Will I receive a full refund in the event I cancel my policy within the "free look" period. Published by Chris Harvey February 27, 2008 Most travel insurance companies will refund the premium less a non-refundable carrier administrative fee if you cancel the policy within their “free look” period. This non-refundable fee is typically between $5 and $8. Related articles: One of the members of our family is much older than the rest of us. Does that effect the premium? What does "baggage delay" cover? What is "International Medical" travel insurance? If a hurricane watch or warning is issued that may impact my travel plans, up to what point can I still purchase travel insurance? Will travel insurance protect me if I must cancel my trip due to the death or illness of a traveling companion’s family member?