If your Caribbean yacht charter is scheduled during hurricane season (June 1 to November 30) travel insurance may be required. However, even if you are chartering in the Caribbean outside of those months, it is always a good idea to protect your travel investment with trip insurance -if only for the peace of mind it brings. Here are some tips for choosing the right plan for you.
Comprehensive Trip Insurance Plans for Your Caribbean Yacht Charters
Comprehensive travel insurance plans typically cover a maximum trip cost of $10,000 per person for a Caribbean yacht charter cancellation and interruption and covers trip lengths up to 365 days.
Comprehensive plans offer coverage for most of the typical reasons that you may need to cancel or interrupt your yacht charter, such as the unforeseen illness injury or death of you, a traveling companion or family member. Are you worried about a pre-existing medical condition for yourself, traveling companion or family member? Their condition may be covered if you purchase the plan within 14 days of your initial deposit and you insure the full cost of the trip.
In the event that you need assistance during your trip, whether it is to rebook a flight or help dealing with a medical emergency, there is usually a 24-hour assistance hotline that can be called while you are on your trip.Comprehensive plans also offer other valuable insurance such as coverage for lost or delayed baggage travel delay, medical, and emergency medical transportation.
What Does Travel Insurance Cost for a Typical Caribbean Yacht Charter?
In general, you should expect a policy will cost anywhere from 4%-10% of your total pre-paid, nonrefundable trip cost. For example, if you purchased a Caribbean yacht charter with a total cost of $10,000, trip insurance policies will likely range in price between $400 – $1000 depending on variables such as the age of the travelers, the length of the trip and the cost of the trip.
The providers will use a few pieces of personal information to calculate the cost of a policy: age of the travelers, number of travelers, length of travel and type of coverage. Rates tend to increase for any travelers 65 or over. The length of time of travel and the number of travelers increase the risk factor, so the type of coverage will also affect the travel insurance premium.
A basic, no-frills comprehensive policy will naturally cost less than one that includes a Cancel For Any Reason benefit. If you need a high rate of coverage for medical expenses or medical evacuation, the rates will be higher than a more standard medical benefit.
The premium should not deter you from buying the coverage that you feel you need. The kind of protection needed by a traveler who intends to scale Mount Everest, for example, is different from that needed by a family taking a yacht charter in the Caribbean. Only you can really decide what level of risk is acceptable for you and what kind of trip coverage will make the most sense.
Is my Yacht Charter in the Caribbean Likely to be covered by my Credit Card’s Insurance?
While most credit cards that offer travel protection also offer travel accident assistance (closely related to travel medical insurance), they restrict this coverage from customers with pre-existing conditions. So if you or someone you are traveling with has been diagnosed with a heart condition then any related illness or injury while you’re traveling, like a heart attack or chest pains, will most likely not be covered by your credit card insurance.
Several trip insurance plans provide a pre-existing condition waiver which removes the pre-existing condition exclusion. Provided the traveler purchases the plan within the specified time period after their first yacht charter payment, is medically fit to travel and meets all other coverage requirements, the pre-existing condition waiver can help to ensure reimbursement for a covered illness or injury while traveling.
There are many excellent trip insurance companies that are well-regarded and easy to work with should something go wrong before or during your Caribbean yacht charter. A great place to source travel insurance and compare companies and rates is the site: insuremytrip.com