Saved $300 by Reading and Learning From Others

[klfrodo]

My wife and I decided to take a quick trip to the DR.

Went to http://www.tripinsurancestore.com to get some insurance pricing.

 

My thoughts went something like this.

Out of pocket is going to be about $6K

My airline status allows me to make changes or cancellations without any fees.

The other airline tickets are refundable. (Don't need to insure air)

 

The rest of the trip, I can eat if something happens. (self insure and/or coverage included in credit card)

 

What about medical? We are getting up there and 1 of us are prone to stubbing toes or tripping and falling.

Okay, lets look at Medical only

 

Full trip coverage was $390

If I inserted trip cost at $1, insurance was $91

If I inserted trip cost at $501, insurance jumped to $156

If I kept the trip cost at $500, premium dropped back to $91

 

By leaving the trip cost at $500, I at least have some coverage where the insurance pays out the "Up to 100% Trip Cost" clauses. (trip cost of $1 would have meant a $1 claim instead of a $500 claim)

 

So, end of the day, Wife and I have Primary out of country medical, evac, and repatriation coverage for 1 week for $91. (We also have Medjet Assist and are aware of its limitations)

No, no pre-existing condition coverage (Have to cover full trip cost for that coverage)

 

What did I learn?

 

Check your credit cards for any Cancellation coverage

Look at the out of pocket risks. Can you financially absorb a $2K hit? What about a $5K hit?

Look at medical. Can you absorb a $50K hit

Compare policies (look for the 1 that fits your needs)

[buggins0402]

Some insurers have a “gotcha” clause which require the all non refundable costs be insured for certain benefits. I’m assuming this wasn’t the case, for medical and the small cancellation benefit. If not, I like the idea. Heck, $500 cancellation is better than nothing. Does the cancellation include a pre-existing waiver?

[klfrodo]

Does the cancellation include a pre-existing waiver?

 

No, that would require ALL non refundable costs to be insured.

I’ll accept that risk.

[buggins0402]

OK, think I’ve got it. Cancellation would be an add on for those with a low CC non waiver benefit, or an add on for those without that benefit. But, they would get assured medical Primary.