BEST CANCEL FOR ANY REASON TRAVEL INSURANCE
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"Cancel for Any Reason" (CFAR) travel insurance provides the utmost flexibility, allowing you to cancel your trip for any reason that's not covered by standard travel insurance. It's the safety net for those 'just in case' moments, offering peace of mind for unforeseen circumstances. Let's dive into what sets the best CFAR travel insurance apart from other policies.
Our picks for the best cancel for any reason travel insurance
- Best overall: Seven Corners Travel Insurance
- Best value: Travel Guard
- Best for adventurers: Travelex Travel Insurance
- Best for popularity: Trawick International Travel Insurance
- Best for cruises and tours: AXA Assistance USA
- Best for quick protection: TravelSafe Insurance
Compare the best cancel for any reason travel insurance
While CFAR insurance can simplify your claims process for trip cancellations, it comes with its downsides. For one, CFAR insurance is more expensive than regular travel insurance. Additionally, you will only receive a percentage of your nonrefundable trip costs if you cancel a trip. As a result, when choosing the companies in this guide, we looked at the best recovery policies and the lowest additional costs for CFAR insurance.
These are our picks for the best CFAR travel insurance companies in 2024.
Best overall: Seven Corners Travel Insurance
Seven Corners Travel Insurance is a well-known carrier that has served thousands of travelers. The Trip Protection Choice plan offers a cancel for any reason travel insurance add-on that covers up to 75% of total trip costs, with a maximum of up to $75,000 in reimbursement. Medical coverage is also generous, with up to $500,000 per person for eligible medical expenses and evacuation/repatriation limits of up to $1 million per person.
Seven Corners also offers generous benefits on lost baggage and delayed travel or baggage expenses. Baggage delay benefits kick in after just six hours and go up to $500 per person.
The Choice plan does not insure travel canceled by tour operators that are or have gone out of business, so this policy may not be the best fit for travelers who plan to visit destinations with tenuous
Read our Seven Corners Travel Insurance review here.
Best value: AIG Travel Guard
Travel Guard is one of the best-known names in the travel insurance industry, with several plans available for traveler needs in every direction. AIG also provided the lowest quote for our hypothetical Europe travelers despite offering the highest ceiling on CFAR reimbursement.
Both AIG's Preferred and Deluxe insurance plans offer CFAR coverage as an add-on to the policy, and some policies cover up to 75% of total trip costs going all the way up to a maximum reimbursement of $112,500.
Many AIG policies also include COVID coverage even without CFAR protection, as well as some ancillary benefits such as rental car protection and even pet travel insurance.
Read our AIG Travel Guard Insurance review here.
Best for adventurers: Travelex
Travelex Travel Insurance is a great cancel for any reason option for travelers who plan to participate in strenuous or adventurous activities during their trip. While the CFAR coverage add-on only reimburses up to 75% of nonrefundable trip expenses, it still provides a certain modicum of peace of mind in case of emergencies, with cancellation available as an option up to 48 hours before travel begins.
Travelex offers low medical coverage compared with its competitors, with a maximum of up to $50,000 per person. Travelers participating in adventure sports can purchase an optional add-on bundle for additional coverage. In case of emergency, Travelex policy holders might do well to consider the travel insurance benefits on their credit cards to supplement any potential medical expenses.
Read our Travelex Insurance review here.
Best for popularity: Trawick
Trawick International Travel Insurance had one of the priciest plans with CFAR coverage in our comparison, but the carrier's popularity amongst travelers is undeniable, for many reasons. The Safe Travels Explorer is particularly beneficial for pet owners who may incur medical expenses for their animals, as the plan includes up to $250 toward unexpected costs for cats and that who accompany their owners in their travels.
While Trawick's CFAR coverage was one of the most expensive add-ons we evaluated as well, the carrier offers generous compensation margins for travelers who need it, with up to 75% reimbursement for nonrefundable trip costs.
Read our Trawick Travel Insurance review here.
Best for Cruises: AXA Assistance USA
AXA Assistance USA is a great option for our hypothetical Europe cruise travelers, with its coverage of up to $1,500 per person for missed cruises and tours. This insurer also covers lost and delayed ski, sports and golf equipment – items that aren't always included in lost or delayed baggage coverage under other carriers. The rest of your belongings are safe too with AXA, as lost baggage claim ceilings are up to $3,000 per person - more than double some of its other competitors.
Unfortunately, AXA may not be the best fit for travelers who need high-ticket travel protection, as the upper limit for CFAR reimbursement only goes up to a maximum of $50,000 despite covering up to 75% of total nonrefundable expenses, which is lower than the ceilings from other competitors such as AIG and Seven Corners. Furthermore, CFAR insurance coverage can only be added on to AXA's top-tier Platinum plan.
