Is it worth buying RCI's cancellation insurance?

[djyamyam Senior Member Find all posts View Profile Close djyamyam]

We got a great booking for 2008 (some RCI guides are ok ). I know that the insurance through RCI restores your banked week to its original trading power if we cancel our exchange after the 24 hour grace period. So is it worth it if our week was banked 2 weeks prior to the check-in date? It was a late summer Mytle Beach week. How much would I really gain/lose?

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

We got a great booking for 2008 (some RCI guides are ok ). I know that the insurance through RCI restores your banked week to its original trading power if we cancel our exchange after the 24 hour grace period. So is it worth it if our week was banked 2 weeks prior to the check-in date? It was a late summer Mytle Beach week. How much would I really gain/lose?

I am currently trying to make a similar decision. Am probably going to pay the 'insurance' since I d/n trust RCI not to make it even worse otw. It really irritates me to pay them this 'protection money...' but I have been doing it.

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I have had about 200 exchanges combined with RCI and II. Out of those 200 exchanges only once due to Katrina and Nola did I lose out. Now if you know that you are in a Hurricane area on that time. Then you may want to consider taking it or just roll the dice.

[happymum Senior Member Find all posts View Profile Close happymum]

Different point of view

I have not been as lucky as Big Frank. Out of about 8 exchanges with RCI, I have had 2 cancelled. (1 due to a hurricane, 1 due to the resort withdrawing from RCI). HOWEVER, in both cases RCI was extremely good about working to provide me with acceptable alternatives. In the case of the hurricane, nothing else in the Carribean was available (no surprise) , but they certainly gave me priority in using the returned week. In the second case, they came up with an alternate accomodation that was far superior to our original. Both of these events occurred before they offered cancellation protection, so I am not sure how that would change their response to a similar situation now.

[wackymother Senior Member Find all posts View Profile Close wackymother]

I have two exchanges in 2008 and I got cancellation insurance on both, what the heck. It's good if I cancel, too, right? Not just them cancelling? So I figured that a lot can happen between now and 2008, who knows.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

I have two exchanges in 2008 and I got cancellation insurance on both, what the heck. It's good if I cancel, too, right? Not just them cancelling? So I figured that a lot can happen between now and 2008, who knows.

Yes, it's good if you have to cancel. That's why it's smart to buy it for a trip so far out. But remember the only reason why trading power is an issue is b/c RCI decided to penalize members for cancelling by hurting their trading power. Now they charge for "Protection' against RCI-inflicted harm. If I deposit a prime ski week today and it gets matched to someone's ongoing search within minutes/hours, why should my trading power be diminished if I figure out next year that I can't manage a trip booked for 2008???

[Laurie Senior Member Find all posts View Profile Close Laurie]

Just so you know - the only thing this insurance covers is your trade power - nothing else. Or at least that's what the last RCI person, who asked me if I'd like to buy it, told me. It doesn't cover exchange fees, or any other travel-related expenses.

If there's a cancellation, whether by you or by RCI, your trade power isn't always affected, so IMO this probably isn't worth it.

Was anyone told it covers anything beyond restoration of trade power? If so, what did they tell you it covers?

[I-DE-HO Senior Member Find all posts View Profile Close I-DE-HO]

Yes, it's good if you have to cancel. That's why it's smart to buy it for a trip so far out. But remember the only reason why trading power is an issue is b/c RCI decided to penalize members for cancelling by hurting their trading power. Now they charge for "Protection' against RCI-inflicted harm. If I deposit a prime ski week today and it gets matched to someone's ongoing search within minutes/hours, why should my trading power be diminished if I figure out next year that I can't manage a trip booked for 2008???

Right on brother! They're like the mafia! (No offense intended to any members here. )? Protection money! It's just wrong.

Phil

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

They're like the mafia! (No offense intended to any members here. )

Phil

[I-DE-HO Senior Member Find all posts View Profile Close I-DE-HO]

Just so you know - the only thing this insurance covers is your trade power - nothing else. Or at least that's what the last RCI person, who asked me if I'd like to buy it, told me. It doesn't cover exchange fees, or any other travel-related expenses.

If there's a cancellation, whether by you or by RCI, your trade power isn't always affected, so IMO this probably isn't worth it.

Was anyone told it covers anything beyond restoration of trade power? If so, what did they tell you it covers?

You also get a $49 credit. See this post by Madge: http://www.tugbbs.com/forums/showthr...tion+insurance

Phil

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

You also get a $49 credit. See this post by Madge: http://www.tugbbs.com/forums/showthr...tion+insurance

Phil

Yes, but that's really just a refund of the insurance fee. So you're out the exchange fee anyway. Without insurance, what does RCI do with a cancellation on 5 days notice? Do you still get a week back?

[djyamyam Senior Member Find all posts View Profile Close djyamyam]

Just so you know - the only thing this insurance covers is your trade power

Hence my question if it's worth it on a week that was deposited 2 weeks prior to check-in? If I cancel and didn't buy insurance, the trade power would be limited. How much more limited can it get?

[wackymother Senior Member Find all posts View Profile Close wackymother]

No, I don't think it is worth it on a deposit made only two weeks out. I barely think it's worth it on my deposits made 12 months out!

[I-DE-HO Senior Member Find all posts View Profile Close I-DE-HO]

Yes, but that's really just a refund of the insurance fee. So you're out the exchange fee anyway. Without insurance, what does RCI do with a cancellation on 5 days notice? Do you still get a week back?

You get YOUR week back & the trade power will revert to what it was when you made the exchange. Am I following your question correctly?

The week/resort you exchanged into, and cancelled, probably ends up on Last Call.

Phil

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

You get YOUR week back & the trade power will revert to what it was when you made the exchange. Am I following your question correctly?

The week/resort you exchanged into, and cancelled, probably ends up on Last Call.

Phil

No, I want to know what happens if you DON"T pay Protection... With II, I'm pretty sure that if you cancel w/in 14 days of checkin, you don't get a replacement week back. I'm wondering if RCI does the same, so that the insurance would make sense for a last-minute cancellation...