Booked our first Oceania Cruise Insurance ???

[Nashna]

We have sailed on many different cruise lines from Seabourn to Carnival (25 years ago).  For various reasons, we are just now taking our first Oceania Cruise on the Regatta in April.  We are debating taking the TA's insurance.  If we purchase the insurance within fourteen days of the deposit, we will be covered for pre-existing conditions as well in the event of a default by the cruise line.  I have witnessed a number of well known tour operators go under (Thomas Cook among many).  The Coronavirus will force many businesses into bankruptcy, so I do want to have protection should that occur to Oceania.   However, there is always the possibility that Covid -19 will still be around and I will opt to cancel in November prior to the final payment.  The insurance payment is about the same as the deposit.  If I purchase the insurance and then cancel prior to the final payment, I will receive an insurance credit to be used for another trip.  I already have a travel insurance credit from a Tauck Tour we didn't take in May and don't want another one.  Unfortunately, Oceania's insurance would not cover us in the event of their own default.  We are leaning towards forgoing the pre-existing benefit (we don't have any at this time) and purchasing the TA's insurance at the final payment.  Am I missing something?  

[1985rz1]

27 minutes ago, Nashna said:

We have sailed on many different cruise lines from Seabourn to Carnival (25 years ago).  For various reasons, we are just now taking our first Oceania Cruise on the Regatta in April.  We are debating taking the TA's insurance.  If we purchase the insurance within fourteen days of the deposit, we will be covered for pre-existing conditions as well in the event of a default by the cruise line.  I have witnessed a number of well known tour operators go under (Thomas Cook among many).  The Coronavirus will force many businesses into bankruptcy, so I do want to have protection should that occur to Oceania.   However, there is always the possibility that Covid -19 will still be around and I will opt to cancel in November prior to the final payment.  The insurance payment is about the same as the deposit.  If I purchase the insurance and then cancel prior to the final payment, I will receive an insurance credit to be used for another trip.  I already have a travel insurance credit from a Tauck Tour we didn't take in May and don't want another one.  Unfortunately, Oceania's insurance would not cover us in the event of their own default.  We are leaning towards forgoing the pre-existing benefit (we don't have any at this time) and purchasing the TA's insurance at the final payment.  Am I missing something?  

Have you looked at online insurance brokers like Insuremytrip.com and TripInsuranceStore.com (they don't charge customers for their service) where you can compare many insurance companies and the range of available policies that each offer?  There is also a discussion board on CC for Cruise/Travel Insurance.

[Petoonya]

@Nashna

I've made so mistakes this year with trip insurance and canceled cruises. I finally found Steve at Trip Insurance Store right here on Cruise Critic. He ran a question and answer forum that was right on top of the home page of the boards last month. I would really recommend talking to him. It costs you nothing and he can save you money. Here's the trip insurance page from these boards and you'll see his face and blog info at the top. Wish you well.

https://boards.cruisecritic.com/forum/499-cruisetravel-insurance/

[Nashna]

Thank you both for your suggestions.  I have looked over the insurance portion of cruise critic and it's obvious that many of us are 'in the same boat'.  Nothing is as simple as it used to be!

 

[ORV]

I don't suppose the insurance you already have a credit with will transfer to the cruise? Perhaps you bought it from Tauck? 

 

I'm no insurance expert but it's my understanding that it's usually never a good idea to purchase insurance from the company that is providing the service. Buying it through your TA from an unrelated party is fine. 

[sitraveler]

Just insure for the deposit amount.  When and if you pay the final amount notify your insurance company and pay the additional. 

[1985rz1]

@Nashna

@sitraveler is correct. You only have to insure the deposit paid at the time of initiating the policy, for most insurance companies to get the waiver.  The as additional non-refundable payments are made, you call the company (within the grace period) for any payments as you make them.  That keeps the waiver in place. 

[susiesan]

The travel insurance that comes with most credit cards will cover financial defaults in the form of a chargeback should Oceania/NCL go bankrupt and not sail anymore. Find out who the insurer is for the company your TA is using. You can buy the same policy direct from the insurance company than through your TA since the TA gets a commission which is built into their selling price, likely higher than buying direct.

[1985rz1]

41 minutes ago, susiesan said:

The travel insurance that comes with most credit cards will cover financial defaults in the form of a chargeback should Oceania/NCL go bankrupt and not sail anymore. Find out who the insurer is for the company your TA is using. You can buy the same policy direct from the insurance company than through your TA since the TA gets a commission which is built into their selling price, likely higher than buying direct.

Don't know about the TA, here, but my experience with insurance brokers, the price is the same through them as direct with the company.  

[Nashna]

Thank you all for your suggestions.  We have decided to forgo the insurance at this time.  Frankly, hearing so many health care experts say that it will be way into 2021 before the virus is contained enough to travel does not give us a lot of confidence that we will be able to travel in April 2021.  We are going to take our chances and make a determination in November to get our deposit refunded or to make the final payment.  If we decide to go forward with the cruise, then we will purchase the insurance when we make the final payment.   

[LHT28]

45 minutes ago, Nashna said:

  We are going to take our chances and make a determination in November to get our deposit refunded or to make the final payment.

Make  sure you check when the cancellation penalty kicks it   ..it is not the same as final payment date

https://oceaniacruises.zendesk.com/hc/en-us/articles/360005306234-What-is-your-cancellation-and-refund-policy-

[Hlitner]

Just some thoughts about insurance.  Nearly all the policies (or perhaps all the policies) have language excluding issues arising from pandemics such as COVID-19 and many have another clause excluding any trip that breaches a CDC Level 4 warning (currently existing for any trip outside the USA).  As to the possibility of bankruptcy (we think that Norwegian Holdings is at great risk) those of us in the USA can get reimbursed via a major credit card "chargeback."  So paying an insurance premium for bankruptcy coverage seems like a bad investment.

 

Hank

[basor]

On 7/18/2020 at 12:12 PM, susiesan said:

The travel insurance that comes with most credit cards will cover financial defaults in the form of a chargeback should Oceania/NCL go bankrupt and not sail anymore. Find out who the insurer is for the company your TA is using. You can buy the same policy direct from the insurance company than through your TA since the TA gets a commission which is built into their selling price, likely higher than buying direct.

This is not true - the price is the same whether you buy through a TA or direct - I have checked several times and there is no difference in price, at least with TravelGuard.  I gladly have our TA book our insurance so she can get a commission!

[Redtravel]

Why did you book?  You are concerned about fcc or cruises getting canceled.  By not booking, you could have avoided these problems. I had booked cruises that got canceled.  Chose cash refunds if offered. I have one fcc which Could become worthless. No cruises sailing. Not an ideal time to book. Not booking anything until it is safe. Not worrying about insurance etc.

[GeorgesGal]

How would trip interruption work when the great majority of our cruise is covered by our FCC?  We have about $800 out of pocket.  However, if O cancels our cruise, we can always get another FCC - number 3 for the year.

Edited August 3, 2020 by GeorgesGal