Read our AXA Assistance USA Travel Insurance review here
Best for convenience: TravelSafe
TravelSafe Insurance is a great option to consider if you have a lot of stops or transits on your trip, or if you are an expat living abroad. This insurer offers flexible coverage terms for longer travel durations. If you are 79 years old or younger, you can purchase a single-trip travel insurance plan that can cover your adventures for up to 120 days. Furthermore, reimbursement for baggage delays and losses, trip delays and missed connections kick in far more quickly than most competitors, with up to $2,500 per person for eligible missed travel connections available at the three-hour mark.
While TravelSafe's medical coverage of up to $100,000 may be on the lower side for travelers who anticipate potential medical expenses, those with the right credit cards may be able to supplement their emergency costs through a claim with their card issuer.
Read our TravelSafe Insurance review here.
Understanding 'Cancel for Any Reason' Coverage
Key Features
CFAR policies are unique; they allow cancellation for reasons beyond the usual covered reasons of travel insurance policies. This includes fear of traveling due to a pandemic or a sudden change of mind. However, it's essential to understand the specifics, such as the percentage of the trip cost reimbursed and the time frame for cancellation.
How CFAR Differs from Standard Policies
Unlike traditional travel insurance policies that cover specific cancellation reasons like illness or weather-related issues, CFAR offers a broader spectrum of coverage. It's the premium choice for travelers seeking full control over their plans.
That said, you must also buy travel insurance early if you want to qualify for a CFAR policy, usually within a certain period from when you place a deposit on your trip. That's why it's important to be mindful of when you buy travel insurance.
How to Pick The Best CFAR Travel Insurance Plan for You
There is no one-size-fits-all "best" insurance plan, especially for CFAR coverage, which can add to your insurance premium. Even for the same person, the right policy will vary from trip to trip, depending on your activities.
If you're primarily concerned about getting your money back if your schedule changes, you may be able to get away with a basic plan that allows you to add CFAR coverage. If you're undertaking a grueling hike through some challenging mountain ranges, you may want to select a policy that includes generous medical and evacuation protection, plus flexibility to reschedule or re-book your trip in case of injury. And if you plan to visit a number of destinations within a short amount of time, trip delay or baggage loss protection may need to be one of your top priorities. If you only need basic coverage, consider our guide for the best travel insurance policies.
Steps to Choosing CFAR Coverage
- Evaluating Your Travel Needs Consider the nature of your trip, destinations, and what uncertainties you might face. This will help determine the level of travel insurance coverage you need.
- Comparing Prices and Benefits Analyze different policies in terms of cost, coverage percentage, and additional benefits. Look for the best value for your specific needs.
- Reading the Fine Print Understanding the terms and conditions, including the cancellation window and reimbursement process, is crucial to avoid any surprises.
- Making the Most of Your Policy Once you've chosen a policy, it's important to know how to use it effectively.
- Understanding Your Policy Familiarize yourself with the details of your policy, including how and when to file a claim.
- Tips for Filing a Claim Be timely and thorough when filing a claim. Keep all relevant documents handy and follow the provider's process closely to ensure a smooth experience.
How we reviewed CFAR travel insurance
Business Insider reviewed numerous insurance products looking for the best options. Especially when it come to travel insurance, each traveler has a distinct experience and plan. So we looked for companies offering the optimal coverage packages for certain groups.
To accurately compare the cost of CFAR coverage from the insurance carriers we recommend, we collected quotes for a hypothetical two-week trip to three countries in Europe for two travelers ages 38 and 45 that includes a river cruise, renting a vacation home, and taking several flights. The total cost of travel comes out to $14,000 between two people.
The main factors we evaluated when picking our top CFAR travel insurance options were: policy cost, level of protection, claims experience, and policy types.
All our reviews are independently done, meaning travel insurance companies don't get to review or approve our reviews. Similarly, our top guide spots are not for sale. All placements are earned through strong coverage, efficient claims handling, and strong customer service.
Read our insurance rating methodology for more details.
FAQs
How do I purchase CFAR insurance?
CFAR insurance is purchased as an add-on to a single trip travel insurance policy. It will affect how much you can receive for a canceled trip, but won't affect your other benefits.
Can I purchase CFAR insurance for annual plans?
No, insurance providers generally don't offer CFAR for multi-trip annual plans. It's limited to single trip travel insurance.
What percentage of my trip cost will CFAR insurance reimburse?
This varies by provider, but typically, CFAR policies reimburse between 50% and 75% of the pre-paid, non-refundable trip cost.
Is cancel for any reason travel insurance worth it?
Yes, cancel for any reason travel insurance is worth it if there's a chance you need to change your travel plans. Traditional travel insurance only offers cancellation coverage for specific reasons, so CFAR insurance provides extra coverage and peace of mind. It also reduces the amount of paperwork necessary for filing a claim.
What is the difference between trip cancellation and cancel for any reason?
Trip cancellation coverage is a benefit of standard travel insurance plans, offering reimbursement if your trip needs to be canceled for specific covered reasons, such as a death in the family or illness. On the other hand, cancel for any reason insurance, reimburses you for a canceled trip regardless of the reason, so there are fewer restrictions.
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2024-03-27T20:01:58Z dg43tfdfdgfd
