What does waiting period mean for a legal expenses insurance?
Legal expenses insurance is one of those insurances that you hope never to need. People often only think about it when they are already in a conflict. However, in many cases insurers apply a certain waiting period to legal expenses insurance. But what does this mean and does it still make sense to take out legal expenses insurance?
Waiting time; what does it mean?
When you take out legal expenses insurance, in many cases there is a waiting period. This means that you cannot immediately call upon your legal assistance. Suppose you take out a legal assistance insurance on the 1st of July and you have a nasty conflict with your employer at the end of August. However, the conditions of your legal assistance insurance state that there is a six-month waiting period in the field of labour law. You cannot yet call on your insurance because you are in the waiting period. Usually the waiting period of a legal expenses insurance is about three to six months after taking out the insurance. This differs per insurer, but also per coverage. There are also insurers who do not use a waiting period for legal expenses insurance.
No cover for foreseen conflicts
A legal assistance insurance does not offer coverage for foreseen conflicts. This means that your legal assistance insurance cannot cover conflicts that you can already see coming, such as an announced reorganisation. Is it still useful to take out a legal assistance insurance? Yes, there is. You want to avoid such unpleasant situations in the future. When you take out a legal expenses insurance, you are assured of legal assistance in future conflicts.
When not to wait?
There is no waiting period for unexpected future situations. For example, do you have legal assistance insurance for your car and do you get involved in an accident just after taking out the insurance? Then in this situation there is no waiting period and you can make use of your legal assistance insurance.
Waiting time differs per insurer
The waiting period for legal expenses insurance depends on the coverage chosen. There are various modules to choose from, such as Traffic, Consumer and Housing, Income and Taxes and Capital. The differences between insurers can also be substantial. This is something to take into account when comparing legal expenses insurance . Therefore, take a good look at all the details per insurance before taking out legal expenses insurance.
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