a financially sustainable future for our pet insurance industry,” it said report.

The cancellations will not be based on a pet's age, breed or previous claims, and owners of affected animals will be notified in advance in writing, the 90-year-old Columbus, Ohio-based company said.

Pet insurance has become increasingly popular, 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 itself at the top of the list list.

Nationwide's announcement comes as many Americans struggle to get various forms of insurance, including for homes and vehicles. According to the latest government, car insurance rose 20.3% in the 12 months ending in May facts.

Pet insurance varies, but typically provide coverage for injuries, diseases and general well-being. The average cost is $676 per year for dogs and $383 for cats for the most common type of policy, NerdWallet found it.

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