When it comes to protecting your next vacation against unforeseen events, there’s insurance — and there’s insurance.
In fact, when most people think of travel insurance, they’re probably thinking of “cancel for any reason” insurance, which allows you to cancel your trip for any reason and get a partial refund.
“Travel insurance can help you get your money back should you have to cancel for unforeseen covered reasons,” explains Bailey Foster, vice president of trip insurance at Trawick International. “But if you want more flexibility, you may need ‘cancel for any reason’ coverage.”
“Cancel for any reason” insurance is hot this year. A new report by Cover Genius finds travelers are willing to pay extra for this comprehensive protection. The research also suggests that customers are happier with the added protection, with higher customer satisfaction scores when they buy a “cancel for any reason” policy.
The reason? “‘Cancel for any reason’ is a more comprehensive option many travelers choose for extra peace of mind when booking a trip in advance,” says Kyle Keogh, Cover Genius’ chief business officer for the Americas.
Normal travel insurance will cover a wide variety of events, notes Joe Cronin, president of International Citizens Insurance. “‘Cancel for any reason’ travel insurance provides an additional level of coverage to give you peace of mind before booking your trip.”
What Is ‘Cancel For Any Reason’ Travel Insurance?
“Cancel for any reason” insurance, as the name suggests, allows you to cancel your trip for any reason and receive a partial refund of your prepaid, nonrefundable trip expenses. It’s typically sold as an add-on to traditional travel insurance.