Cancel “insurance”-worth it?

[Haley R]

We are looking into renting for the first time and can’t decide if we should purchase the cancel at any time option. Does anyone have any experience with this? It just seems expensive to me.

Also, when I looked on the website it said $17/point and with 80 points it should come out to $1360 but she said $1440. Is that tax or some kind of hidden fee? Thanks!

 

[Matty B13]

I'm guessing it is some kinda fee to rent through the broker your looking at. Nice thing about DVC stays is there is no Florida hotel tax charged.

Make sure to read through the whole rental process on the website, most DVC rentals are non-refundable, so that is probably why the insurance is so high.

 

[Haley R]

I'm guessing it is some kinda fee to rent through the broker your looking at. Nice thing about DVC stays is there is no Florida hotel tax charged.

Make sure to read through the whole rental process on the website, most DVC rentals are non-refundable, so that is probably why the insurance is so high.

It is non refundable so that’s why we were looking at the insurance. Dh basically said no to the insurance and said we will just go no matter what.

 

[Matty B13]

I don't know what the price of the insurance was, but if it is more than 25% of the stay, then it is almost better to go with a cash reservation and being able to cancel at the last minute.

I would compare the costs of a DVC rental and a cash stay.

 

[CarolMN]

We are looking into renting for the first time and can’t decide if we should purchase the cancel at any time option. Does anyone have any experience with this? It just seems expensive to me.

Also, when I looked on the website it said $17/point and with 80 points it should come out to $1360 but she said $1440. Is that tax or some kind of hidden fee? Thanks!

It is non refundable so that’s why we were looking at the insurance. Dh basically said no to the insurance and said we will just go no matter what.

This is a personal decision and based on your family's tolerance for risk. Many choose to self-insure. That just means if you end up not going (life happens), you will not get any of your money back.

The extra $1 pp may be a premium charged because you are booking one of the more popular resorts more than 7 months in advance. Space at those resorts tends to be harder to get once the 7 month window open and all owners can book them. Ask the broker - I'm sure they will be happy to explain. There are no taxes on a DVC rental.

 

[rer1972]

Have you looked into a 3rd party travel insurance? As I recall it seemed to be less expensive, and possibly even covered more.

Check out the squaremouth website; it lets you search for travel insurance quotes.

 

[Haley R]

I don't know what the price of the insurance was, but if it is more than 25% of the stay, then it is almost better to go with a cash reservation and being able to cancel at the last minute.

I would compare the costs of a DVC rental and a cash stay.

It’s only about 9% of the stay but you don’t get a 100% refund back. If you cancel 45+ days ahead you get 100% refund minus $2/point. So I’d pay for insurance and not even get my full amount back. So if I take into consideration the money I won’t get back it’s about 20%.

 

[Haley R]

This is a personal decision and based on your family's tolerance for risk. Many choose to self-insure. That just means if you end up not going (life happens), you will not get any of your money back.

The extra $1 pp may be a premium charged because you are booking one of the more popular resorts more than 7 months in advance. Space at those resorts tends to be harder to get once the 7 month window open and all owners can book them. Ask the broker - I'm sure they will be happy to explain. There are no taxes on a DVC rental.

You’re right it’s because of the premium. I emailed her and asked and she said beach club is $18/point instead of $17.

I think we will probably just self insure. We’ve never had to cancel a trip before and I guess if we do have to then it might be an expensive gift to someone lol.

 

[Haley R]

Have you looked into a 3rd party travel insurance? As I recall it seemed to be less expensive, and possibly even covered more.

Check out the squaremouth website; it lets you search for travel insurance quotes.

Nope I haven’t. I didn’t know you could get insurance through someone else when you are renting through a company. Wouldn’t they frown upon that?