Woolly Bear moth Caterpillar

These moths beong to the Family Arctiidae ....and no surprises for guessing why these are called Woolly Bears.The larvae can be full of poisonous chemicals acquired from their host plants, advertising that they are bad to eat with bright colours, bad odours and unusual shapes. The adult moths have distinctive wing venation and can also be distasteful when eaten. They produce ultrasonic sounds to warn off predators and confuse bats looking for a tasty treat. There are over 10,000 species worldwide including all the tiger, footmen, wasp and lichen moths. Amazingly, the caterpillars of some species can even survive freezing.
Ref :http://www.bbc.co.uk/nature/life/Arctiidae