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'Splain Me About Insurance?

Chicagoland
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20,022 posts
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'Splain Me About Insurance?

This Little Old Lady takes one big trip a year. Please help me understand what travel expenses are covered by CC -- and what trip insurance covers/costs. Our annual jaunt has gotten *expensive*.

DH and I are paying about $1600 each airfare, charged on the airline's member card. We're staying at our own condo -- 'free', but it would cost a guest $11,000.

Two years ago we had to cancel a trip last minute for (documented) medical reasons. The airline refunded some of the fare and all of the miles we'd used to upgrade to first class, but not the $350 pp cost of applying the miles. I was able to book some of the time we would have been using the condo.

I see some trip insurance for about $400 to cover only the airfare. Is loss of income on the condo eligible to insure?

Manchester, United...
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313 posts
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1. Re: 'Splain Me About Insurance?

If I were in your shoes I would be making the enquiry with an insurance company and if I owned the insurance company I would probably say if the condo hasn't cost you anything then what loss have you suffered.

Seattle, Washington
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94 reviews
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2. Re: 'Splain Me About Insurance?

That price seems high for travel insurance. I don't know what's covered by "CC" (credit card??)

I agree that you cannot insure the condo; if you cancel the trip, you will not have incurred any loss. You can only insure what you will be out-of-pocket.

Berkshire, United...
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for Prague, Bohemia
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3. Re: 'Splain Me About Insurance?

unless you mean 'economic' loss - not using your apartment which you could have rented to someone else.....no insurance will cover this as far as I know.

San Diego
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for San Diego
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4. Re: 'Splain Me About Insurance?

Every credit card is different so no one can tell you what yours will cover.

You can read the terms that come with your card or call the company to find out.

I have never paid anywhere near that amount for trip cancellation/interruption insurance for a plane ticket!! I often just buy the insurance for that from the airline that sold me the ticket.

You can compare trip insurance prices on a site like:

www.insuremytrip.com

Edited: 18 April 2012, 12:02
Chicagoland
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20,022 posts
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5. Re: 'Splain Me About Insurance?

Yes, I mean economic loss on the condo, which would earn $11,000 in rentals. Our complex enjoys 100% occupancy in January and February, but people plan ahead -- we can't re-book it completely last minute.

Thanks.

Scotland
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1,332 posts
22 reviews
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6. Re: 'Splain Me About Insurance?

Still no actual loss here. You don't plan to rent it out that week anyway, so whether you occupy it or not makes no difference to your bottom line.

Bingley, United...
Destination Expert
for Edinburgh
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31,224 posts
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7. Re: 'Splain Me About Insurance?

< I see some trip insurance for about $400 to cover only the airfare. >

I pay less for a policy that covers me for a year and allows me to bungy jump off Everest - without a bungy rope

Sydney, Australia
Destination Expert
for Train Travel
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81,410 posts
13 reviews
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8. Re: 'Splain Me About Insurance?

The only way you can tell what is covered by any insurance is to read the policy carefully. If you have insurance attached to a credit card, the policy will be on the card issuer's web site.

London
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2,573 posts
73 reviews
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9. Re: 'Splain Me About Insurance?

The insurance is there to indemnify you against any financial loss, I.e it will usually put you back in the same position as you were before the event occurred. Don't think travel insurance is going to help you here.

You may be able to take out a policy that covers empty rental periods, though this is normally expensive (and may be pushing it a bit to claim in this situation)

Jon

www.theintrepidexplorers.com

norfolk
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7,609 posts
37 reviews
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10. Re: 'Splain Me About Insurance?

i suspect the high price of trip insurance is explained in the op's first sentence - this little OLD lady....

trip insurance for people over 65 can be extremely expensive.

pam