Three Essential Things Families Should Know About Cruise Insurance

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cruise insurance policy represented by model ship atop insurance policyWhen you make your cruise reservations, you will almost certainly be offered the opportunity to purchase travel insurance – whether you book through a travel agent, an internet site, or directly from the cruise line. You may be tempted to save a few dollars by skipping the optional cruise insurance. These are three things you should know when making that decision.

(1) It Is Definitely Worth It To Buy Cruise Insurance.

As a general rule, it is always worth it to buy some type of cruise insurance. The expense that you would likely incur if you had to cancel or interrupt your trip would far exceed the premium amount for a reasonable cruise insurance policy. Once you have made cruise reservations for your entire family, you will likely have run up a meaningful bill– likely thousands of dollars.  (See recent summary on prices of various family cruises.) Most cruises are fully refundable until the final payment date.  That date, however, typically falls 90 days in advance of the cruise.  If you cancel after the final payment date, you will incur  a monetary penalty.  The penalty increases the closer you get to embarkation date – anywhere from 25% to 100 percent.

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