fully refundable deposit

[JoAnneNYI]

200 dollar refundable deposit made recently for an Oct. 2024 cruise.  For the pre existing waiver need to purchase by 2/14.  Any problem insuring a refundable deposit?

[GeezerCouple]

11 hours ago, JoAnneNYI said:

200 dollar refundable deposit made recently for an Oct. 2024 cruise.  For the pre existing waiver need to purchase by 2/14.  Any problem insuring a refundable deposit?

 

You should double check this with your travel insurance agent or broker.

The type of travel insurance we get requires that all non-refundable costs be insured.  However, in addition to that, the first insurance payment *must* be made within 10-20 days (depending upon state of residence) of the very first payment.  That usually means the deposit, which is often refundable.  Therefore, that deposit must be insured, and promptly... at least for the type of coverage we purchase.

 

Other policies may have different terms including payment and what's covered.

 

You might want to check with

www.TripInsuranceStore.com - they are a broker, but there is no extra cost to the traveler.  CALL them so they can discuss your specific travel plans and possible insurance needs or wishes.  They are "no pressure" and very patient with questions.

 

Through them, we get policies from Travel Insured.

We've had several claims (including a couple of large ones, unfortunately), and all of them have been paid promptly without the nonsense we read about.

 

GC

[iamtrustworthy]

On 2/3/2024 at 10:22 AM, JoAnneNYI said:

200 dollar refundable deposit made recently for an Oct. 2024 cruise.  For the pre existing waiver need to purchase by 2/14.  Any problem insuring a refundable deposit?

Hi JoAnneNYI,

 

You may insure a refundable deposit. Your goal is to buy the plan within the "Time Sensitive" deadline in order to get the Waiver of the Pre-existing Medical Condition Exclusion.

 

Steve Dasseos

[dmdiver]

I'm confused.  Everything I read on insurance company sites says they cover non-refundable items.  Anything that is refundable whether that refund is travel credit or actual refund of payment is not covered.

 

So, after reading that, what would be the benefit of insuring a refundable deposit? Wouldn't the insurer just deny, since you are getting that back?

 

Am I misreading something?

[GeezerCouple]

19 minutes ago, dmdiver said:

I'm confused.  Everything I read on insurance company sites says they cover non-refundable items.  Anything that is refundable whether that refund is travel credit or actual refund of payment is not covered.

 

So, after reading that, what would be the benefit of insuring a refundable deposit? Wouldn't the insurer just deny, since you are getting that back?

 

Am I misreading something?

 

Could you tell us exactly which policy from which insurer you are referring to, and perhaps the exact sentence (or better yet, paragraph).

This may not even apply to your situation.

 

In some cases, and this does not apply to everyone, IF one wants to waive the exclusion of pre-existing conditions [and keep in mind that the travel insurance definition of "pre-existing condition" is almost definitely VERY different from what we tend to think of in that category!], then for most (but not all) policies with this, one MUST begin the insurance coverage within 10-20 days (state specific).  So... if one doesn't want to pay for a huge trip cost that won't be paid for months or even years, then just choose the minimum amount... which is that first deposit.  That starts the clock for you.

 

As you make more payments for the trip, up the insurance for the payments-to-date, not counting that refundable bit anymore.

 

If you don't want a coverage that requires the exclusion. then this issue may not be relevant anyway.

 

GC

[klfrodo]

I agree with GeezerCouple in that to get the waiver for pre-existing medical conditions the policy must be purchased in a very short time frame after the initial deposit. Even a refundable deposit.

Also, the definition for a waiver of pre-existing medical usually includes non-traveling family members. By that, I mean, if you have to cancel your trip or interrupt your trip to go back home due to a family members emergency medical need, AND, your family members emergency was due to a pre-existing medical condition, coverage may be denied if you did not get the waiver.

[dmdiver]

This is what it has under Payment of claims in the World Nomads policy underwritten by Nationwide.

 

"All benefits payable under this Policy shall be reduced by the amount of any
credit, voucher or refund provided by any Common Carrier, Travel Supplier
or any other third party."

 

So, based on that wording, my air would not be covered if the airline issues a travel credit in lieu of a refund.

[dmdiver]

Seven Corners is the same - in the schedule of benefits it states that trip cancellation is up to 100% of non-refundable insured trip cost...

[klfrodo]

3 hours ago, dmdiver said:

This is what it has under Payment of claims in the World Nomads policy underwritten by Nationwide.

 

"All benefits payable under this Policy shall be reduced by the amount of any
credit, voucher or refund provided by any Common Carrier, Travel Supplier
or any other third party."

 

So, based on that wording, my air would not be covered if the airline issues a travel credit in lieu of a refund.

That’s true