Yes, I want to protect my trip for
$86.00 total.
*Exchanges are valued at $1,000 for trip cost purposes.
Protection that travels wherever you go. Benefits include:
- More flexibility: Reimburses up to 100% for covered trip cancellation, interruption, and eligible travel delay expenses
- Peace of mind: Insurance for lost, stolen, damaged or delayed personal belongings
- Reliable benefits: Protection for covered emergency medical care and transportation during your trip
- Help when you need it: 24/7, award-winning travel and emergency assistance services
- NEW Epidemic Benefits: Get reimbursed up to 100% for certain expenses if you or a family member gets sick with COVID-19 (see link below)
Benefits
Coverage (per person)
Trip Cancellation CoverageUp to 100% of trip cost ($20,000 max.)
Trip Interruption CoverageUp to 150% of trip cost ($30,000 max.)
Emergency Medical/Dental Coverage$50,000 ($750 Dental Coverage max.)
Emergency Transportation Coverage$500,000
Travel Delay Coverage$1,200 (Daily max.:$200 with receipts; $100 without receipts) - Minimum Required Delay - 5 hours
Baggage Loss Coverage$1,500 ($500 High Value Item max.)
Baggage Delay Coverage$200 ($100 no receipts max.) - Minimum Required Delay - 12 hours
Change Fee Coverage$500
Loyalty Program Redeposit Fee Coverage$500
Travel Accident$10,000
ConciergeIncluded
24 Hour AssistanceIncluded
Pre-existing Medical Condition Exclusion WaiverAvailable
On the surface this looks pretty good, but remember the fine print as to what’s covered and what’s not. For instance, we were stranded once due to a fisherman’s strike blocking the port. On the surface, our insurance covered strikes. In the fine print, only SPECIFIC strikes, which did NOT include a fisherman’s strike that blocked entry into the port. They did not reimburse the cost of airfare in this instance. The result was we were out $1,800. They did cover the hotel, taxi to/from the airport and meals.
Now let’s look at all the benefits. Except the cost of the exchange, valued at $1,000, the majority of these are covered by other means, so they’re really not much of a benefit. Often times they’re secondary, so they only pay out if there’s no other coverage available.
Then there’s that $1,000 valuation. Most of my MF’s are in the $1,500 to $2,500 range. That’s not exactly full coverage. I’d be better off with a replacement week in most situations IF I can get one.
Now let’s look at the mileage, or cost vs risk. This will be different for everyone.
We’ve been timeshare owners for 25 years and average 4 full timeshare week vacations per year plus a few weekend trips, but let’s just look at the full week vacations. I believe the insurance cost has gone up a little over time, but so has the valuation of the week, so let’s just say $85 per reservation.
4 X 25 = 100
85 X 100 = 8,500
I know I’ve lost at least one week due to the pandemic, but other than that I can’t think of another week for certain, but let’s add another one in there anyway.
2 X 1,000 = 2,000
Buy insurance $8,500 - $2,000 (benefit payout IF it’s one of 20 covered reasons) = $6,500.
So if I bought the insurance, the true cost (cost - benefit pay out) is $6,500 paid $85 per reservation. It seems small per transaction but is costly over time. This is why I say the cost outweighs the benefit for us. I understand that I’ll suffer the “big” loss occasionally, but that cost is less than the guaranteed cost (premium) when it comes to assumed risk.
It’s also the reason I decline rental car protection every time I rent a car.
Everyone e needs to asses their risk tolerance. Risk losing the vacation week or risk buying the cost of insurance that will pay in all likelihood a portion of your weeks MF’s. If you tend to frequently travel to hurricane prone regions during high hurricane risk season, it’s probably worth the cost of insurance. If your traveling to Lake Tahoe during fire season, based on historical resort closures, I’d say your typically better off assuming the risk. Based on pandemic closures? It’s likely that the insurance is a reasonable purchase at this time as there is so much uncertainty, but I’m far enough ahead that I’m still willing to assume the risk myself, plus the exchange companies and management companies have shown so member/owner goodwill by offering some compensation in the form of replacement weeks or replacement points. Yes there are restrictions so it’s not FULL value, but the insurance isn’t typically full value either.