Return of Premium Option for Travel Insurance?

I'm looking at a couple of travel insurance packages (TravelSafe and CSA
Travel Protection - Advantage) in connection with a cruise. CSA has a
Return of Premium Waiver whereas TravelSafe does not. Otherwise the
policies are similiar in price and features. The insurance company is
Stonebridge in both cases.

Question: Is the Return of Premium Waiver an important feature to consider?

Question: Is the Return of Premium Waiver an important feature to consider?

The biggest benefit of the Premium Waiver is that it addresses that age-old
problem of when to buy the policy.

With most plans, the premium becomes non-refundable once paid (usually there's
a 3 to 10 day "free look" period). So if you buy the plan and later cancel your
cruise you've perhaps got a policy you can't use. However, almost all insurers
will let you transfer the premium amount to a replacement trip.

The other factor is that the insurers will give some additional benefits if you
buy the plan within 7 to 21 days of the date you make the first payment on the
cruise. These can include coverage for pre-existing medical conditions,
financial default coverage, terrorism coverage, and the like.

So the question you have to ask yourself when you make your deposit is
(assuming you're planning on buying coverage) is do I buy the policy now and
lock in those additional benefits or do I wait until there's any penalties that
really need to be covered.

With the Premium Waiver, CSA is letting you get the additional benefits of
purchasing early without putting your premium at risk.

Global Alert also has a similar refund policy.

Whether or not it's important to you depends on your situation. Maybe you might
cancel the current booking but if you do you'd be re-booking another trip. If
that's the case then it really doesn't matter since the premium is
transferrable to a new booking anyway. Or maybe you don't care about those
additional benefits so it's no big deal.

One thing to keep in mind is that you can't just cancel the coverage and get a
refund. You actually have to cancel the trip. For example, say you buy the plan
because Grandma isn't doing too well and you want to be covered if you have to
cancel your cruise if the worst happens. If she miraculously improves and you
don't think you need the coverage any more you can't cancel the policy and get
your money back. You would have to actually cancel the trip -- and they will
ask for proof of the cancellation.

By the way, the TravelSafe and Global Alert plans are essentially the same.
It's two different companies marketing the same plan. One difference is that
the Global Alert plan has a premium refund feature.This is from their FAQ's:

"8. If I cancel my Trip and there are no cancellation penalties, will you
refund my insurance premium?

If you must cancel your Trip before there are any cancellation penalties or
fees, we will gladly refund your premium, if requested"

So, if you like the features of the TravelSafe plan but you also want the
premium refund feature of the CSA Advantage plan you can just choose the Global
Alert plan instead. It should price out within a buck or three of the
TravelSafe plan.

Cruzinsure wrote:
Question: Is the Return of Premium Waiver an important feature to consider?


So, if you like the features of the TravelSafe plan but you also want the
premium refund feature of the CSA Advantage plan you can just choose the Global
Alert plan instead. It should price out within a buck or three of the
TravelSafe plan.

Many thanks for your thoughtful response. I will be sure to look at the
Global Alert plan.

Cruzinsure wrote:

Question: Is the Return of Premium Waiver an important feature to consider?



When I look at Global Alert on insuremytrip.com, it shows it listed
under M.H. Ross* with no mention of a Return of Premium Option. Is there
somewhere else I can look?

When I look at Global Alert on insuremytrip.com, it shows it listed
under M.H. Ross* with no mention of a Return of Premium Option. Is there
somewhere else I can look?


M. H. Ross is correct -- they're the company that markets the Global Alert
plan.

You can access their site directly at http://www.globalalerttravel.info

Look on the FAQ section for the info on their premium refund policy as quoted
in the previous post. The best/easiest way to verify it is to call them
directly at 800-423-3632

You can purchase the CSA travel insurance directly from their web site:
www.csatravelprotection.com. If you purchase the policy within a short
period of time of purchasing your trip, you have more options, such as
pre-existing medical conditions coverage and protection from your
cruise company going bankrupt. So, don't wait around.

You can purchase the CSA travel insurance directly from their web site:
www.csatravelprotection.com. If you purchase the policy within a short
period of time of purchasing your trip, you have more options, such as
pre-existing medical conditions coverage and protection from your
cruise company going bankrupt. So, don't wait around.

Ted Drake wrote:

You can purchase the CSA travel insurance directly from their web site:
snip

Well done, Ted!

You have only made 6 posts with your current address, and
all but one of them are SPAM.

It is best to not say to go to "their" website when you
represent the company. It is evidence of an attempt to
deceive the readers and will garner more dissatisfaction
than just being honest and putting your company name in your
tag line (like mine).

You have already gotten one person that has chosen to
boycott your business and I am sure that there will be
several more.

If you want to promote your business, then become part of
the community by asking or answering questions. If you have
your company in your tag line and someone asks you about the
product, then you can tell about what you offer by answering
the question.

There are several travel related business here that offer
very valuable information and insight. They may even get a
customer or two from this dysfunctional little "family".

Just my $.02

--

Ray Contreras
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Webmonkey for:
http://www.ossystems.com
http://www.bobs-garage.com
http://www.rayzplace.com