No Travel Insurance for rented points?

[DieHardJoe]

After being slammed with over 2 feet of snow this week, a friend of ours who also lives in Mass. and who rented some points during Feb vacation asked about travel insurance. I read the info on the DVC site and skimmed through the downloadable document from Travelex, mostly to see if it was too late to take out the insurance. I then got into an online chat with "Todd" who was extremely friendly and helpful. I was told we could buy the insurance up to 10days before the trip, but we cannot buy it for renters. We would actually have be traveling as part of the party. He was on hold with Travelex before confirming this, but I know I have seen many other posts covering questions where people have gotten different information from different CMs. So I was wondering if any other DVC owners who rented out their points had inquired about this and if this response is consistent with what you were told. Our friend has no problem with it but just thought she would ask. Thanks for your help.

 

[Brian Noble]

The rental agreement presumably specifies that the rental is non-refundable after a certain date. If so, the *renter* can buy insurance to recover their rental fee if they cannot travel. If weather prevents the renter from traveling, the points are still gone, but the Member gets to keep the rental fee, and the renter is made whole by their insurance policy.

 

[DebbieB]

The travel insurance that DVC sells reimburses the owner for the dues on the points that are lost. A renter could not use it because they are not paying the dues. I believe a renter could buy a standard travel insurance policy that reimburses the money lost.

 

[MAO]

David's website, which is a middleman site to rent out DVC points, has a link to a separate - not Travelex - company that sells trip insurance. As PPs have said, the insurance DVC offers is for the owners of the points, but it certainly looks as though there are companies out there who would offer insurance in this instance. (Actually, if you follow the link from the DVC website to the Travelex site, it looks like they offer 'regular' trip insurance as well.)

 

[Brian Noble]

I find this link pretty useful for my own trip insurance needs---I usually self-insure, but have made exceptions for very expensive trips.

http://www.mousesavers.com/other-travel-savings/#tripins

 

[keishashadow]

U need to check with each provider as to whether they cover timeshares in a comprehensive policy. Insuremytrip has agents who can help determine best options on case-by-case basis

 

[DieHardJoe]

Thank you all for the responses. Our friend has paid us 100% of the points cost and understands that its up to her to find her way down there, so that's not an issue, luckily. I just thought that, similar to the other things we can, and sometimes need, to do for a renter, such as making the reservation, making changes, adding a dining plan, or setting them up for ME, I just thought the the travel insurance was something else that we could provide as well (with the rentee paying the $89 of course). My understanding, too, was that most of the other 3rd party travel insurances do not cover reimbursement for the rentee for cost of the points if they are unable to use them, since there is really no specific value an insurer can place on the points. But she will be reading all responses, and I'm sure will be searching for other possible options, just in case another "snowmageddon" descends next month!

 

[Brian Noble]

My understanding, too, was that most of the other 3rd party travel insurances do not cover reimbursement for the rentee for cost of the points if they are unable to use them, since there is really no specific value an insurer can place on the points.

This is why having a rental agreement/contract is useful. That agreement would state that they are renting a "stay" at the resort, because they are not paying you for points, they are paying you for the stay. You are using your points to provide that stay. The cost of that stay should be explicit in the rental agreement, and for this purpose it is helpful if the agreement also specifies that after, e.g. 60 days prior to check in, all payments are non-refundable.

That should be enough for most travel insurance policies to reimburse the renter for what they paid you for the stay if they cannot travel for a covered reason.