{"id":3837,"date":"2023-10-30T14:41:34","date_gmt":"2023-10-30T14:41:34","guid":{"rendered":"https:\/\/businessyield.com\/ins\/?p=3837"},"modified":"2023-10-30T14:41:37","modified_gmt":"2023-10-30T14:41:37","slug":"trip-cancellation-insurance-how-does-it-work","status":"publish","type":"post","link":"https:\/\/businessyield.com\/ins\/insurance-guide\/trip-cancellation-insurance-how-does-it-work\/","title":{"rendered":"Trip Cancellation Insurance: How Does It Work?"},"content":{"rendered":"<p>When booking travel, particularly expensive trips consisting of nonrefundable reservations, it makes sense to consider trip cancellation insurance. This can protect your deposit if your plans do not materialize due to unforeseen events. According to an\u00a0<a href=\"https:\/\/newsroom.aaa.com\/2018\/07\/travel-insurance-vacation-investment-americans\/\" target=\"_blank\" rel=\"noreferrer noopener\">AAA Travel survey<\/a>, 88% of Americans who purchase travel insurance say that trip cancellation protection is the most valuable benefit they receive from these policies.<\/p><p>However, not every reason for canceling a trip will qualify for coverage, so you\u2019ll want to familiarize yourself with the basics of trip cancellation insurance.<\/p><p>Also, while trip cancellation insurance can help reimburse you in the event you have to cancel your trip, it won\u2019t cover every possible problem. <\/p><h2 class=\"wp-block-heading\" id=\"h-what-is-trip-cancellation-insurance\"><span id=\"what-is-trip-cancellation-insurance\"><strong>What is Trip Cancellation Insurance?<\/strong><\/span><\/h2><p>If you\u2019re unable to take a trip due to an unforeseeable event, a trip cancellation policy will reimburse you for your prepaid, forfeited and non-refundable costs. Depending on the plan, your policy&nbsp;will help cover costs up to the time and date of your departure.<\/p><p>Trip cancellation insurance is often sold as an optional coverage to a base\u00a0travel insurance policy, but some travel insurance companies sell trip cancellation as a standalone policy. You can also receive it for free when you hold certain premium credit cards. Also, some basic trip cancellation policies allow you to purchase additional\u00a0coverage types, such as\u00a0cancel for any reason coverage.<\/p><p>The benefit is to protect prepaid, nonrefundable reservations, including flights, hotel reservations and other bookings if you cancel the trip due to an extraordinary circumstance. Each policy will state exactly which events are considered valid reasons for cancellations.<\/p><h3 id=\"cancel-for-any-reason-trip-insurance\" class=\"wp-block-heading\"><strong>Cancel For Any Reason trip insurance<\/strong><\/h3><p>So what if you want the flexibility to cancel your trip for reasons other than those covered by your policy? For that, you&#8217;re going to need the CFAR insurance mentioned above.<\/p><p>CFAR is often available as an add-on to travel insurance policies, and while it can come in handy if you want to cancel your trip just because you&#8217;re not likely to get all your money back.<\/p><p>Most CFAR policies will only reimburse 75% of your nonrefundable travel expenditures.<\/p><h2 class=\"wp-block-heading\" id=\"whats-covered\"><span id=\"what-does-trip-cancellation-insurance-cover\"><strong>What does trip cancellation insurance cover?<\/strong><\/span><\/h2><p>Trip cancellation insurance reimburses you for nonrefundable travel expenses if an unforeseen event forces you to cancel your trip.&nbsp;<\/p><p>For example, imagine you\u2019re planning an international vacation and have spent $5,000 on nonrefundable expenses, such as airfare and accommodations. Then, after you make your last trip payment, your appendix bursts, and you can\u2019t go on your trip.&nbsp;<\/p><p>In this example, your hospitalization would qualify you for a refund of up to $5,000 through your trip cancellation insurance. If you did not buy travel insurance, you would lose all your nonrefundable expenses if you could not attend your vacation, regardless of the reason.<\/p><h5 class=\"wp-block-heading\" id=\"h-typically-you-may-use-your-trip-cancellation-insurance-for-the-following-reasons\"><span id=\"typically-you-may-use-your-trip-cancellation-insurance-for-the-following-reasons\">Typically, you may use your trip cancellation insurance for the following reasons:<\/span><\/h5><ul class=\"wp-block-list\"><li>An unexpected legal obligation, such as jury duty or a subpoena, that prevents you from traveling<\/li>\n\n<li>Death of a traveling companion or one of your immediate family members<\/li>\n\n<li>Diagnosis of a serious, unforeseen medical condition or injury that prevents you from traveling<\/li>\n\n<li>Unforeseen weather or natural disasters that cause damage at home or make the country you\u2019re visiting unsafe or uninhabitable<\/li><\/ul><p>According to a\u00a0<a href=\"https:\/\/newsroom.aaa.com\/2018\/07\/travel-insurance-vacation-investment-americans\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">recent survey from AAA Travel<\/a>, 88% of U.S. residents who purchased travel insurance say travel cancellation insurance is the most important part of their policy. Some insurance providers offer trip cancellation insurance as a stand-alone policy, which is an excellent option for travelers who need protection but are on a strict budget.