What Is A Pet Insurance Waiting Period?

A pet insurance waiting period is the time between when you purchased your policy and when your coverage begins.

For example, if your pet insurance plan has a 14-day waiting period for illnesses and your dog has an ear infection two days after you buy the policy, you won’t be covered for veterinary expenses related to the ear infection.

Pet insurance waiting periods can generally be broken down into three different groups.

Waiting periods for accidents

This is the amount of time before your coverage begins for an accident, such as a broken bone or swallowed object. The waiting period for accidents is usually 48 hours.

Waiting periods for illnesses

This is the amount of time before your coverage kicks in for an illness, such as cancer or a urinary tract infection. Most pet insurance companies have a 14-day waiting period for illnesses.

Waiting periods for other types of problems

This is the amount of time before your coverage kicks in for specific conditions, such as cruciate ligament damage and intervertebral disc disease, or for dental coverage. This waiting period is often 180 days.

Not all pet insurance companies have waiting periods for certain conditions. For example, Pets Plus Us and Trupanion do not have special waiting periods for cruciate ligaments or intervertebral disc disease.

The average pet insurance waiting period is two days for accidents, 14 days for illnesses and six months (or 180 days) for problems such as cruciate ligament issues and intervertebral disc disease, among the 12 Canadian pet insurance companies we analyzed.

However, there are some differences:

• Spot Pet Insurance offers a next-day waiting period for accidents and 14 days for a death claim.
• Pets Plus Us pet insurance does not have a waiting period for cruciate ligaments or intervertebral disc disease.
• PHI Direct has a 60-day waiting period for cruciate ligament injuries.
• Fetch By The Dodo has a 15-day waiting period for accidents and a 15-day waiting period for illnesses.
• Trupanion has a 5-day waiting period for accidents and a 30-day waiting period for illnesses.

One pet insurer will reduce or waive the waiting period if you have your pet examined by a licensed veterinarian within a certain timeframe:

• Fetch By The Dodo has a six-month waiting period for hip and knee injuries that can be waived with a vet exam.

Pet insurance company waiting periods

Pet insurance plans are designed to cover unexpected accidents and illnesses. A waiting period helps insurers prevent fraud for claims that are actually due to pre-existing conditions. For example, if a dog swallows an object and needs an expensive surgery, a pet owner can’t buy a policy right away and use it to pay for the surgery.

Pet insurance is reimbursement based, meaning you’ll pay upfront for your pet’s veterinary bills and submit a claim for reimbursement. If your pet’s vet bills are covered by your policy, you’ll get a reimbursement cheque or direct deposit in your bank account. The amount will be based on your annual coverage limit, deductible and reimbursement level. Here’s what that means.

Annual coverage limit

When you buy a pet insurance plan, you are buying a specified annual coverage. The annual coverage limit usually ranges from $5,000 per year to unlimited coverage. Choosing higher coverage amounts is more expensive since your insurer could potentially have to pay out more for a pet insurance claim.

Deductible

Most pet insurance companies have an annual deductible amount that you will need to pay before your coverage kicks in. (The one exception is Trupanion that offers a $0 deductible.) Common deductible choices are $100, $300 and $500. Once your deductible is met, you will be reimbursed for your vet claims. The lower your deductible, the more you will pay in monthly pet insurance premiums.

Reimbursement percentage

Your reimbursement percentage is the amount your insurer will pay for claims that are covered by your policy. Conversely, your co-insurance is the amount you are responsible for paying. A common reimbursement level is 80%, but some insurers, such as Pets Plus Us, give you a choice between 70%, 80% and 90%.

Here’s how the reimbursement works: If you have a 90% reimbursement level and your vet bills are $1,000, you’ll get a reimbursement for $900, once your deductible is met (90% of $1,000 = $900). If you haven’t yet met your deductible, you pay your co-insurance first, then your deductible and you are reimbursed for the balance. For example, for a $1,000 vet bill with a 90% reimbursement and $100 deductible, you will be reimbursed $700. ($1,000 – $200 co-insurance – $100 deductible = $700)

The waiting period is an important component of your pet insurance policy, but it shouldn’t be your only consideration. Here are other things to look for.

• Type of pet insurance plan. What’s covered by pet insurance depends on the type of plan you buy. If you want comprehensive coverage, you’ll need to purchase an accident and illness plan. But if you want a less expensive plan that covers emergencies like a swallowed foreign object, you might opt for an accident-only plan.
• Annual coverage, deductible and reimbursement percentage. Some pet insurers offer a wide variety of choices while other companies have fewer options. Choosing a lower coverage amount, deductible and reimbursement percentage is one way to save on your pet insurance costs, but you may pay more out of pocket at the vet.
• Pet insurance extras. You might want to add a wellness plan or have access to 24/7 pet telehealth. But not all insurers offer these options, which is why you need to shop around.
• Pet insurance discounts. You might be able to save on your pet insurance costs if you qualify for a discount, such as multi-pet discount.

Once you have narrowed down the type of pet insurance plan you want and other options, like your coverage amount and reimbursement percentage, the best way to find a good policy at a reasonable price is by comparing pet insurance companies quotes. You can get free quotes online or by speaking with an agent.