Peace of Mind Trip Cancellation Plans
If you have purchased an expensive trip far in advance of your travel date, a Cancel For Any Reason (CFAR) Trip Insurance plan might be a good option. CFAR plans provide reimbursement (up to the covered amount) for nonrefundable trip payments and pre-paid trip expenses if you decide to cancel your trip for any reason. Typically this might be a supplement to a standard Trip Cancellation plan that you would typically purchase. This type of coverage, also known as Peace of Mind Insurance, is an excellent option for travel insurance buyers who worry they may have to cancel their trip for the reason that is not covered by trip cancellation coverage and wants to recover at least a portion of their expenses.
Understanding Cancel For Any Reason Wording
If you cancel your trip for any reason not otherwise covered by this plan, RoundTrip will pay 75% of your prepaid, forfeited, non-refundable trip payments if:
1) We receive your RoundTrip plan payment within 20 days of your initial trip deposit
2) You insure all prepaid trip costs, subject to cancellation penalties
3) You cancel your trip 2 days or more before your departure date
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How to Buy a Cancel For Any Reason Plan
You need to purchase a Trip Cancellation plan that includes Cancel For Any Reason as an optional add-on benefit.
- Get a Quote for a Cancel For Any Reason Plan
- Add Cancel For Any Reason as an option
- Proceed through the rest of the application
Additional Considerations when Buying Cancel for Any Reason Trip Insurance
- ‘Cancel For Any Reason’ insurance is typically either added to a standard trip can policy (for an additional fee) or you can buy a plan that includes coverage automatically. Make sure you understand what you’re getting.
- To be covered, you typically have to purchase coverage within 15-20 days of your initial deposit. You can’t wait until you want to cancel and then buy the policy!
- Often the plan will stipulate that you must cancel no later than a certain number of hours or days before your departure date.
- You must include coverage for all pre-paid travel expenses that are subject to penalties or are non-refundable. You can’t pick and choose which expenses you want to be covered.
- You are only covered for amounts not refunded and as outlined in the policy. Read the fine print.
Understanding Cancellation Penalties
The percentage of coverage you get from these plans will vary depending on the plan and, in some cases, are subject to cancellation penalties. A cancellation penalty is an amount the travel supplier will not refund you if you have to cancel. The cancellation penalty determines the percentage that travels insurance will reimburse less the amount refunded by your travel supplier.
- Comprehensive trip protection for U.S. residents traveling abroad.
- Optional rental car collision coverage available.
- Optional Cancel for Any Reason coverage available (if eligible).