SAN DIEGO — Nationwide Insurance has announced it will be canceling 100,000 pet insurance policies due to "inflation in the cost of veterinary care and other factors."
'Difficult'
The company is one of the largest providers of pet insurance. In a statement, the insurer said there are, "difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business."
Pet owners who have been dropped are either going to have to pay out of pocket for their pet's medical needs or find another pet insurance provider.
According to insurance expert Hailey Neff, that might be difficult.
"That can be really frustrating for many people who had those nationwide policies that they got their puppy in five ten years ago, they are like going to be looking at paying more for a new insurance provider," said Neff.
If owners choose to reinsure their pets through a different provider there are often days or even month-long waiting periods before the coverage takes effect.
Neff told CBS 8 if owners are worried about finding a new policy for their older dog, to at the ASPCA's policies.
"The ASPCA has no age restrictions or coverage restrictions for older pets, it also ranks in the top five for affordability," said Neff.
Neff said that while it is an unfortunate situation, with a little research into new providers, those who lost their policies might find an even better match.
"It might not be the end of the world for a lot of these people getting dropped by Nationwide, they might be able to find a plan that is more affordable, have better customer service. I would just look at this as an opportunity to find a provider who is going to fit your needs," said Neff.
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