August 3, 2023 - Beckah Ripley
When you schedule a getaway, the hope is that you’ll be able to go, right? But in reality, sometimes things come up and you just can’t make it.
In those unfortunate situations, we can at least be sure to protect ourselves from the additional burden of having to foot the bill for a vacation we couldn’t take with travel insurance. So, is buying the extra cancel for any reason travel insurance worth it?
What is Cancel for Any Reason travel insurance?Cancel for Any Reason is an optional upgrade insurance benefit offered with some comprehensive travel insurance policies that allows more flexible cancellation terms than standard cancellation benefits.
Most comprehensive travel insurance policies include a standard coverage called Trip Cancellation that protects 100% of your insured nonrefundable amounts should you need to cancel your vacation due to a covered event.
So, what isn’t covered by standard coverage? Common reasons that many policies with standard trip cancellation may exclude are:
What does Cancel for Any Reason travel insurance cover?Cancel for Any Reason (CFAR) coverage allows you to cancel your adventure for any reason at all –even for reasons that aren’t listed under standard cancellation coverage. Keep in mind policy exclusions may still apply here.
“Events that normally aren’t covered under standard policies like pandemics, imperfect weather, and change of mind could be covered under Cancel for Any Reason”, says Terry Boynton, co-founder and president of Yonder Travel Insurance.
When it comes to reimbursement of your insured travel expenses, CFAR will reimburse you 50-75% of them if you cancel for a reason outside those listed under standard cancellation terms. Unfortunately, you won’t find a CFAR travel insurance policy that provides a 100% reimbursement.
How does Cancel for Any Reason Travel Insurance work?Since CFAR provides such extremely flexible coverage, there are a few eligibility requirements you have to meet to purchase this specific upgrade.
How much does Cancel for Any Reason cost?Like most insurance policies, pricing is mostly based on the age of the traveler and the cost of their trip. This is why it’s important to compare plans to find the most affordable option since CFAR policies can cost anywhere from 8-15% of your nonrefundable trip cost. All CFAR policies on Yonder refund 75% of your travel expenses if you decide to call off your travel pans.
To compare travel insurance policies with CFAR coverage, simply run an instant quote and select the filter displayed below.
Our team of friendly humans would be happy to help you find a plan with the right cancellation insurance so you can plan your getaway with peace of mind. Give us a call or shoot us an email to walk through which travel insurance plan has the benefits you need.
To compare travel insurance policies with Cancel for Any Reason coverage, simply run an instant quote and select the filter displayed below.
Is Cancel for Any Reason travel insurance worth it?Just like the spread of COVID-19, our world can change dramatically over just a few months. If you want to ensure part of your expenses are protected no matter what happens, then CFAR would be a great benefit to consider. Although pricey, travelers looking to be partially reimbursed for the extra flexibility usually say the peace of mind is well worth the additional premium.
For example, you’ve booked your family getaway to Mexico and planned on staying at a vacation rental. However, due to some apprehension, you cancel the trip, even though your Airbnb had a strict cancellation policy. CFAR coverage would provide 75% reimbursement for those prepaid, non-refundable payments you made towards your getaway.
Remember, this is a time-sensitive coverage so be sure to reach out to an insurance expert or run an instant quote for your CFAR policy options as soon as you make an initial payment towards your trip.
Tags: cancel for any reason, coronavirus
