How much to insure REFUNDABLE deposit ?

[CAL7]

Hello, we have a cruise in 2025 that is $33,000 but our only deposit, so far, is $3,500, 100% refundable until June 2025. Over the course of the next year, airfare and en route stays will add to the total. Qualifying for the medical pre-existing look-back waiver is very important. 

 

Since I have no at-risk deposit, do I still purchase insurance now to qualify for the waiver? If now, for what amount? Should I plan on incrementally increasing the insured amount as costs are incurred? 

 

Thanks for any advice! 

[klfrodo]

1 hour ago, CAL7 said:

 Qualifying for the medical pre-existing look-back waiver is very important. 

 

Since I have no at-risk deposit, do I still purchase insurance now to qualify for the waiver? If now, for what amount? Should I plan on incrementally increasing the insured amount as costs are incurred? 

 

Thanks for any advice! 

Yes, purchase your insurance within the time frame required to ensure you receive the pre-existing condition waiver.

Most insurances increase the price at the $500 increment. Therefore, I'd recommend an initial Trip Cost at $500. Then, as you accrue additional expenses, call your insurance provider to increase the amount of the trip cost.

 

Also, completely understand the terms and conditions as to what expenses you must include to maintain the waiver. Some providers require ALL expenses, some require all non-refundable expenses, some don't care just as long as you purchased within the initial time frame. These requirements are based on provider and on the regulations governed by your State of residency.

Edited March 3 by klfrodo

[GeezerCouple]

2 hours ago, CAL7 said:

Hello, we have a cruise in 2025 that is $33,000 but our only deposit, so far, is $3,500, 100% refundable until June 2025. Over the course of the next year, airfare and en route stays will add to the total. Qualifying for the medical pre-existing look-back waiver is very important. 

 

Since I have no at-risk deposit, do I still purchase insurance now to qualify for the waiver? If now, for what amount? Should I plan on incrementally increasing the insured amount as costs are incurred? 

 

Thanks for any advice! 

 

Yes, as klfrodo already answered.

 

However, be aware that to get the best coverage types, it may be necessary to START the coverage within 10-20 days of the FIRST payment, refundable OR NOT.  (The range of time is because insurance is regulated by the states, so coverage terms can differ from state to state.)

 

Many policies allow one to start by covering only the initial payments, and then increasing coverage as additional payments are made.

 

We suggest that you CALL 

www.TripInsuranceStore.com to discuss the various choices.

(The only summaries cannot possibly capture all of the specific circumstances of every traveler, etc.  There is no extra charge to use them.)

We have had quite a few claims, including some large ones, and all have been paid without any quarrels.

 

GC

[Fairwinds789]

I was in the same situation as you. I booked cruises in February 2023 for cruises in August 2024. I then looked to purchase travel insurance within 14 days to get the pre-existing medical coverage. You should call each insurance company individually, not take the word of an insurance aggregator website or its employees. I called Berkshire-Hathaway directly (telephone no. available from their travel insurance website).  I found out that you can purchase a travel insurance policy with a $0.00 value within the window after you book with the cruise company(ies) so you can get the coverage for pre-existing medical conditions (and even give only approx. values for total coverage and dates to be refined as your plans gel in 2025). So I purchased a policy covering $0.00. At the time I also paid approx. 20% deposit to the cruise lines which was fully refundable until March 2024. My trip is for approx. 60 days in Aug., Sept. and Oct. 2024. I only had to pay a $149.00 administrative fee to set up the policy acct. and for B-H to issue the policy. Now that portions of the previously paid deposits to the cruise lines and other payments are becoming non-refundable I will call B-H on the date each such portion (and any other payments) become non-refundable and advise B-H to increase the value of trip by such amount. B-H then provides me with an insurance premium quote for that incremental increase and I pay that amount of the premium by credit card right on the phone with agent. In fact, I just did that today and already have an email showing the increased coverage amount. I plan to use this procedure 8 more times over the next three months until the entire amount of the trip is covered on the policy. And B-H is perfectly open to this method of paying the full amount.