Should I insure my cruise at time of booking or wait?

[Georgia_Peaches]

Just booked a cruise on Regent Grandeur for April, 2025.  It's the most pricey cruise we've ever booked and we will most definitely be insuring it...my question is, when?  Our deposit is refundable until December, 2024.  After that, the usual penalties occur and become more punitive the closer we get to sail date.  Is this when I should seek to get the insurance or will the rates be more because I waited?  I've never insured a cruise in the 20k+ range before so I'm not really sure what I should do in terms of timing for the purchase of the insurance policy.

 

What are the advantages/disadvantages of waiting?  And insights greatly appreciated!

[Babr]

Option 1:  You can insure just the deposit now and increase coverage as you add non refundable expenses.

Advantages: 

1. Lock in pre-existing conditions coverage

2. Lock in premium rate at current age

3. CFAR is available.

 

Disadvantage:

Policy premium is not refundable, but you can apply it to another cruise. If a life event causes you to cancel before final payment, you still have a policy that you may not be able to use before it expires.

 

Option 2:  You can wait until final payment to insure your trip.

Advantages:

1. No money is at risk for either the cruise or insurance. Cancel at anytime before final payment and walk away clean.

2. Pre-existing conditions waiver is still available from some companies such as IMG, CSA, or Generali.

 

Disadvantages:

1. The premium will be somewhat more expensive because it is based on age as well as amount insured and length of trip. 
2. CFAR is not available.

 

Since this trip represents a major investment, I recommend that you weigh your choices, then consult a professional to be sure you haven’t missed any important considerations. Talk to Steve at The Trip Insurance Store. 

[Georgia_Peaches]

Thank you so much for the detailed response. I really appreciate the information and your time!!

[Bo1953]

9 hours ago, Georgia_Peaches said:

Thank you so much for the detailed response. I really appreciate the information and your time!!

gp not to worry, on this forum, this is what the 'experienced' posters and readers do to help protect those of us who understand that some coverage may be needed regardless cost of sailing... and have questions about the who, what, when, where and how much to consider.

 

bon voyage

[erby2283]

Due to the fact that I take comfort in having CFAR, I always purchase when I put down my deposit.  When I spoke with my TA, I originally thought that if I cancelled before final payment, the only thing I'd be out was the price of the insurance (and airfare if I booked it already), but he told me that he can actually transfer the policy to another trip so I wouldn't even be out the price the insurance.  However, since I'm looking at a Mediterranean cruise, I can't wait until final payment to book airfare so chances are I guess I would end up filing a claim???? Need to ask my TA about a situation like that.