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Non-Refundable Deposit Insurance


blackfly
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Is it possible to purchase insurance to cover a non-refundable deposit.  The cost difference in a cruise fare with a non-refundable deposit vs a refundable deposit is significant.  Deposits for a 7 day cruise are around $500 and go north quickly as the length of the cruise increases.  If I were 20 years younger I probably would take the gamble on a non-refundable deposit.   Not so much now.  If I could purchase coverage on a $500 deposit for $100 I would do so.  Is there such a thing.

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More than likely, Yes. As a matter of fact, if you are wanting to get a policy that waives pre-existing conditions for people traveling and even non traveling family members, then you should probably buy sooner rather than later.

You only have to pay for the amount of insurance that you have paid today. In other words, you buy a policy today to cover the deposit, then later, as you make more payments, you increase the amount of coverage.

 

Give Steve at TripInsuranceStore a call and can help you find a policy that meets your needs.

Get the Best Trip Insurance Details, Advice (tripinsurancestore.com)

Edited by klfrodo
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On 9/11/2023 at 4:48 PM, blackfly said:

Is it possible to purchase insurance to cover a non-refundable deposit.  The cost difference in a cruise fare with a non-refundable deposit vs a refundable deposit is significant.  Deposits for a 7 day cruise are around $500 and go north quickly as the length of the cruise increases.  If I were 20 years younger I probably would take the gamble on a non-refundable deposit.   Not so much now.  If I could purchase coverage on a $500 deposit for $100 I would do so.  Is there such a thing.

Hi Blackfly,

 

I can't answer for all plans, but for all our plans, 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 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.

Steve Dasseos

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