Trip Expenses Made After Buying Insurance

[pseudoware]

I'm holding off paying the full balance due on our cruise in case there are any future price adjustments. However, I'd like to buy insurance, just in case something happens before then causing us to cancel.

 

Will 3rd party insurance cover the full cost of the cruise (and our airfare which has been paid) cover the even though the balance due won't be paid until after the insurance has been purchased? (It seems like it should be, but thought I'd ask.)

 

Also, what about future payments for admissions to attractions. I can't buy some of these until so many months/days prior to our visit. Again, will I be covered for these even though they are purchased after the insurance has been purchased?

 

Thanks for any help.

[cruiseco]

 

Will 3rd party insurance cover the full cost of the cruise (and our airfare which has been paid) cover the even though the balance due won't be paid until after the insurance has been purchased? (It seems like it should be, but thought I'd ask.)

 

Yes.

 

Also, what about future payments for admissions to attractions. I can't buy some of these until so many months/days prior to our visit. Again, will I be covered for these even though they are purchased after the insurance has been purchased?

 

Once you make any additional trip arrangements that need to be insured call the insurer and have that amount added to the insured trip cost total. You would pay any additional premium due at that point.

 

In some cases these additional trip costs would need to be added to your policy in a certain timeframe in order to keep any waiver of the pre-existing condition exclusion in effect. For example, this is from Travel Guard:

 

"PRE-EXISTING MEDICAL CONDITION EXCLUSION WAIVER

 

The Insurer will waive the pre-existing medical condition exclusion up to a maximum of the first $30,000 of Trip Cost per person if the following conditions are met:

1. This plan is purchased within 15 days of making the Initial Trip Payment;

2. The amount of coverage purchased equals all prepaid, non-refundable payments or deposits applicable to the Trip at the time of purchase, and the cost of any subsequent arrangement(s) added to the same Trip are insured within 15 days of the date of payment or deposit for any subsequent Trip arrangement(s);

3. All Insured’s are medically able to travel when plan cost is paid.

[pseudoware]

Thanks for your help. I confirmed everything w/my provider, as well.

 

Sent from my Desire HD using Tapatalk

[thomaskuhn]

I have a similar but reversed issue, and am curious how to handle the following situation...

 

I want to keep my PEC waiver...

 

When I booked and paid for my cruise ($2300) I knew I was going to buy some beverage packages and such. I estimated at the time that the trip would cost roughly $3000 in total, so that is what I signed up for through Travel Guard (I think that's who I have). I know to call them up and update when I add new items (such as the bev package), but will they give me crap because I originally overestimated the insured price? I intend to finalize the total cost, before going on the trip.

 

And why does underinsuring a trip have anything to do with Pre existing conditions?????

[cruiseco]

I have a similar but reversed issue, and am curious how to handle the following situation...

 

I want to keep my PEC waiver...

 

When I booked and paid for my cruise ($2300) I knew I was going to buy some beverage packages and such. I estimated at the time that the trip would cost roughly $3000 in total, so that is what I signed up for through Travel Guard (I think that's who I have). I know to call them up and update when I add new items (such as the bev package), but will they give me crap because I originally overestimated the insured price? I intend to finalize the total cost, before going on the trip.

 

 

Is the beverage package refundable if you cancel? If it is (and it probably is) there's no reason to insure it. You only want to insure pre-paid, non-refundable expenses.

 

Would Travel Guard (or any other insurer) give you grief for over-insuring? They absolutely love those that do. Premium received with no risk of loss attached = someone's year end bonus.

 

And why does underinsuring a trip have anything to do with Pre existing conditions?????

 

Those insurers that have this requirement (not all do) do it for two reasons: #1 anything that drives up the insured trip cost and thus the premium collected means more profit at the end of the year. #2 if gives them an ironclad reason to deny a claim if the insured screws up and fails to insure the full trip cost. There are many insurers out there that treat their clients like adults and allow them to insure as much or as little of their trip cost as they feel comfortable with without having these types of hoops to jump through.

[thomaskuhn]

So am i in trouble for over insuring at this time?

[klfrodo]

So am i in trouble for over insuring at this time?

 

It's impossible to "over insure" I would think.

If you estimated that your total covered insured amount would be $3000, but your actual out of pocket non refundable costs are only $2300

 

A) YOU over paid for insurance. The insurance company received a higher premium.

B) If you file a covered claim, the insurance company is only going to reimburse you for actual non refundable costs. They arn't just going to send you a check for $3000.

 

Or,, maybe,,, we are miscommunicating over your definition of "Over Insure".

[thomaskuhn]

Thats exactly what i was looking for. I just wanted to make sure that there were no loopholes where the insurance company declines to cover anything because we overinsured.