Trip cancellation insurance protects your financial losses that might occur if your trip gets cancelled due to an unforeseen event. In simple words, trip cancellation insurance minimizes the risk of loss by covering you for the cost of tickets in the event of trip cancellation due to covered reasons.
You have already booked your trip to Hawaii, including your flight tickets, hotels rooms, and rental car reservation. However, your spouse gets sick a day before you have to start your trip and the doctor advises her not to risk her health further by travelling long distances. In that case, trip cancellation might cost you dear, risking all the money you have invested in your trip. However, with trip cancellation coverage, you are protected against financial losses even if unforeseen circumstances force you to cancel your trip.
Usually a trip cancellation insurance will cover you for any or all of the following risk situations:
- You or your spouse or any other person dependent on you falls sick, forcing you to cancel your trip
- Death of a traveling companion or family member
- Damage to your house in a natural disaster, such as flood, fire, or earthquake
- Complete cessation of travel services due to strike
- Terror strike at the destination you have planned your trip, forcing you to cancel the trip
- You or your companion is affected by a termination or a lay off
- Inclement weather, forcing you to cancel your trip
- Your spouse becomes pregnant and is not allowed to travel during pregnancy
- You or your traveling companion is quarantined
- You or your traveling companion is summoned by the court to appear
There are some other plans that may provide optional coverage on flexible terms, which are known as "Covered for any reason" plans. This will allow you to cancel your trip for any reason. Few examples of "Covered for any reason" include:
- You feel unsafe to travel due to swine flu or any such reason
- You have last-minute important work in your office, which needs to be done immediately
- Your child or grandchild wants you to support them by being with them for the tournament in which they are participating
Who may needs Trip Cancellation Insurance?
It is wise to get trip cancellation coverage for the following reasons:
- Expensive Trips: If you are going on an expensive trip, it is always a wise decision to insure yourself against the risk of losing money spent on buying air tickets and other non-refundable cost should you need to cancel the trip. This will help you protect yourself against the financial loss that you might face due to cancellation of the trip.
- Travel plans made in advance: If you have booked your travel tickets far in advance than your departure date, chances of any unforeseen incident are high. In such a case, it is advisable to get trip cancellation coverage.
- Cruises: It is quite difficult and cumbersome to cancel the cruise booking. Also, the process of canceling is quite complex. Therefore, trip cancellation coverage would give you the peace of mind that you are covered against unforeseen incidents.
- Traveling with kids: Kids can fall sick easily. If your child gets sick at the last minute and you are forced to cancel the trip, insuring yourself against last moment cancellation protects your investment in the trip.
Following are the plans that offer trip cancellation coverage:
- Travel Guard Insurance Get Trip Insurance Quote Basic, Essential and Med Evac, Protect Assist
- CSA: Travel Protection
- HTH:Trip Protector
Facts & important things to know:
- Typically most of the plans are available for US or Canadian residents
- The insurance policy covers you for 30 days, beyond which, additional fee per day basis is charged
- Pre- existing coverage is available if you buy trip coverage within a restricted time limit mentioned in the plan
- Basic trip coverage generally includes trip cancellation, trip delay, trip interruption, baggage loss/delay, emergency medical coverage
- The pricing/cost of a trip insurance policy depends on the trip cost and age of the traveler
Call customer support at 866-384-9104 for immediate assistance, and speak to a Travel insurance expert.
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