Is Nationwide Pet Insurance Company Going Out of Business

Nationwide Pet Insurance has been a well-established name in the pet insurance industry for over 20 years, but recent reports have sparked concerns about its future.

Nationwide Pet Insurance has faced significant financial losses in recent years, with a net loss of $144.6 million in 2020.

Despite these losses, Nationwide Pet Insurance has maintained a strong reputation for its comprehensive coverage and competitive pricing.

As of 2022, Nationwide Pet Insurance still offers a range of policies to pet owners, including accident-only, wellness, and major medical coverage.

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Nationwide claims to be the first and largest provider of pets in the U.S. with more than 1.2 million dogs, cats, birds, and exotic pets insured for medical coverage, accidents, and injuries.

The company has said it must take action to maintain long-term viability and profitability due to inflation in the cost of veterinary care and other factors.

Nationwide has paid for claims amounting to "billions of dollars over the past four decades."

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Insurance costs are rising, with auto insurance rising 26% in 2024, and homeowners are forgoing coverage because the price has gotten so high.

Nationwide has said decisions of nonrenewal were "not associated with the pet's age, breed, or prior claims history."

The company has been sending letters to policyholders this spring and will continue into the summer of 2025, informing them that their coverage will end at the end of the current policy.

Affected policyholders will not receive renewals for their policies when they reach the end of their current terms between this spring and the summer of next year.

Nationwide has said the age, breed, and prior claims history had nothing to do with the affected pets not getting their policies re-upped.

The owners of those pets will have to find new insurance for their furry friends after Nationwide said it will stop offering some policies in certain states.

The company said it was seeking to help "ensure a financially sustainable future for our pet insurance line of business" by dropping the 100,000 policies amid inflation in veterinary care and "other factors."

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Scores of pet owners will have to find new insurance for their pets after Nationwide said it will stop offering some policies in certain states.

Nationwide said it will fully stand by the protections for which policyholders have paid through the end of their current term.

The pet insurance industry has been growing significantly in recent years as more owners seek it out to help with fees they encounter with getting their pets care.

Most pet insurance policies won't cover preexisting conditions, so if your pet has preexisting conditions, you might be better off considering other options, such as saving up in advance for potential medical needs down the road.

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Nationwide is canceling some pet insurance policies due to inflation in veterinary care and other factors.

The company has paid out billions of dollars in claims over the past four decades, but is now seeking to ensure a financially sustainable future for its pet insurance line of business.

Affected policyholders are being informed in writing about Nationwide's plans, and will not receive renewals for their policies when they reach the end of their current terms between this spring and the summer of next year.

This means that around 100,000 pets will lose their coverage.

Nationwide claims that the age, breed, and prior claims history of the pets have nothing to do with the affected policies not getting renewed.

However, the company is withdrawing certain plans, including Whole Pet, which will no longer be offered in some states.

Pet owners with older pets and preexisting conditions may be particularly affected, as most pet insurance policies won't cover preexisting conditions.

This can leave pet owners struggling to pay for their pets' medical needs, and in some cases, may even lead to pets being abandoned or euthanized due to lack of coverage.

Pet owners who are facing non-renewal of their pet insurance will be told "well in advance" in writing, and may need to turn elsewhere to get coverage for their pets.

Companies like Embrace Pet Insurance are ready to assist Nationwide customers and others in finding pet insurance.