What is a waiting period in insurance?
Updated Aug 17, 2018. A waiting period is the amount of time an insured must wait before some or all of their coverage comes into effect. The insured may not receive benefits for claims filed during the waiting period. Waiting periods may also be known as elimination periods and qualifying periods.
What is the wait period for car insurance in Texas?
Some states may impose wait periods on other insurance products. As an example, Texas will place a 60-day wait on new auto insurance policies. This period gives the provider a chance to decide if the driver fits within their risk profiles.
What is an extended car warranty waiting period?
An extended car warranty waiting period is your money-back guarantee. Another reason that companies use the extended car warranty waiting period is for YOUR benefit. You get a full 30-days (sometimes more depending on policy selection) to make sure you have the right coverage.