Pet health insurance policy definition of "waiting period"
The period of time as specified in this policy that is required to transpire before some or all of the coverage in the policy can begin.
What is it?
A waiting period is the amount of time you must wait before your pet's health coverage goes into effect and you can actively start using your policy. This is also known as an elimination period or a qualifying period.
Why do I have to wait?
Waiting periods are standard practice to prevent the misuse of the pet health insurance policy by policyholders who want to manipulate claims for already sick or injured pets. It helps control the unethical practices by the policyholders.
For example, someone who has a dog with an already broken leg or a cat with diabetes cannot buy a policy and expect the insurance company to pay for all of the expenses the next day.
Pet health insurance works on the concept of everyone paying a premium toward a collective pool and sharing the risk in case someone's pet suffers an unexpected health event. Therefore pet insurance can only start paying claims once the policyholder pays out their share of the insurance premium.
What happens if a claim is filed during the waiting period?
The claim will be denied by the insurance company if it is filed before the completion of the initial waiting periods.
What are the waiting periods?
2. 3 days following the Policy Effective Date for any Injuries and any related Conditions.
3. 6 months following the Policy Effective Date for any Cruciate Ligament Events and any related Conditions.
4. Once met, these Waiting Periods are waived for continuous, uninterrupted policy renewals, including, at our discretion, uninterrupted policy renewals from other pet insurance providers.
5. The waiting periods may be reduced or waived for coverage acquired through pre-approved channels where the health of your Pet is certified by a participating veterinarian prior to coverage being purchase
- 3 days following the Policy Effective Date before coverage is available for eligible Accidental Injuries.
- Once met, these Waiting Periods are waived for continuous, uninterrupted policy renewals, including, at our discretion, uninterrupted policy renewals from other per insurance providers.
- Effective on the Policy Effective Date.