Trip cancellation insurance has become a must-have for savvy travelers who want to minimize their risk of loss if forced to cancel their trips. While more persons are now open to traveling again, unforeseen circumstances can lay waste to the best-planned trip. Statistics are showing that 45% of people have taken trips since March, according to The Points Guy.
We understand travel and know people are looking for the best on the way to their next destination. For example, say you have planned a long-awaited vacation to the Seychelle Islands. You bought first-class tickets for both you and your spouse; you both got a few new outfits and made a note of all the activities that you’ll participate in, including visiting some sites in the rental car you booked.
Just two days before you’re scheduled to leave, your spouse falls ill and is told by your physician that it’s best to stay home and rest for two weeks.
You are crushed. All that planning. All that investment.
Canceled trips are usually frustrating, but trip cancellation insurance offers a welcome cushion for travelers’ investments.
Trip cancellation insurance covers non-refundable losses incurred as a result of canceling a trip for unforeseen reasons. These include reimbursement for expenses such as flight tickets and tours, flight delays, airline cancellations, lost luggage, and lost hotel reservations.
Trip cancellation insurance coverage
Trip cancellation insurance usually covers the following situations in which a trip is canceled:
- Inclement weather
- Your spouse becomes pregnant and is advised by a doctor not to travel during the pregnancy.
- You or your travel partner is summoned to appear in court.
- Cessation of travel service due to strike.
- Acts of terror at the destination for which you’re bound.
- Death of a family member or traveling companion.
- You, your traveling partner, or a dependent falls ill.
- Damage to your house because of a natural disaster. Natural disasters can include fire, flood, and earthquakes.
- You or your traveling partner is quarantined.
Cancel for Any Reason (CFAR) Coverage
When deciding on a trip cancellation policy, particularly in these uncertain times, it is best to choose a policy that has Cancel for Any Reason (CFAR) coverage. Not all travel insurance policies have a Cancel for Any Reason option.
A CFAR coverage will allow you to cancel your trip for any reason and still receive reimbursement.
Travel Medevac Insurance provides comprehensive coverage that can protect the cost of your trip, travel medical expenses, emergency medical evacuation, trip interruptions and delays, lost baggage, and an optional Cancel for Any Reason (CFAR) coverage. This CFAR coverage does not have infectious disease exclusion and offers coverage for COVID-19.
Is Trip Cancellation Insurance Right for You?
You should get trip cancellation insurance if you want financial protection for non-refundable expenses. Here are some other reasons to consider:
- You are traveling with children.If your child gets sick at the last minute, forcing you to cancel your trip, you stand to lose your investment unless you are adequately insured.
- You booked a cruise.Canceling a cruise can be very difficult as the process is quite complex. Getting trip cancellation insurance will give you peace of mind that you won’t lose your hard-earned cash if you must cancel.
- You booked in advance.The more advance you book your trip, the more likely it is for unforeseen circumstances to pop up that cause you to reconsider travel. It is advisable to get trip cancellation insurance to mitigate the loss.
- Your trip is expensive.No one wants to lose money. Protect your investment with proper coverage and minimize the risk of immense loss.