How do you insure for non refundable expenses that are refundable now

[mauimary]

We are in the process of booking some private tours in which we will have to make large deposits for. It would be a refundable expense up to seven days prior to the tour. After that point it becomes nonrefundable.

 

Question....how do you add this to your trip insurance policy when you need to let them know as you acrue additional expenses. Refundable for the next 3 plus months and then becomes nonrefundable.

 

Thankyou:)

[mauimary]

To clarify my question we have a CSA policy bought through Insuremytrip and we are paying in stages as we add expenses. Hope this might help to make a little more sense out of my question.

 

Thanks:)

[seanh]

I believe you add everything your estimated to pay before cruising. You do this by calling the insurance company and telling them how much your out of pocket expenses have increased. They then tell you how much your policy has increased.

 

 

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[Happy2cruise]

I believe you add everything your estimated to pay before cruising. You do this by calling the insurance company and telling them how much your out of pocket expenses have increased. They then tell you how much your policy has increased.

 

 

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Also, they will send you a revised policy coverage amount....at least ours does.

[sirwired]

I honestly have no idea how they treat refundable amounts that shift into non-refundable ones. To be safe, unless you can get a clear answer from your insurer, I'd insure the payment as soon as you make it, no matter what the schedule is for it to become non-refundable.

[Peg_S]

I just asked that question to our trip insurance company. They told me to tally all the non-refundable expenses based on the day our trip begins. Rats. But I know if you don't insure the entire trip your policy can be voided

 

That's what I was told.

 

Peg

[Suzanne123]

I thought this was interesting from the Tripinsurancestore:

 

http://www.tripinsurancestore.com/blog/dont-waste-429-on-un-needed-trip-cancellation-insurance/

[Happy2cruise]

I thought this was interesting from the Tripinsurancestore:

 

http://www.tripinsurancestore.com/blog/dont-waste-429-on-un-needed-trip-cancellation-insurance/

Does make sense as nothing is prepaid. Airfare was purchased in points so can't insure them, room will not be paid until they get there.

 

This is why I personally like and trust tripinsurancestore. They do not try and sell you coverage you do not need:)

[mauimary]

Regarding the CSA policy that I asked about we did not buy it until several months after we reserved the cruise. So we do not have pre-existing or cancel for any reason policy. We are paying it in stages and final cruise payment is not for another month. We have reserved a private tour in England of which requires a fifty percent deposit. It is refundable until 7 days prior to the date of the tour. Final payment is made on the day of the tour. We also have an additional private tour in Russia that is payable at the time. Hence no cost to us until we get there. The obvious being that it would leave the other couple in a big mess without having someone to share costs.

 

My concern is that if one tallies up all the non refundable costs for the day the trip starts and insures them at this point the cost of that policy is paid upfront now and one could cancel the whole trip and have no claims. I understand this. We did have to cancel a cruise a year ago of which I had put everything into the policy ahead of time and we had no claims. We had used airmiles and we covered the cost to put them back into our account. Insure my trip worked with us and the insurance company did allow us to apply the insurance amount to another trip one time only. This is why we are paying in stages and I am being more conservative. I do not want an expensive policy I do not need yet. I fully understand and plan to put everything into the policy. There are definitely gray areas and this is one of them. It is difficult for me to know just what to do.

 

Thankyou all who have offered input I appreciate it.:)