Waiting Periods for Pet Insurance

What are pet insurance waiting periods?

Pet ownership is a hugely rewarding experience, yet the cost of veterinary bills can put some people in a tough position. Taking out a pet insurance policy means your insurer may help cover some of this expense should your pets need treatment for certain injuries and illnesses.

However, specific waiting periods may occur before your insurer considers reimbursing you for some pet medical treatments. The duration of these waiting periods depends on the insurer, but it’s essentially how long you must wait between your policy’s start date and making an eligible claim.

Let’s say your pet becomes sick or has an injury. If their specific condition has an applicable waiting period, you might not be able to claim if it hasn’t elapsed yet. Instead, your insurer may first require you to hold the policy for a specific time before cover for that injury or illness can be provided.

Why do waiting periods exist?

Insurance companies protect themselves and their policyholders by using waiting periods to prevent people from becoming members, immediately making a large claim and then leaving the fund.

What conditions affect waiting periods?

When purchasing pet insurance, it’s wise to understand how certain conditions fall under waiting periods. Although insurers can differ from each other, it’s common for these conditions to have waiting periods:

Cruciate ligament conditions

Cruciate ligament injuries are common in many dog breeds, with tears and ruptures potentially causing serious mobility issues. Some insurers have a six-month waiting period for crucial ligament conditions. However, this could be waived upon application if you provide a signed certificate from a vet confirming your pet is free from injury and shows no indications of previous cruciate ligament damage.

Illnesses

Most insurers define an illness as any kind of sickness or disease not covered by accidental injury cover, such as cancer, skin conditions, gastrointestinal problems and tick paralysis. A 30-day waiting period for illnesses is not uncommon, though this can vary depending on the insurer.

Specified accidental injuries

Specified accidental injury cover can reimburse a portion of your vet bills if your pet has been injured through motor vehicle accidents, burns and allergic reactions to insect bites. Although the waiting period for these medical concerns depends on the insurer, it’s common for accidental injuries to have no waiting periods before treatment can be covered.

Remember that waiting periods may also vary between insurers. Some insurers might not impose waiting periods on certain conditions, whereas others may. Review a policy’s product disclosure statement to find specific information about conditions and treatments that have waiting periods attached.

If your pet has any pre-existing medical conditions, these are generally not eligible for cover when taking out pet insurance. This can mean you won’t be reimbursed for any costs related to treating these conditions.

What happens if I change insurers?

There are a lot of pet insurance providers to choose from, and switching to a new insurer could mean you find more competitive premiums, attractive optional extras and coverage that’s overall more suited to your individual needs.

However, switching insurers may mean you have to re-serve the waiting period. This could mean your pet may not be immediately covered for certain conditions if you change insurer and they have an accident or become sick.

Changing provider can also mean certain pet health conditions covered by your old policy get reassessed as pre-existing medical conditions and therefore ineligible for cover. Keep this in mind when thinking about changing pet insurance providers.

Helpful Tip from Choosi’s Team of Choosers:

It’s wise to insure your pets when they’re young, as this means your cat or dog is less likely to have pre-existing medical conditions that could affect your access to cover. Purchasing a policy at this time also means you’re less likely to be impacted by waiting periods if your pets get sick later in life. Plus, getting a policy early could help you save on costly vet bills.

Can I change policies with my insurer?

You might want to upgrade or change your pet insurance policy if your pet is getting older or you’re moving to a new location with different risks. Alternatively, you might want to scale back your policy to reduce expenses.

If you’re updating your policy with the same insurer, you may still have to re-serve a waiting period depending on what was covered in your previous policy. This may mean you encounter situations where your pet doesn’t have cover.

You should always check with your new insurer about re-serving waiting periods before changing your pet insurance policy.

Where can I compare pet insurance?

If you’re looking for pet insurance, then we might be able to help. At iSelect, we’ve partnered with Choosi to help you compare pet insurance policies from Choosi’s range of providers online. See if you can save today.