How long to buy insurance before cruise?

[Rottweiler Puppy]

.... As example, I've taken 14 cruise vacations, and about 10 resort vacations in the last 13 years. That's 24 trips costing on average about $7000 each. If I had bought insurance each time, I would have paid over $15,000 in insurance. That's enough to pay for 2 full additional vacations. ...

 

A medivac can easily cost well beyond $15,000

[Sailor_Sally]

If you play blackjack and have ever looked at a book or video to learn how to play it better you'll know, insurance is never a good bet.

 

it's really the same for travel insurance.

 

Oh sure, there's lots of people who'll tell you how insurance saved them thousands, but strictly statistically speaking, it's not a good purchase, especially if you travel often.

 

]

 

I have done much better with insurance than the casino . I have had four claims . Two for a sudden death , one for loss of a expensive ruby & diamond ring & one for a sudden illness of my 96 year old mother .

[Hlitner]

Anyone ever know anyone that has ever had to use it. I'm not questioning the

need just the experience. (I have no per-existing conditions)

 

Well, we had to use it on one planned trip. But keep in mind that DW and I have spent more then 3 years on cruises all over the world, and we only bought Trip Insurance one time. The reason was that DWs parents were quite old and having major health problems. It turned out that DWs mother became seriously ill 2 days before that trip (resulting in her death a few days later) and we cancelled our entire trip. We had bought a comprehensive policy from CSI and they quickly paid-off on our entire claim. I should add that at as a general rule we seldom buy trip insurance since we travel an awful lot (about 6 months a year) and trip insurance is very expensive. We have made a reasoned decision to self-insure our trip costs (we would have spent that money anyway) but do carry extra health insurance with very high limits. That health insurance policy is an annual policy which covers all of our trip (up to the first 70 days per trip) throughout the entire year. And by the way, that Health policy only costs us $350 per year (total cost for 2) and includes $500,000 in medical and $250,000 for evacuation.

 

We think that many of the Trip-Insurance policies do not give adequate medical coverage...so one needs to carefully read the fine print. Remember, the cost of your trip is a fixed amount (for insurance purposes) and is money you can afford (you did book the trip). But medical liability is unlimited and few folks can ever afford the costs of a major medical problem during a trip (or otherwise).

 

 

Hank

[twentyknots]

My parents are elderly (91 and 90) but relatively healthy. Nevertheless, at their age anything could happen suddenly that would require me to cancel or return. My wife and I are in good health but one never knows. Last year we had a cruise booked for April. In February I had terrible stomach pains which subsided with 45 minutes. In late March it happened again so I went to doctor. He took blood and called me at home that night and said I needed abdominal ultra sound first thing the next morning. Test showed dilated bile duct which required surgery to fix. Doc said the cause was rare and is unlikely to ever cause problem again. I was glad I had insurance when I was lying in the hospital.

 

Our TA used to represent Travel Guard which charged 7% of total non refunded charges, and included pre existing waiver even if paid at time of final payment. Now they use another insurer which requires pre existing waiver at time of deposit. Still 7% fee, but I wait until final booking to buy.

 

We travel with another couple sometimes we met on a cruise 2 years ago. He's 83 and his wife is maybe 5 years younger. They've been cruising twice a year for many years and have never bought insurance. Different strokes for different folks.

[twentyknots]

Bt the way, I agree with D4's comments about those who decide not to buy insurance and then have some sort of emergency and have to cancel. Without insurance, you pays your money and you takes your chances as the saying goes.

[d&a Delaware]

:cool: When to buy insurance?

Just wondering.

 

JT

 

I wait until I have an insurable event, which would be some sort of non-refundable (or largely non-refundable) expense such as airfare, non-refundable hotel reservation(s) or final payment. So long as my out of pocket expenses are fully refundable if I should need to cancel (ie my cruise deposit before final payment due) I see no reason to purchase the insurance. That said, I do not at this time have any pre-existing medical conditions that I anticipate will keep me from traveling (I do have as some mobility difficulties which I can accommodate), and as soon as I incur a non-refundable expense I always buy trip insurance with reasonable but not excessive limits. Lately I have been very happy with offerings through Insure-my-trip, and there are alternative policy comparison clearinghouses which could also work.

 

Davide

[gospelle]

Since you are into statistics, you should also know that by traveling often, you also increase your chances of running into a situation that would derail your vacation. If you travel two times a year, you double your chances of needing insurance.

