can I insure trip for $1000 when it's more?

[249A]

My cruise with air included is $1100. The premium rises beyond $1000.

For $1000 the premium is $46... when I just put in $1001 .. just a dollar over... it rises to $57 .. same coverage.

I would eat the $100 if I had to cancel .. but wondering if I would be denied for whatever reason because i didn't give the "exact" cost of my trip.

[Bill S]

As far as I know, there is nothing illegal or wrong about doing what you propose. Of course, if you tell the insurance company that your cruise cost only $1,000 and you have to cancel for a covered reason, then you would be out anything above $1,000. You only get what you pay for.

;)

 

If you opt for the $1K coverage and have to cancel, you would be out $100. If you took the coverage for $1100 and have to cancel, that extra $11 dollars will have saved you $100 gross, with a net "save" of $89.

Of course, with insurance, you are betting the insurance company that you are going to have to cancel and they are betting you will not have to cancel. They usually win that bet, so maybe it is worth to save the $11. Only you can decide. :) BTW, have a great cruise!

[D4]

If you are getting pre-existing medical conditions waived, the policies I use require you to insure ALL your prepaid nonrefundable costs.

[cherylandtk]

As noted, some policy coverages require that you insure the full amount of the total trip, but if you don't want or need those coverages, yes, you can cover just the amount you want. Some people insure $0 trip cost when they don't want cancellation/interruption coverage and just want the medical coverage. Not a good idea in my book, but doable.

[cruiseco]

Along with the pre-existing condition coverage, some plans base other benefits on the client insuring every penny of their trip cost. Here's some examples:

 

"n) Bankruptcy or Default of an airline, cruise line, tour operator or travel supplier (other than the tour operator or travel agency from whom You purchased Your Travel Arrangements) . . . . This benefit only applies if the policy has been purchased within 15 days of Your initial payment for the Trip and for the full cost of the Trip;"

 

"(k) A Terrorist Incident that occurs in a city listed on Your Covered Trip itinerary . . . This benefit only applies if the plan has been purchased within twenty-one (21) days of Your initial payment for the Covered Trip and for the full cost of the Covered Trip. "

 

"CANCEL FOR ANY REASON COVERAGE

. . . .

2. this insurance coverage is purchased for the full cost of all non-refundable prepaid Trip arrangements that are subject to cancellation penalties and/or restrictions;"

 

And some of the plans that normally have a trip interruption benefit of 150% of the trip cost you insure will drop that to 100% of the insured trip cost if you don't insure 100%.

 

Once you've picked a plan and before you make your purchase be sure to read it caarefully to find out what, if any, benefits you're giving up by insuring less that the full cost of your trip.

[sirwired]

As a random side-note, you should usually NOT insure a trip for $0, even if the trip is free. A $0 policy can change the effective date of your policy to the date of departure (since there isn't anything to insure prior to that point.) That, in turn, can effect pre-existing condition coverage if you require medical treatment on your trip.

[249A]

thanks for all responses... they gave me my food for thought.

I then contacted one travel insurance company..

I can cover trip up to the $1000 limit no problem.. as long as I'm not opting for the "pre existing" coverage.. (which is fine)

We did talk about including flight coverage..

Agent says I only need to list cost of the $75 change fee for airfare because that would be my "nonrefundable" part.. credit for future air would be given by airline. So, it all works out.

thanks again all.

[Lou33]

Taxes and port charges are always refundable and they can be a substantial percentage of the total price. Price your insurance with and without taxes/port charges. If including taxes/port charges does not get you into the next cost bracket, then no harm done, but never pay extra to insure taxes/port charges.

 

Your insurance will never pay you for this since it is refunded directly by the cruise line. You can't double dip. Don't pay extra to insure something that you can never claim as a loss.