Pet Insurance
Everything You Need to Know About Pet Insurance Waiting Periods When you buy
pet insurance, it doesn’t take effect immediately. Here’s how long-and
why-you’ll have to wait.
By ASHLEY KILROY
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You buy pet insurance to cover the unexpected medical costs that can come
with owning a pet. But even when you purchase a policy the coverage won’t
start right away. All pet insurance companies apply waiting periods that
restrict coverage for a certain amount of time after you buy the policy.
During this time you’re still on the hook for any vet bill resulting from a
pet sickness or injury.
By understanding pet insurance waiting periods you can avoid potential
unpleasant surprises.
How Long Are Pet Insurance Waiting Periods The most common type of pet
insurance plan covers accidents and illness.
You’ll find there are waiting periods that start immediately after the
purchase of the policy:
Accident coverage waiting periods average three days but can go up to 15
days Illness coverage waiting periods are 14 or 15 days with most providers
but can go up 30 days Extended waiting periods for certain conditions such
as cruciate ligaments or hip dysplasia (ranging from six to 12 months) For
example:
Embrace Pet Insurance has a two-day accident waiting period, a 14-day
illness waiting period, and a six-month orthopedic condition waiting period
(for dogs only).
The ASPCA pet insurance plan has a 14-day waiting period for accidents and
illnesses and doesn’t have a waiting period for other conditions.
You can often add a wellness plan to pet insurance, and this portion won’t
have a waiting period. Wellness plans are designed to help with routine and
expected vet expenses such as vaccinations and heartworm prevention.
Related: Compare Pet Insurance Quotes From 10+ Leading Pet Insurers
Why Are There Pet Insurance Waiting Periods?
“Pet insurers use waiting periods as an extra layer of protection to prevent
fraud. So it prevents pet owners from making claims right away for injuries
or pre-existing conditions they were aware of before they purchased
coverage,” explains Melissa Gutierrez, senior vice president and general
manager at Pets Best, a pet insurance company.
For example, let’s say John just adopted a puppy at the local animal
shelter. When he gets home, the puppy spots a bunny, runs into the street
and accidentally gets struck by a car-injuring his leg.
If John attempts to purchase a pet insurance policy on the way to the
veterinarian, the puppy’s medical expenses won’t be covered. On the other
hand, if John purchased a policy when he adopted the puppy, and the puppy
got injured three weeks later (after the waiting period expired), the policy
would help pay the vet bills.
Dog with its owners
You can often add a wellness plan to pet insurance, and this portion won’t
have a waiting period.
Sarandy Westfall/Unsplash
Consider Waiting Periods When Buying Pet Insurance If you’re shopping for a
pet insurance plan, it’s important to be aware of waiting periods and
compare them before buying a policy. Having a long waiting period leaves you
vulnerable to costly medical bills. Here’s what to look for:
The shortest waiting period for accident coverage is two or three days
(available from insurers such as Embrace, Figo, Lemonade, Pets Best and
Toto). A long period would be 15 days.
The waiting period for illness coverage is usually 14 or 15 days. A 30-day
wait is on the long side.
And since some insurers have extended waiting periods for conditions such as
ligament issues, you’ll want to be aware of this-especially if your pet’s
breed is prone to a specific medical condition. For example, Labrador
retrievers are susceptible to deterioration and tearing of the cruciate
ligament. So if you have a Labrador retriever, you may want to choose a
provider that doesn’t have a waiting period for ligament conditions.
Other Considerations When Buying a Pet Insurance Policy Waiting periods
aren’t the only thing worth considering when comparing pet insurance quotes.
Here are other important elements to compare:
Maximum annual coverage. Be aware of yearly coverage limits. For example,
you may have a range of choices between $5,000 and unlimited annual
coverage. Choosing a lower coverage cap will lower your monthly premiums.
Deductible amount. The deductible is what you pay in vet bills before
coverage kicks in. For example, $100, $250 and $500 are common deductible
choices. A higher deductible means lower premiums.
Reimbursement percentage. Even after you’ve paid the deductible in vet
bills, you may still have to pay a portion of pet medical bills. You can
generally select a reimbursement percentage of 70 percent, 80 percent or 90
percent.
Exam fees. Every time your pet sees the vet there’s an exam fee. Some pet
insurance plans reimburse you for exam fees for injury and illness visits,
such as Embrace, Nationwide, Petplan, Spot, Toto and TrustedPals. Other
insurers only cover treatment expenses and not the actual fee for the exam.
Vet helplines access. Many pet insurance providers offer 24/7 vet helplines
to answer questions about care. If the plan you’re looking at doesn’t, be
aware of this shortcoming.
Discounts. Look for insurance companies that offer discounts such as a
multi-pet discount when insuring more than one pet.
In addition, benefits can vary within a policy. For example, coverage for
pet dental care, behavioral therapy and prescription pet food can vary. It’s
all a lot to look at, but don’t let waiting periods get lost in the details.
Ashley Kilroy is a personal finance writer and content creator. In addition
to being a contributing writer at Forbes, she writes for solo entrepreneurs
as well as for Fortune 500 companies.