As Cancel for Any Reason continues to grow in popularity, more travelers are including the benefit in their travel insurance policy...October 21, 2011
As Cancel for Any Reason continues to grow in popularity, more travelers are including the benefit in their travel insurance policy...As a result, Squaremouth usually does not recommend upgrading a travel insurance policy to include Cancel for Any Reason.
Cancel for Any Reason was created to offer additional cancellation coverage for the unexpected occurrences that are not covered in a travel insurance policy, such as a visa not arriving on time. It also gives someone the option to decide whether or not they want to take their trip. Without Cancel for Any Reason, someone cannot make a travel insurance claim if they cancel their trip for fear of something bad happening. Cancel for Any Reason allows someone to cancel without providing an explanation, however, travelers are required to cancel 48 hours prior to departing.
In addition to an increase in premium, travelers should not expect a full refund like Trip Cancellation offers. Most travel insurance policies will only reimburse up to 75 percent of the trip cost. MH Ross and Global Alert, both travel insurance providers, are the exceptions with policies that offer a refund up to 90 percent of the trip cost.
“Understanding the limitations of Cancel for Any Reason can prevent travelers from paying extra for coverage that was already included in the policy,” says Chris Harvey, CEO of Squaremouth.
Before purchasing a travel insurance policy, travelers should review the covered reasons under the Trip Cancellation benefit. If a potential reason for cancelling is not listed, they should consider upgrading the travel insurance policy to include Cancel for Any Reason.
Squaremouth is America’s fastest growing travel insurance comparison site, helping customers instantly quote, compare and buy policies from every major carrier. Squaremouth has web sites in the US and UK, and an extensive network of partner sites worldwide. The company is headquartered in St Pete Beach, FL., with offices in Fort Wayne, IN. Visit Squaremouth.com or Squaremouth.co.uk.
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