<\/p><p>However, trip cancellation protection is usually sold as a package plan that includes other travel insurance coverages.&nbsp;Typically, comprehensive travel insurance covers the following:<\/p><h3 class=\"wp-block-heading\" id=\"h-emergency-medical\"><span id=\"emergency-medical\"><strong>Emergency medical<\/strong><\/span><\/h3><p>Your standard medical insurance may not apply when you travel abroad. Emergency medical coverage helps you cover the cost of medical expenses that you incur while abroad.\u00a0Depending on the insurance provider, dental care and treatments may or may not be included in this coverage.\u00a0<\/p><p>Remember that if you have preexisting conditions, your travel insurance provider may exclude these from your medical coverage.<\/p><h3 class=\"wp-block-heading\" id=\"h-emergency-medical-evacuation\"><span id=\"emergency-medical-evacuation\"><strong>Emergency medical evacuation<\/strong><\/span><\/h3><p>Emergency medical evacuation services cover the cost of transporting you to a medical facility if you need treatment for which there is no local access to appropriate care. This coverage will also cover the cost of helping you get home following a major injury or illness.<\/p><h3 class=\"wp-block-heading\" id=\"h-trip-interruption\"><span id=\"trip-interruption\"><strong>Trip interruption<\/strong><\/span><\/h3><p>Trip interruption insurance\u00a0compensates you for any portion of your nonrefundable travel expenses you don\u2019t get to enjoy due to unforeseen circumstances. <\/p><p>For example, if you\u2019re seriously injured and need a medical evacuation abroad, trip interruption insurance will reimburse you for nonrefundable expenses you didn\u2019t use. Some policies include trip interruption coverage limits above the value of your vacation. This extension covers sudden-evacuation transportation costs, which are significantly more expensive than standard airfare. <\/p><p>You can also use your trip interruption insurance if you\u2019re ordered to\u00a0<a href=\"https:\/\/travel.state.gov\/content\/travel\/en\/international-travel\/emergencies\/what-state-dept-can-cant-do-crisis.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">evacuate an international location<\/a>.<\/p><p>Do not assume that you have any of the above coverages unless they are explicitly defined in your trip cancellation policy. If you aren\u2019t sure what is and isn\u2019t included in a policy, speak with a representative before you sign on for coverage.<\/p><h2 id=\"what-does-trip-cancellation-insurance-not-cover\" class=\"wp-block-heading\"><strong>What does trip cancellation insurance not cover?<\/strong><\/h2><p>While every traveler may have a unique circumstance for canceling a trip, not every problem is covered. <\/p><p>Generally, trip cancellation insurance doesn\u2019t cover problems that arise from foreseeable events. A foreseeable event is a situation that may have been known or was expected before it happened. Essentially, if you\u2019re purchasing a policy with a certain situation in mind or an expected problem, it\u2019s likely a foreseeable event.<\/p><p>For example, let\u2019s say you purchase trip cancellation insurance for a family vacation to Cabo San Lucas when a hurricane is in the way. Depending on the policy, trip cancellation may not be covered.<\/p><p>Foreseeable events are not the only events excluded from trip cancellation insurance. Here are a few other examples of some problems typically not covered:<\/p><ul class=\"wp-block-list\"><li>Intentional self-inflicted harm, suicide or attempted suicide<\/li>\n\n<li>Normal pregnancy, fertility treatments, childbirth or elective abortion<\/li>\n\n<li>Alcohol or substance abuse or use<\/li>\n\n<li>Mental or nervous health disorders such as depression, anxiety or psychosis<\/li>\n\n<li>War (declared or undeclared), acts of war and military duty<\/li>\n\n<li>Participation in amateur or professional sporting events and training<\/li>\n\n<li>Financial default of a carrier (such as an airline)<\/li><\/ul><h2 id=\"how-much-does-trip-cancellation-insurance-cost\" class=\"wp-block-heading\"><strong>How\u00a0much does trip cancellation insurance cost?