Travel Insurance Cancel For Any Reason: What You Need To Know

Worried about losing money on a trip you might need to cancel? Confused by the fine print of travel insurance policies? Learn how ‘Cancel For Any Reason’ coverage can give you peace of mind and protect your investment!

Transcript:

Travel Insurance, Cancel for Any Reason Waiver: Okay so you want to plan a trip but you’re concerned about the uncertainty of travel right now and in the future. So what do you do?

Well first of all know that 46% of Americans plan on traveling soon by the end of this year but only 14% have made their plans. Why is that? Well, it’s because of the uncertainty. So how can you plan a trip and have peace of mind knowing that you’re protected should anything happen between now and when your trip is supposed to start?

We call it CFAR. If you’ve never heard of CFAR we’re going to go over all the juicy details of how this can protect your trip and allow you to plan now for the future.

I’m Pascale Bernasse with French Wine Explorers and we help wine lovers become connoisseurs with our online classes and our wine tours.

So what is CFAR travel insurance and how does it work? In this episode we’re going to go over:

• How it works 
• What it costs and
• What it protects 

But before we do that know that I am not an insurance agent but I’ve been in the travel industry for over 20 years and I’m very familiar with travel insurance policies so keep that in the back of your mind, this is just for informational purposes.

How does travel insurance cancel for any reason insurance work?

• So when you purchase the trip you can get trip protection.
• It protects you if you were to fall ill and not be able to take the trip if someone in your immediate family falls ill and you’re unable to take a trip or if you get laid off.
• There are many reasons why you could cancel for a covered reason but Covid 19 or fear of catching Covid 19 is not one of them.

So what do you do?

• You want to plan a trip but you don’t want to be stuck with the bill and decide that you don’t want to go.
• You could cancel if you see a black cat, or you could cancel because you’ve decided you want to repaint your living room instead, I mean who would do that but you know it’s an option! So what can you do?

This is something that we have been doing over the past several years because life is so unpredictable that canceling for a covered reason doesn’t necessarily mean most of the reasons.

So travel insurance companies have taken note and they want to help.

• So canceling for any reason allows you to cancel your trip up to 48 hours before your departure.
• You will get a refund- a partial refund of your non-refundable.
• The partial refund depends on the insurance carrier but it usually runs between 50 and 75% of your non-refundable prepaid.
• So this is perfect for a longer trip or a more costly trip. For a weekend away it’s probably not worth it but for a longer trip or one that is costly, it’s going to give you that peace of mind.
• Keep in mind that you have to cancel within 48 hours of your trip departure date so that’s important but that gives you up until two days before leaving to cancel!

Next, what’s this going to cost?

• All right so trip protection normally costs somewhere between 4 and 10% of the total cost of your trip.
• It depends on where you live and how old you are.
• Next, cancel for any reason waiver is a supplemental insurance on top of that insurance and it’s usually about forty to fifty percent of the cost of your insurance.
• If you purchase a trip for five thousand dollars your trip protection is going to be about $500 let’s say 10% of the cost of your trip. The supplemental Cancel for Any Reason insurance is going to be an additional $200- just to give you an idea of the costs.

Okay so let’s recap: cancel for any reason insurance is supplemental insurance that you get with your trip protection insurance and what it gives you is peace of mind.

We’ve gone over how it works, how much it costs, and what it covers. So if you want to plan a trip- go for it. This is a great way to protect you in case there’s some kind of uncertainty that doesn’t allow you to go on your trip.  You have peace of mind between now and when your trip starts.

Thanks for watching and do me a favor. Subscribe to our channel and click on the link for our free wine-tasting guide: Five wine secrets to taste wine like a pro.  Thanks, cheers and I’ll talk to you soon!