Squaremouth in the News

AFAR, Feb 27 2020 – How Cancel for Any Reason Travel Insurance Can (and Can’t) Help You

AFAR, Feb 27 2020 – How Cancel for Any Reason Travel Insurance Can (and Can’t) Help You

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How much does CFAR coverage cost?

As mentioned above, CFAR coverage is sold as an optional upgrade to a standard travel insurance plan. What this means is that first, you need to purchase a travel insurance plan and then you add CFAR coverage to it.

CFAR coverage typically costs between 5 and 10 percent of the total trip cost—and to get CFAR coverage you must apply it to the total cost of the trip. To get a sense of what that means in dollars and cents, Megan Moncrief, chief marketing officer for online travel insurance marketplace Squaremouth.com, said that so far this year, the average cost for a policy with CFAR coverage was $489, and the average cost of all policies purchased through Squaremouth was $291.

Those numbers are in line with the figures that Daniel Durazo, director of communications at Allianz Travel Insurance, provided. He said that travel insurance plans that include CFAR coverage are typically about 50 percent more expensive than those without them.

The price of the CFAR coverage is determined by two factors: the total cost of the trip and the age of the travelers. The higher the trip cost and the older the travelers, the more expensive the CFAR coverage is likely to be.

How do I buy it?

There are many ways to buy travel insurance. There are travel insurance search and booking sites, including Squaremouth and TravelInsurance.com, as well as individual travel insurance providers, such as Allianz and AAA. You can also often tack on travel insurance to the purchase of your flights when booking directly with an airline. And if you are working with a travel advisor, that person can book travel insurance for you as well.

Read the full AFAR article online here: https://www.afar.com/magazine/how-cancel-for-any-reason-travel-insurance-works