Incremental premium payments

[Joe33472]

Hi-

 

I've read a bunch of posts on insuring cruises, and from what I have read, some insurance companies will allow you to "pay-as-you-go" in terms of the total premium and as you make payment to the cruise lines.  My plan is that this fall I will put deposits on two cruises that won't happen until spring/summer 2024.   The deposits in total will probably be around $1,800, but the total of the two cruises will likely be around $20,000.   In addition, we're going to spend some time in Europe between the two cruises, primarily staying  at places using AirBnB.    I don't have to insure any of those stays, right?   Since, I'll likely only book places that would allow a couple of weeks in advance cancellation. 

 

When I put the full 20K or 25K as the trip cost into quoting websites, I'm seeing insurance policies of around $1,500 to $2,500.  Since the final deposits won't be due until early 2024, it doesn't make sense that I would have this full amount, that I would only have to insure the deposits at this point, right?   Am I best going through an agent or contacting vendors directly? 

Thanks,

 

Joe

[GeezerCouple]

3 minutes ago, Joe33472 said:

Hi-

 

I've read a bunch of posts on insuring cruises, and from what I have read, some insurance companies will allow you to "pay-as-you-go" in terms of the total premium and as you make payment to the cruise lines.  My plan is that this fall I will put deposits on two cruises that won't happen until spring/summer 2024.   The deposits in total will probably be around $1,800, but the total of the two cruises will likely be around $20,000.   In addition, we're going to spend some time in Europe between the two cruises, primarily staying  at places using AirBnB.    I don't have to insure any of those stays, right?   Since, I'll likely only book places that would allow a couple of weeks in advance cancellation. 

 

When I put the full 20K or 25K as the trip cost into quoting websites, I'm seeing insurance policies of around $1,500 to $2,500.  Since the final deposits won't be due until early 2024, it doesn't make sense that I would have this full amount, that I would only have to insure the deposits at this point, right?   Am I best going through an agent or contacting vendors directly? 

Thanks,

 

Joe

 

Definitely contact a travel insurance broker for something like this, with your assorted questions and the type of trip (2 cruises, hotels in between, etc.).

 

We use www.TripInsuranceStore.com

But CALL them to discuss exactly what your needs are, and they'll also probably ask some questions to try to help find you a policy that matches your needs.

 

Yes, many policies (and the type we get) allows one to start the coverage within 10-20 days of the FIRST payment (refundable or not).  It depends in part on the state of residence.

 

After that, we have a similar time limit as we make any non-refundable payments along the way.

Then we increase the policy if needed.  Our policies start with $500 increments, and then change to $1,000 increments.  So if one made a $250 deposit, and then paid a $150 non-refundable payment for something else, it's still within the first $500 coverage.

 

There are other choices to be made, but let the experts help you with some of those decisions.

 

My guess from your description is that if you have a payment that would be non-refundable at sometime prior to your departure (those hotels/AirBnBs?), then they'd need to be included.  We always try to make *refundable* hotel reservations for this reason.  In some cases, due to the coverage "increments", a night or two at a hotel wouldn't change the premium anyway, unless we jump an interval.  But that's a question to ask the specialist who handles travel insurance.

 

GC

[Joe33472]

8 hours ago, GeezerCouple said:

 

Definitely contact a travel insurance broker for something like this, with your assorted questions and the type of trip (2 cruises, hotels in between, etc.).

 

We use www.TripInsuranceStore.com

But CALL them to discuss exactly what your needs are, and they'll also probably ask some questions to try to help find you a policy that matches your needs.

 

.....

 

GC

 

Thanks GC!   I'll definitely reach out to TripInsuranceStore by telephone.   I figured that I'd probably have to jump on the phone at some point.   

 

Most of the AirBnB places that I have been looking at have a 7-day free cancellation policy.  Since the cruise to Europe is 14-days, I'm figuring that if we don't make it on the cruise that I'll have time to cancel all the AirBnB places with refund.  At least that's what I'm hoping.  Probably best to talk to the experts and tell them what I'm planning. 

 

Thanks again!     

 

 

 

 

 

[Joe33472]

Is there someone in particular I should speak with at TripInsuranceStore?  

[GeezerCouple]

9 minutes ago, Joe33472 said:

 

Thanks GC!   I'll definitely reach out to TripInsuranceStore by telephone.   I figured that I'd probably have to jump on the phone at some point.   

