What does waiting time mean with legal expenses insurance?
Legal expenses insurance is one of those insurances you hope never to need. People often don't even think about it until they are already in a conflict. However, in many cases insurers apply a certain waiting period for legal expenses insurance. But what does this mean and does it still make sense to take out legal expenses insurance?
Waiting time; what does this mean?
When you take out legal expenses insurance, in many cases there is a waiting period. This means that you cannot immediately call on your legal aid. Suppose you take out legal expenses insurance on July 1 and you get into a nasty dispute with your employer at the end of August. However, the conditions of your legal expenses insurance state that there is a six-month waiting period in the field of employment law. You can't call on your insurance yet because you are in the waiting period. Usually the waiting period of a legal expenses insurance policy is about three to six months after taking out the policy. Incidentally, this varies by insurer, but also by coverage. There are also insurers that have no waiting period for legal expenses insurance.
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No coverage for foreseen conflicts
Legal expenses insurance does not provide coverage for foreseen conflicts. This means that conflicts that you can already see coming, such as an announced reorganization for example, cannot be claimed on your legal assistance insurance. Does it still make sense to take out legal expenses insurance? Yes. You want to avoid such unpleasant situations in the future. When you take out legal assistance insurance, you are assured of legal help for future conflicts.
When no waiting period?
In unexpected, future situations, there is no waiting period. For example, do you have legal expenses insurance for your car and get involved in an accident just after taking out the insurance? Then in this situation there is no waiting period and you can use your legal expenses insurance.
Waiting time varies by insurer
The waiting period for legal expenses insurance depends on the coverage you choose. There are several modules to choose from, such as Traffic, Consumer and Housing, Income and Tax and Property. The differences between insurers can also be significant. This is something to keep in mind when comparing legal expenses insurance . You should therefore take a good look at all the details per insurance policy before taking out legal expenses insurance.
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