Trip Cancellation is one of the main reasons many travelers buy travel insurance. This coverage can refund all of a traveler’s prepaid and non-refundable trip expenses if they cancel for a reason listed by their policy, commonly including illness or injury, severe weather, or terrorism.
Many travelers ask if they can purchase a policy that only offers cancellation coverage. Most travel insurance policies are comprehensive, including coverage for cancellations, medical emergencies, travel delays, and luggage. If a traveler’s main concern is cancelling their trip, Squaremouth recommends purchasing the least expensive policy with this coverage. In most cases, the cheapest policy will still provide the traveler with cancellation coverage, as well as interruption, medical and medical evacuation coverage, however it will not make the policy more expensive.
Below are two examples of how a cancellation only product can be the cheapest, as well as one of the more expensive products. Please note: The April Trip Cancellation Only policy is currently unavailable on squaremouth.com.
Sample Travel Insurance Quote #1
The first sample travel insurance quote is for a family of four, ages 46, 40, 13, 7. They are traveling to the United Kingdom with a total trip cost of $10,000. The cheapest policy available is the Travel Insured Trip Protector Lite for $182.00. It provides coverage for 100 percent of the trip cost for Trip Cancellation and Trip Interruption, as well as $10,000 in Emergency Medical and $100,000 in Medical Evacuation.
The policy that provides cancellation only coverage is the 16th cheapest product out of 51 vacations plans.
Sample Travel Insurance Quote #2
The next sample travel insurance quote is for a couple ages 61 and 62. They are traveling to Germany for 20 days and have a total trip cost of $4,000. The cheapest policy available is the cancellation only policy from April for $167.00.
If a traveler is considering additional coverage, they should take note that the second cheapest policy offers cancellation, interruption, medical and evacuation for only $4 more.