Trip Insurance heads-up for DVCers who rent points

[JimMIA]

ATTN: DVCers who rent points -

In response to a thread on the other board, I did a Google search and found a big insurance company which writes trip insurance, including for timeshare rentals from private parties.

I specifically asked if I rented a DVC reservation to an insured and they had to cancel, whether that would be covered. They said yes, of course. They will cover any nonrefundable deposits, no matter who they are paid to.

The company is Travel Guard. I have used them before, including having a claim, and they are an excellent company. They are also widely used by travel agents. Their website is www.travelguard.com and their toll-free number (which they gave me permission to post) is 1-800-826-4919.

 

[JandD Mom]

Thanks Jim.

I also wanted to add that I used Travelex in the past. As long as you have a rental agreement spelling out your costs and the cancellation policy, they will cover the timeshare rental as well.

That web site is www.travelex.com

 

[ColoradoBelle1]

This is great news, but I'm a little bit confused.
If I rent my points to someone who has to cancel......the insurance pays for the deposit? or the nonrefundable portion of the rental fee?

So who pays for the insurance policy?

 

[CarolMN]

This is great news, but I'm a little bit confused.
If I rent my points to someone who has to cancel......the insurance pays for the deposit? or the nonrefundable portion of the rental fee?

So who pays for the insurance policy?

The person who is renting your points would arrange for the insurance and pay for it - and would also be the one to benefit from the insurance if he/she has to cancel. (Since the owner retains control of the points / reservation and can specify that the renter's payment is nonrefundable , the owner doesn't have any potential loss to insure).

As an owner, I would not get involved with insurance - that should be a private transaction between my renter and the insurance company. I would provide a written rental ontract that the renter could use in aranging for insurance, but I'd do that anyway to make sure my terms are clearly understood. If a renter asks about insurance, you could refer them to one of the companies mentioned and let them decide if and how to proceed from there.


HTH.

Best wishes-

 

[JimMIA]

Carol's right, as usual.

Trip insurance is something that is available to the renter of the points if they choose to protect themselves that way. Personally, I think it is a sensible thing to do on any vacation you book far in advance. It costs a little money, but it has saved my lunch twice. If the vacationer chooses not to use trip insurance, that is their decision.

The one thing that owners should do if your renter is using trip insurance is provide them with a contract that clearly spells out that all payments made are non-refundable -- even if you don't normally use a contract. The renter will need a contract in force in order to be able to file a claim.

 

[wdwstar]

JimMIA i looked into travelguard for our cruise and it looks like they only give you up to 15 days after you give your deposit to purchase insurance, we are beyond 15 days. or was there other ins. that they offer.

 

[JandD Mom]

JimMIA i looked into travelguard for our cruise and it looks like they only give you up to 15 days after you give your deposit to purchase insurance, we are beyond 15 days. or was there other ins. that they offer.

Wdwstar, I am not Jim but I wanted to give you an answer to your question. I am not sure what your timeframe is, but I believe travelex gives 21 days for waiver of preexisting condition exclusion. If you are not worried about preexisting (medical) conditions, you can usually buy any insurance at any time, even after the exclusion period.

Another web site to try is www.insuremytrip.com to compare policies.

Good luck!

 

[wdwstar]

thank you, we dont have any pre exsiting medical problems, then you are right i could get ins. anytime, thank you

 

[JimMIA]

JimMIA i looked into travelguard for our cruise and it looks like they only give you up to 15 days after you give your deposit to purchase insurance, we are beyond 15 days. or was there other ins. that they offer.

Right. I'm sure the timeframe varies from company to company, but obviously they can't have somone making plans and then buying insurance months later, when they find out they're not going.