Increasing Coverage Closer to Final Payment with Pre-Existing Condition Waiver

[NorthStarStateCruiser]

Me again, I have another question I've been wondering about.

 

I know it is best to purchase a travel insurance policy within the time sensitive pre-existing condition waiver period, but I've hear of people only covering the non-refundable deposit portion of a cruise and then increasing the coverage amount shortly before final payment to include the cost of transportation and the cruise itself.  This seems a little fishy to me because by doing so, you're essentially locking in a pre-existing waiver for trip costs that you then add in later to the policy.  Is this allowed?

 

A related question would be how does increasing coverage amounts come into play for policies that have a cancel for any reason benefit.  Are increases to the coverage amounts after the time sensitive period not included in the cancel for any reason benefit?

 

Thanks again!

[iamtrustworthy]

1 hour ago, NorthStarStateCruiser said:

Me again, I have another question I've been wondering about.

 

I know it is best to purchase a travel insurance policy within the time sensitive pre-existing condition waiver period, but I've hear of people only covering the non-refundable deposit portion of a cruise and then increasing the coverage amount shortly before final payment to include the cost of transportation and the cruise itself.  This seems a little fishy to me because by doing so, you're essentially locking in a pre-existing waiver for trip costs that you then add in later to the policy.  Is this allowed?

 

A related question would be how does increasing coverage amounts come into play for policies that have a cancel for any reason benefit.  Are increases to the coverage amounts after the time sensitive period not included in the cancel for any reason benefit?

 

Thanks again!

Hi NorthStarStateCruiser,

 

Not all plans allow this, but mine do.

 

When your trip is farther in the future and you are paying it in stages, an option to consider is this:

You would not have to pay for the insurance in full immediately upon purchase in order to get the pre-existing conditions and Cancel For Any Reason coverage. All our plans you buy after your initial trip deposit date allow "pay as you go" which means you insure your deposit now and as you prepay more trip costs, you must increase the insurance coverage any time (as long as nothing has happened where you would file a claim) before but not later than 14 days of adding any additional trip costs above what has been insured to keep the pre-existing conditions coverage. This does not result in any extra costs, just the incremental price increases. You have to insure the deposits even if they are refundable. The prices are locked in at your ages and the rates that were in effect when you bought it.

 

I can't say why my competitors don't encourage the "pay as you go", but doing it this way is a lot better for your Cash Flow. From my customer's point of view, I don't see any benefit to pay the full travel insurance premium in advance for Trip Cancellation Travel Insurance coverage you don't need because you have a low risk of loss today?

 

Steve Dasseos