Most travelers who buy travel insurance want to protect their non-refundable trip payments, and travel insurance policies with Trip Cancellation coverage can do just that. But is the travel insurance policy itself refundable? Leading travel insurance comparison site, Squaremouth, explains when travelers can be refunded for their travel insurance premiums.
Refunds Available Through Money Back Guarantee
The only time a traveler is guaranteed to get refunded if they decide they want to cancel their travel insurance policy is within their Money Back Guarantee period. This is the window immediately after a traveler buys their policy in which they can cancel for a 100% refund of premium.
Depending on the policy, the Money Back Guarantee period typically lasts between 10 and 14 days. During this time, travelers can cancel their policy for any reason for a full refund. However, travel insurance is no longer refundable after this date. Unfortunately, if a traveler decides to cancel their policy at a later date, they will not be given a refund for their policy.
Refunds Not Available as Part of Trip Cancellation
Many travelers ask if they are able to include the cost of their travel insurance policy as part of the total trip cost they insure. However, this cost is not insurable under the Trip Cancellation benefit.
The Trip Cancellation benefit can only cover a traveler’s prepaid and non-refundable trip expenses. This can include their airfare, hotel reservations, tours, and excursions, among others. If a traveler cancels their trip, they can be reimbursed for those trip expenses, however not for the premium they paid for their policy.