 

Chances of me getting in a car accident today are low. Does that mean that I should cancel my car insurance? Because statistically speaking. I don't need it. :rolleyes:

 

 

 

We insured our upcoming cruise for $95 (or 1.9% of the cost of our vacation). Your numbers are off.

 

Your statistics mean NOTHING if you happen to be the ONE person whose vacation plans get ruined.

 

There's something MUCH more important to me than the odds, percentages and probabilities. And that is the PEACE OF MIND that comes with knowing that, in the remote chance that something does happen, I'm covered.

 

My numbers are not off. to buy Trip Interruption/Cancellation + Medical Insurance is about 10% of amount insured. a) I'm in Canada. Everything is ridiculously expensive here compared to US. and b) it's not 10% of vacation, it's 10% of amount insured. there's a difference. I paid $1500 in ship excursions for our upcoming cruise but I don't insure that because I get that refunded if I cancel. Only the non-refundable portions are what you insure and generally that's a lot less than the vacation costs.

 

Car insurance is required by law, you can't cancel that and even if you could it's not a good comparison. Car insurance, at least the mandated part, is for 3rd party liability. something that is not applicable to travel insurance. What would be comparable is collision insurance for your car, which is entirely optional unless you owe payments or lease. And just like travel insurance, statistically you're better off declining the optional collision coverage in the long run.

 

And yes, even if I am the ONE person who gets my vacation ruined, the statistics still are just as valid. Just because I may get unlucky, it doesn't change the odds. Just because someone wins the lottery doesn't make buying a ticket a good bet. Same thing. In the long run, you (the average joe) will save money by not buying insurance.

 

Could you come out ahead if you buy it and need it? Of course. Do some people leave Vegas with more money than they arrived with? Of course. Do most people? Same thing.

[gospelle]

Your blackjack analogy is laughable. For me, buying the insurance gives me peace of mind, and is affordable (roughly 3.7%) of my cruise fare. You say do the math. I am also an avid blackjack player, but I know how to count cards, and when you know the true count, there are times when you don't split 8's, and you do take insurance!!!

 

BTW, show me any basic strategy that tells you to double down on two aces. You split them!!

 

 

yes, I mis-typed, you of course split aces, but then you only get one card, just like doubling down, which is what my brain was thinking when I typed it. Your card counting analogy is sound. I said the same thing essentially. If you read my statement, you'll see that I said quite clearly... "unless there is some external risk that alters the math".

 

But if it's a standard situation, standard risks, then just like basic strategy, insurance is a bad bet.

[gospelle]

I don't think the blackjack analogy makes any sense. In blackjack, you know exactly how much money is at stake. Also, if you hit a bad streak of losing, you can just stop playing and you won't lose any more money.

 

With a cruise, the potential loss is unknown and difficult to quantify. And once you've incurred a loss, you can't change your mind and say ok now I want to insure the rest of my trip to limit my losses.

 

I agree that buying trip insurance just for the cancellation coverage doesn't make sense for everyone. But IMO, unless you're really wealthy, you should have emergency medical evacuation coverage. You may have a low likelihood of needing that coverage, but if you do then you can easily have to pay $50,000 or more. Most health insurance policies do not cover medical evacuation even if they cover you for emergency health care treatment anywhere in the world.

 

that seems high to me, but I can imagine a worst case scenario that might incur that. either way, I'm fairly certain that's covered on my wife's employee plan. I'll have to check.

 

If you're young and healthy like me, medical insurance is cheap. what I've been talking mostly about in this thread is the trip cancellation/interruption insurance.

[gospelle]

that seems high to me, but I can imagine a worst case scenario that might incur that. either way, I'm fairly certain that's covered on my wife's employee plan. I'll have to check.

 

If you're young and healthy like me, medical insurance is cheap. what I've been talking mostly about in this thread is the trip cancellation/interruption insurance.

 

I checked. I'm covered up to $1,000,000 per person for all emergency medical services and it includes ambulance and air ambulance services. :)

[Ashland]

She lost her battle with Inflammatory Breast Cancer in Feb. She was only 33.

 

Thank you for your prayers. Even though she is gone we still need prayers as we try to figure out how to live without the sunshine of our lives.

 

Casey (my daughter) was married on the Pride in March of 2010. Next year we are doing a memorial cruise and sprinkling some of her ashes in the sea.

 

I appreciate small acts of kindness so much more now. So I really appreciate your kind words.

Adding my prayers also....I know how hard it can be to move forward....but you will....we all must....because that's what they would want for us.

[cathyoo]

Adding my prayers also....I know how hard it can be to move forward....but you will....we all must....because that's what they would want for us.

very much appreciated.