Travel insurance and price adjustments

[FlyingAnchor]

Greetings all, 

At the beginning of summer we booked a cruise for 2020 and I also purchased travel insurance separately. About ten days later, the cruise went on sale so we upgraded our cabin (adding an additional perk) and increased the price of our cruise about $500. I called our travel insurance company and had to pay a hefty premium increase to cover the increased cost of the cruise vacation. 

Over Veteran's Day, the cruise line had an incredible sale and I was able to take advantage of the sale which lowered the price of our cabin just over $800. I called the travel insurance company to lower the cost of our vacation (which was now lower than our original price in the lower category cabin!) and have received a credit voucher to use towards insuring a future cruise/vacation. 

My question is: If we had added trip insurance directly through the cruise line would we have experienced the same increase in premium and only being given a credit voucher when the price dropped? 

Also, should we wait until closer to sailing to add trip insurance to avoid this issue in the future? In the past we've always added it directly at the time of booking and have never been able to take advantage of price adjustments such as these - so all of this is a first time experience for us! 

Thanks for your advice! 
 

[klfrodo]

4 hours ago, FlyingAnchor said:

 

My question is: If we had added trip insurance directly through the cruise line would we have experienced the same increase in premium and only being given a credit voucher when the price dropped? 

Also, should we wait until closer to sailing to add trip insurance to avoid this issue in the future? In the past we've always added it directly at the time of booking and have never been able to take advantage of price adjustments such as these - so all of this is a first time experience for us! 

Thanks for your advice! 
 

Question 1.

With travel insurance purchased through the cruise line, (okay, the major mainstream lines I'm familiar with) have a 1 price covers it all. Doesn't matter if you are 5yo or 105yo. Doesn't matter if you bought an inside cabin or their top of the line suite. 1 price. There are some advantages along with some major disadvantages. You find those by comparing what coverages you are actually paying for.

 

Question 2

You can wait until the day before you depart on the trip if you so desire.

However, if you want certain coverages, you must buy within a certain timeframe from the time you make your initial trip deposit. Again, you find those out by comparing coverages.

 

Not all travel insurance is a one size fits all. When you buy travel insurance it should be like going to a tailor for your clothes. You pick and choose what coverages you want and/or need.

How much Trip Delay do I need

Do I need cancellation

Do I need medical and if so how much. Should it be the Primary or Secondary. Will they send a payment if necessary

Do I need to make sure any pre-existing conditions are covered

Do I need rental car coverage

Do I need repatriation of remains coverage

Do I need a "Cancel For Any Reason" rider

Do I need evacuation coverage in case of war/terrorism/hurricane/tsunami/civil unrest

Do I need medical evacuation coverage

Do I need to cover airline and hotel costs

 

This list can go on and on.

Edited November 27, 2019 by klfrodo

[FlyingAnchor]

19 hours ago, klfrodo said:

You find those by comparing what coverages you are actually paying for.

 

Thank you! For this upcoming cruise in question our priorities were trip cancellation (for as close to any reason as possible!) and medical coverage should something major happen while away (though we have no pre-existing conditions). 

Trip insurance isn't something we historically paid attention to, like I said, so now I'm trying to learn the best tips and tricks for going forward with those as our top two priorities, always! 

[klfrodo]

https://tripinsurancestore.com/

 

Read the FAQs section. You'll learn more about travel insurance than you ever even knew you needed to know.

 

(for as close to any reason as possible!) - That's like being a little pregnant. Either/Or are the only options. Even then Cancel for Any Reason only pays back anywhere from 40% to 75%. Sometimes in cash, sometimes ina future credit. Depending on policy

 

I'll share what I do.

Let's say my cruise is $5000 total.

Do I NEED cancellation coverage? Well, to be honest it sure would hurt if I had to lose $5000, but it won't kill me.

For me, Cancellation coverages start at trip cost of $0 to $500, then the price of insurance jumps at $501 - $1000, and then jumps again.

DO I NEED Medical and Evacuation. Again, to be honest, a $50,000 medical bill with a $100,000 medical evacuation would devastate me. Therefore, I need medical coverage.

 

So, when I buy travel insurance, I put the trip cost at $500 per person. That way I get the medical and evacuation coverage while self insuring the cancellation.

We're getting ready for a Europe cruise. Total cost is going to be in an area where I am buying cancellation coverage along with medical and evac. I might be able to survive the monitary loss if I didn't get cancellation, but I can't afford the wife in my ear if we lost that money 😉