<\/strong><\/h2><p>If you purchase a basic travel insurance policy that includes trip cancellation coverage, you can expect to pay between 5% and 10% of your trip costs. For instance, if you buy a $10,000, nine-day trip through the Greek Isles, you can expect to pay between $500 and $1,000.<\/p><p>Keep in mind that selecting a policy with \u201ccancel for any reason\u201d coverage can cost an additional 40% to 60%\u00a0more than a standard policy, according to InsureMyTrip.<\/p><p>There are several other factors that can influence the cost of a policy:<\/p><ul class=\"wp-block-list\"><li><strong>Age of travelers:<\/strong>&nbsp;Typically, the older you are the higher the policy cost will be. Older travelers are seen as riskier because they often have more health problems and are more likely to make a claim.<\/li>\n\n<li><strong>Trip expenses:<\/strong>&nbsp;A policy\u2019s price is based on your nonrefundable of prepaid travel expenses. Therefore, it\u2019s important to calculate all of the costs you\u2019ll incur before your departure when searching for a policy. This can include airfare, hotel and excursion deposits.<\/li>\n\n<li><strong>Plan selection:<\/strong>&nbsp;Basic policies with fewer coverage options will cost less. For example, basic plans tend to have lower medical emergency and trip cancellation limits. That said, it\u2019s important to select only benefits you need so you\u2019re not paying for coverage options you won\u2019t use.<\/li>\n\n<li><strong>The number of travelers:<\/strong>&nbsp;The more people you insure the higher your premium will be.<\/li>\n\n<li><strong>Trip length:<\/strong>&nbsp;The length of the trip will make a difference in the cost of a policy.<\/li><\/ul><h2 id=\"how-to-get-travel-cancellation-insurance\" class=\"wp-block-heading\"><strong>How\u00a0to get travel cancellation insurance<\/strong><\/h2><p>If you want to look at travel cancellation insurance options, here are some starting points:<\/p><ul class=\"wp-block-list\"><li>Allianz One Trip Cancellation Plus Plan<\/li>\n\n<li>April Travel Protection Trip Cancellation Plan<\/li><\/ul><p>When shopping for a trip cancellation policy, it\u2019s smart to get quotes from multiple travel insurance companies. This way you can select a plan that is cost-effective yet provides the most value.<\/p><p>If you do purchase trip cancellation insurance and change your mind shortly after, you may be able to get your money back. Many travel insurance companies offer a \u201cfree look\u201d period, meaning you can cancel the policy within a certain time frame and get a full refund. The time frame will depend on the travel insurance company, but there are policies that give a 10-day free look and others that allow up to 21 days.<\/p><h4 id=\"additional-ways-to-get-trip-cancellation-insurance\" class=\"wp-block-heading\"><strong>Additional ways to get trip cancellation insurance<\/strong><\/h4><p>Trip cancellation coverage can be included as part of a comprehensive travel insurance plan or offered as a benefit on premium travel credit cards. The Chase Sapphire Reserve\u00ae will reimburse you or your immediate family members up to $10,000 per trip. The Business Platinum Card\u00ae from American Express and many other American Express cards also offer up to $10,000 in trip cancellation coverage. Terms apply.<\/p><p>These premium cards also offer other insurance benefits like trip interruption coverage, emergency assistance services, trip delay and more. Terms apply. If you travel often and typically purchase trip cancellation coverage, consider applying for one of the cards that offer complimentary travel insurance. <\/p><p>Not only will you get trip insurance benefits, but you will also get other travel perks and statement credits that can partly offset the annual fee.<\/p><p>If the coverage limits offered on the cards aren\u2019t sufficient or you\u2019re looking for more protections (e.g., coverage for emergency medical expenses), you\u2019d be better off with travel insurance. Although you\u2019d incur an additional cost for purchasing a comprehensive plan, you\u2019d have many more benefits not commonly found in the insurance policies offered by credit cards.<\/p><h2 class=\"wp-block-heading\" id=\"h-is-travel-cancellation-insurance-worth-it\"><span id=\"is-travel-cancellation-insurance-worth-it\"><strong>Is travel cancellation insurance worth it?<\/strong><\/span><\/h2><p>If you\u2019ve paid a lot of money toward nonrefundable trip expenses, it\u2019s worth taking a look at trip cancellation insurance. Trip cancellation insurance\u00a0is designed for travelers who are concerned about safeguarding the money spent on a trip based on unforeseen events such as natural disasters, an uncertain employment situation or a health condition.