Trip Insurance question

[CPT Trips]

Question:

I have just booked a New Years Eve 2019 cruise for our family. Not cheap. But we were able to get a large amount of perks so it made sense to book it now.

BUT we aren't 100% sure we are going to take it; we can cancel up until 120 days out (late August 2019).

No one has any medical conditions; I am more concerned about winter weather; or unexpected emergencies.

I have booked through insuremytrip.com before but never far from original booking date.

I am of the understanding that as long as there are no medical issues, we can book insurance later (less comprehensive policy)

Can anyone share if they have done this?

Thanks!

e

 

It might not be wise to wait until final payment. You have about a year until final payment to develop a preexisting condition.

[Underwatr]

There are policies that cover a preexisting condition when purchased at final payment.

[CPT Trips]

Sure, but how many? What's the extra premium over the least expensive policy with similar coverage limits purchased early on?

[Heidi13]

There are policies that cover a preexisting condition when purchased at final payment.

 

We can purchase insurance with a pre-existing condition waiver that reduces the normal pre-exisiting condition period of 6 months to 1 week. However, they charge an additional premium and also reduce the max medical payout from $10M to $200K.

[Underwatr]

Note also that most pre-existing condition clauses include a statement saying the term pre-existing condition "does not apply to a condition which is treated or controlled solely through the taking of prescription drugs or medicine and remains treated or controlled without any adjustment or change in the required prescription" over the applicable look-back period (which in my quick look is as short as 60 days). Sometimes what might appear to be a pre-existing condition isn't actually considered one by the terms of the policy.

As an example, I just found a Nationwide policy for $300 ($6500 trip cost) that provides $250k evacuation and $75k medical coverage with a 60 day lookback and the above definition for pre-existing conditions. Our medical policies reimburse non-US emergency medical care at 80% so that medical coverage limit is appropriate for us.

Edited July 27, 2018 by Underwatr