Crusie Cancellation/Medical Insurance

[Kathristin]

Has anyone ever heard of Vacation Protection Services. I've read the terms and conditions and they seem legit, but I just want to make sure before I buy.

 

Thanks

[Kathristin]

What about Travel Guard?

[ontario]

Hi Kathristin,

 

I did a search on Vacation protection services and found this http://ellipses.elliott.org/print/001668print.html

 

Have you tried http://www.insuremytrip.com

 

Good Luck

[TicTac#2]

I have used VPS several times, but never filed a claim. I prefer the

travel insurance which has a "cancell for any reason" clause, this type of

policy is a bit more premium, but worth the extra money.

[iamtrustworthy]

Has anyone ever heard of Vacation Protection Services. I've read the terms and conditions and they seem legit, but I just want to make sure before I buy.

 

Thanks

 

Hi Kathristin,

 

Vacation Protection Services doesn't sell travel insurance. It sells a variety of travel protection services. One way you can tell it's not a travel insurance policy is because they don't refer to an "Underwriter". Lacking an Underwriter, you are going on faith and hope that they will pay their claims.

 

You have to be careful with what you get. The phrase "travel insurance" is used loosely to refer to a lot of plans that aren't really insurance at all.

 

The major difference is that travel insurance is regulated by your State's Insurance Department (if you have a dispute, your State's Insurance Department can help you). On the other hand, travel protection plans are not Travel Insurance (if you have a dispute, your State's Insurance Department can't help you).

[iamtrustworthy]

Has anyone ever heard of Vacation Protection Services. I've read the terms and conditions and they seem legit, but I just want to make sure before I buy.

 

Thanks

 

Hi Kathristin,

 

Vacation Protection Services doesn't sell travel insurance. It sells a variety of travel protection services. One way you can tell it's not a travel insurance policy is because they don't refer to an "Underwriter". Lacking an Underwriter, you are going on faith and hope that they will pay their claims.

 

You have to be careful with what you get. The phrase "travel insurance" is used loosely to refer to a lot of plans that aren't really insurance at all.

 

The major difference is that travel insurance is regulated by your State's Insurance Department (if you have a dispute, your State's Insurance Department can help you). On the other hand, travel protection plans are not Travel Insurance (if you have a dispute, your State's Insurance Department can't help you).

[cruiseco]

A big tip off that you're not dealing with an insurance company (besides the lack of an underwriter as previously noted) is when they go out of their way to use the word "insurance". Here's from their web site:

 

"The following describes all of the terms, conditions and definitions of the membership and service contract you have purchased. Please read it carefully.

 

Should you decide to cancel this service contract you may do so in writing within ten (10) days of the date of purchase unless your trip has departed. If canceled as described, you will receive a complete refund.

 

To be eligible for this service you must be a citizen or resident of the United States or Canada."

 

"Membership". "Service." "Service Contract." etc.

 

What's the difference? If you have towing coverage through AAA you have a service contract, not insurance. AAA pays the tow companies out of the pool of money received from those who have bought the service contract. Since there's no underwriter, the money available to pay for tows is limited by the number of members and the money they have paid into the pool.

 

Do you really want a company whose ability to pay your claims is dependent on others buying a service contract or would you rather know that there's a licensed and registered and independently-rated underwriter who has very deep pockets and is required by law to pay the claims?

[Kathristin]

I see your point. So as long as the "insurance" company has an underwriter listed, it is considered bonefide insurance. But how do I know it the underwriter is legit?

[cruiseco]

duplicate

[cruiseco]

I see your point. So as long as the "insurance" company has an underwriter listed, it is considered bonefide insurance. But how do I know it the underwriter is legit?

 

Your best bet is to go to your state's department of insurance web site. For example, in California it's http://www.insurance.ca.gov

 

You'll be able to see if the plan's underwriter is registered with the state to offer insurance to the state's residents. Depending on the state, there may be more info such as compliance issues, complaints, etc. But if it's registered in your state it at least meets their minimum financial requirements, hasn't had so many complaints that they've been barred, and are subject to whatever level of oversight and complaint resolution your state provides.

[iamtrustworthy]

I see your point. So as long as the "insurance" company has an underwriter listed, it is considered bonefide insurance. But how do I know it the underwriter is legit?

 

Another way you can know is to go to http://www.ambest.com - A.M. Best is an independent company that rates all insurance companies. You can learn what you want here.

 

Here are some more things to understand:

 

- The travel insurance company is really the underwriter;

- Companies like Travel Guard aren't the travel insurance company. They are the travel insurance provider;

- Only travel insurance licensed agents can sell travel insurance. I am a licensed agent with the companies I sell;

- Since travel insurance is a regulated product, you pay the same price whether you get it from the travel insurance provider or a travel insurance licensed agent.