Having the option to cancel a trip in the event of an illness or injury and receive a refund is one reason many travelers purchase travel insurance.
Many travelers ask if they can purchase a policy that only offers cancellation coverage. These types of policies are available, however, if travelers only want cancellation coverage, Squaremouth suggests purchasing the cheapest product.
In some cases, the cheapest product will provide the traveler cancellation coverage, as well as interruption, medical and medical evacuation coverage.
Below are two examples of how a cancellation only product can be the cheapest, as well as one of the more expensive products.
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.