 

Most of the AirBnB places that I have been looking at have a 7-day free cancellation policy.  Since the cruise to Europe is 14-days, I'm figuring that if we don't make it on the cruise that I'll have time to cancel all the AirBnB places with refund.  At least that's what I'm hoping.  Probably best to talk to the experts and tell them what I'm planning. 

 

Thanks again!     

 

 

7 minutes ago, Joe33472 said:

Is there someone in particular I should speak with at TripInsuranceStore?  

 

Yes, speak with them.  Please make sure that you are very clear about your plans with respect to the AirBnB.   And follow the "rules" (TIS will help clarify them) religiously.  One of the worst things that can happen is to find out too late - after filing a claim - that somehow you didn't quite meet ALL the rules.  No point in paying for insurance if it isn't going to pay if you need it!  And of course, the best is not to need it, but the next best is if you need it, that they pay as expected...

 

Once you work with them and especially after you have purchased a policy from them, please don't hesitate to call and ask, "What if we want to do X instead of Y?"  They'll let you know if you can change it, how you might need to do it, or that you... can't without risking the coverage.  If they aren't sure, they'll contact the actual insurer to *make sure*!

Keep in mind, that they want to make you happy, too.  So it's in their best interest to help you get a policy that "works" for you.  But -->> you MUST tell them everything relevant, or they might not recommend the most appropriate policy.

 

Steve is the owner, but his associates have been with him for quite some time, so they aren't newbies, etc.  If there's some tricky issue, they might pass it along to Steve, but otherwise, they're always fine, too.

 

They also don't upsell.  That is nice.  And Steve once actually talked us out of buying a policy.

This was after he knew a bit about us, from policies and a major claim (paid in fullas with all of our claims).  As he was taking the details, he suddenly stopped and asked if we really needed insurance for this particular trip.  He explained why.... what it was he thought he remembered about us (and probably also from some excellent note-taking in the past), and... sure enough... we did NOT need that insurance!  Keep in mind, he could have kept quiet and sold us a policy, and we'd never have thought twice about it.

 

They are very patient, so ask questions if you don't understand something fully.

 

And make sure that you understand all deadlines, for purchasing the coverage and for other trip costs, etc.  That can make all the difference.

 

We travel using awards for all long-haul overseas travel, so all we need to insure for that are the "fees" such as to re-bank the points, and that's relatively trivial in the scheme of things.  However, that also can mean that we don't have that "insurance coverage" to pay for return tickets... and last minute changes could be really tricky using awards, especially for premium seats/beds.  The coverage for trip interruption tends to be 150% of the trip costs, taking into account these extra expenses... perhaps hotels paid for but not used, when new hotels also need to be paid for when the trip ends early, etc., or to cover the extra cost of last minute airfare.  But that one part works best when one had paid cash for those tickets.  We just keep that in the back of our minds.

[We use a service to help us get the awards seats.  He could probably find *something* for us on short notice, but it's not guaranteed.  Worst case: someday in an emergency, we might need to pay cash for those pricey one-way premium tickets, but hopefully not...]

 

GC

[Joe33472]

On 9/12/2022 at 10:08 PM, GeezerCouple said:

 

 

Yes, speak with them.  Please make sure that you are very clear about your plans with respect to the AirBnB.   And follow the "rules" (TIS will help clarify them) religiously.  One of the worst things that can happen is to find out too late - after filing a claim - that somehow you didn't quite meet ALL the rules.  No point in paying for insurance if it isn't going to pay if you need it!  And of course, the best is not to need it, but the next best is if you need it, that they pay as expected...

 

...

 

GC

 

Thanks GC!  I ended up calling TIS and spoke with Kim and she was hugely helpful.  I know exactly what I need to do now.  
 

Something also came up when we were talking.  The plan is to leave from Florida by cruise and return to the US via a cruise to NY.  After NY, we will probably do some traveling in New England visiting family and then eventually return to Florida (our primary residence).    Kim says I need to include time in NY and New England in the trip ending date.   Of course, this increases the premium, but totally makes sense.   When I was thinking of just using credit card insurance, I did note a "round-trip" requirement.   I'm glad I mentioned this to her, so I appreciate your comment about sharing all details so the appropriate policy can be purchased.    I think that I'll keep in touch with TIS as the plans are finalized over the coming months and as I make additional payments.  

Thanks again!