One of the country's biggest insurance companies recently dropped a bomb on its pet owner customers, and they aren't happy about it.

People get pet insurance for many reasons, but mainly it ensures pets get the medical care they need without putting financial strain on their owners. Without insurance, a surprise visit could leave you drowning in bills.

Imagine spending hundreds of dollars every month on insurance only to find out that your provider was pulling the plug on your policy. Well, that's exactly what is happening to customers in Michigan and around the rest of the country.

Major Company Drops 100,000 Insurance Policies

According to CBS News, Nationwide is canceling coverage for about 100,000 animals across the country. Also, to be fair, the company isn't canceling current policies; they just won't be renewing them.

The company, which is the nation's biggest provider of pet insurance, has already started to cancel coverage plans and will continue through next summer.

The company isn't doing away with pet insurance altogether, and cancellations will not be based on a pet's age, breed, or prior claims.

Why Would Nationwide Cancel Coverage?

It just boils down to high veterinary care costs. That's the main reason for discontinuing coverage for customers in certain states.

Nationwide:

Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business.

While Nationwide is canceling policies tied to 100,000 customers, there are other options.

Nerdwallet put together a list of the best pet insurance companies.

  • ASPCA: Best for broad coverage.

  • Embrace: Best for many ways to save.

  • Figo: Best pet insurance for cats.

  • MetLife: Best pet insurance for dogs.

  • Nationwide: Best for exotic pets.

  • Pets Best: Best for flexible plans.

  • Spot: Best for straightforward waiting periods.

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