Insurance policy adjustments

[BosoxI]

Can someone address his experience in modifying his insurance policy after receiving a price break? That is, suppose a cruise is booked at a cost of $2000 and insurance is purchased reflecting that coverage amount. Then, the fare is reduced by, say, $300 to $1700. Aside from any possible cost saving, is it necessary to adjust the policy? Will the insurance company take advantage of the situation by charging penalties for the change? Should sleeping dogs be left to lie, or will there be a problem should a claim be made?

[WestLakeGirl]

Without knowing which company you purchased the policy from it is impossible to answer your question

[daisy-mae]

I would let the dogs sleep.

 

Most of the trip cancellation insurance plans that I am aware of are not normally priced on a sliding scale -- we pay one fixed amount based on the duration of the trip with a maximum amount set for accident coverage. I can't imagine that $300 would make much of a difference in terms of the insurance cost, and if you do need to avail yourself of the benefits, I would simply provide the insurer with your final invoice and point out that you overpaid.

[Lsimon]

I don't think you'll ever have a problem insuring the trip at a higher value, since a claim will always be limited to actual costs incurred. You'll only have issues if you purchased coverage for less than the actual cost. As to whether there might be a refund of premium if you get a price discount: This is would depend on the wording of the policy. My intuition says you'd be out of luck on a partial refund but I would still check it out.

[many cruises]

We purchased travel insurance from Travelex for our cruise. We were able to get a significant cruise price drop (over $1,000) from the time we purchased our insurance. I called Travelex and they corrected the amount we insured to reflect the new lower cost and credited my credit card for the extra insurance amount. In our case, the insurance price reduction was well worth contacting Travelex. Hope this helps! :):)

[Scotty G]

Our newer policies are based on the price of the cruise and our ages and we have received refunds when cruise prices dropped.

[Happy2cruise]

We purchased travel insurance from Travelex for our cruise. We were able to get a significant cruise price drop (over $1,000) from the time we purchased our insurance. I called Travelex and they corrected the amount we insured to reflect the new lower cost and credited my credit card for the extra insurance amount. In our case, the insurance price reduction was well worth contacting Travelex. Hope this helps! :):)

That has been our experience with TravelSafe Insurance also. Whenever there is a price drop that puts us in a lower bracket, a refund is issued for the difference.