Cancel For Any Reason coverage is an optional benefit that is uniquely different from those in traditional travel insurance. Generally, travel insurance is designed to protect the traveler’s investment from uncontrolled and unforeseen risks, but Cancel For Any Reason gives the traveler control. Of course, there are limitations and stipulations that are important to understand before booking a trip and especially before buying the policy.
Some policies have Cancel For Any Reason as a selectable upgrade, that is not automatically included in a basic quote. By choosing to add this coverage the premium will increase about 40%. It is required that the full value of the trip is insured.
In order to qualify for Cancel For Any Reason, the policy must be purchased within a small window of time from the initial deposit date. The first payment made toward any aspect of travel starts the clock. The time frame depends on the carrier, but can be up to 21 days from the deposit date.
To be able to make a claim under Cancel For Any Reason, the traveler must cancel the trip at least 48 hours prior to the intended departure.
Depending on the insurance carrier, a claim under Cancel For Any Reason will pay different percentages of money lost. Visit our Cancel For Any Reason benefits page to learn more.
Keep in mind that even if the policy covers Cancel For Any Reason, a claim can still be made under the traditional cancellation coverage. If the trip is being canceled for one of the covered reasons listed in the policy, then a claim can be made for up to 100% of the nonrefundable trip cost.
Overall, Cancel For Any Reason is a great option to have when getting a travel insurance quote, however it is not as cut and dry as it may seem. It is wise to do some research and have a clear understanding of how a policy will work for you. Squaremouth is available to answer any questions about this, or any other aspects of travel insurance at 1-800-240-0369.