What is a "Waiting Period" in Pet Insurance & What do DOIs think of them?

If you have any type of traditional insurance, I assume you did not notice a "waiting period" before your auto, home, renters, etc. was active and effective. Get in an accident shortly after getting a new auto policy? While your insurer may be very diligent in their investigation around the exact circumstances of the accident and claim, your auto policy was essentially "in effect" and able to be used soon after purchase (there is a whole process of quoting, binding, etc., but for all intents and purposes, once you have purchased that insurance, it is soon thereafter in place).

When considering pet insurance for your furry friend, you will inevitably run across an option that has some sort of waiting period. The most common tends to be the 14-Day Waiting Period, while other insurers also have a 6 month waiting period for specific issues and conditions (orthopedic, knees/ligaments, etc.). Different than pre-existing, this stipulation means that if your pet experiences any documented signs or symptoms during that waiting period, then the condition, accident, illness, etc. is ineligible for coverage. Whether diagnosed with a definitive condition or not, if your pet experiences a symptom documented by you or veterinarian (statements on claim submission, statement made during quote, in medical records, etc.), then that accident, symptom, or any condition tied to that symptom may be deemed ineligible for coverage.

In theory, that means you may have a policy that is in effect, but cannot be used despite being "in effect". While it is understandable why pet insurers use such stipulations, imagine if home or auto insurers had the some restrictions in place. Switching auto policies? Buy a new car with a new auto policy? If you had to avoid claims for 14 Days, you may just park the vehicle and not chance it. Unfortunately, if you have owned a pet, you know that you can't simply "park" your 1 year old Bull Terrier & hope they do not swallow something.

So, what does the future hold for Waiting Periods? Recently, the State of Maine passed legislation that limited Waiting Periods: "waiting periods are not allowed for accident-related injuries or illnesses; for other claims, the waiting period cannot exceed thirty days". Maine's legislation was based upon something known as a "national model law", developed by the National Association of Insurance Commissioners (NAIC). What does this mean? In my humble opinion, it means several states will likely follow Maine's lead and, among other things, further regulate waiting periods and restrict what can be excluded during that waiting period.

As you consider options for pet insurance, it is important to understand all applicable waiting periods for each option, especially if your pet is accident prone or a breed susceptible to specific waiting period-related issues.

The release regarding the Maine law can be found here: https://www.ilsainc.com/state-regulatory-bulletins/maine-enacts-new-law-governing-pet-insurance/