<\/p><p>Keep in mind that trip cancellation insurance only pays for problems listed in the policy. It won\u2019t cover changing your mind or foreseeable events, such as a pandemic that was already known.<\/p><p>If you purchase a basic trip cancellation policy, you might not have other types of travel insurance coverage, like emergency medical coverage or lost\/damaged bagged benefits. You may be able to add\u00a0these types of coverage, depending on the travel insurance company.<\/p><p>But if you\u2019re on a tight budget, buying trip cancellation insurance can give you some peace of mind for unexpected events leading up to your departure.<\/p><h2 class=\"wp-block-heading\" id=\"mntl-sc-block_1-0-4\"><span id=\"what-is-travel-insurance\"><strong>What is travel insurance?<\/strong><\/span><\/h2><p id=\"mntl-sc-block_1-0-5\">Travel insurance helps cover financial losses associated with surprise circumstances that could ruin a trip, including illness, injury, accidents, flight or other transportation delays, and other issues. This insurance costs 4%-10% of a trip&#8217;s price. So, for a $10,000 trip, trip insurance could cost between $400 and $1,000.<\/p><p id=\"mntl-sc-block_1-0-7\">Premiums\u2014or the price you pay for coverage\u2014are based on the coverage type, your age, destination, trip cost, and more. Specialized policy riders focus on the needs of business travelers, athletes, and\u00a0expatriates.<\/p><p>Travel insurance may be sold online by travel agents, travel suppliers (airlines, cruise lines), private insurance companies, or insurance brokers when booking your flight, accommodations, or car. Travel insurance companies include AIG Travel, Berkshire Hathaway Travel Protection, Generali Global Assistance, GeoBlue, Nationwide, and more.<\/p><p>Typically, you&#8217;ll purchase coverage shortly after initial bookings for lodging, flights or other transportation, activities, and rental cars. Some policies may require you to do so to retain full coverage.<\/p><h2 class=\"wp-block-heading\" id=\"h-recommended-articles\"><span id=\"recommended-articles\"><strong>Recommended Articles <\/strong><\/span><\/h2><ul class=\"wp-block-list\"><li><a href=\"https:\/\/businessyield.com\/ins\/life-insurance\/kidnapping-insurance-guide-to-kidnap-ransom-coverage\/\">Kidnapping Insurance: Guide to Kidnap &amp; Ransom Coverage<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/ins\/car-insurance\/chase-sapphire-rental-car-insurance-the-ultimate-guide\/\">Chase Sapphire Rental Car Insurance: The Ultimate Guide<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/ins\/car-insurance\/car-insurance-with-no-license-can-you-get-it-how\/\">Car Insurance With No License: Can You Get It &amp; How?<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/ins\/life-insurance\/child-rider-life-insurance-how-it-works-benefits\/\">Child Rider Life Insurance: How It Works &amp; Benefits<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/ins\/life-insurance\/permanent-life-insurance-what-is-it-how-does-it-work\/\">Permanent Life Insurance: What Is It &amp; How Does It Work?<\/a><\/li>\n\n<li><a href=\"https:\/\/businessyield.com\/ins\/life-insurance\/life-insurance-for-high-risk-how-does-it-work\/\">Life Insurance For High Risk: How Does It Work?<\/a><\/li><\/ul><h2 class=\"wp-block-heading\" id=\"h-references\"><span id=\"references\"><strong>References<\/strong><\/span><\/h2><ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.nerdwallet.com\/?trk=nw_gn_6.0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Nerd Wallet<\/a><\/li>\n\n<li><a href=\"https:\/\/www.forbes.com\/advisor\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Forbes Advisor<\/a><\/li>\n\n<li><a href=\"https:\/\/www.marketwatch.com\/guides\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Market Watch<\/a><\/li>\n\n<li><a href=\"https:\/\/www.investopedia.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Investopedia<\/a><\/li><\/ul>","protected":false},"excerpt":{"rendered":"When booking travel, particularly expensive trips consisting of nonrefundable reservations, it makes sense to consider trip cancellation insurance.&hellip;\n","protected":false},"author":290,"featured_media":3899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[52],"tags":[],"class_list":{"0":"post-3837","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-insurance-guide"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trip Cancellation Insurance: How Does It Work? 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